Taxpayers will now get full or partial relief of penalties and interest on undisclosed taxes for the last five years. This will be effected through the Voluntary Tax Disclosure Programme which aimed at providing relief to taxpayers due to the impact of the Covid-19 pandemic on the economy. The Commissioner for Domestic Taxes Department said the programme is also aimed at enhancing tax compliance through disclosure of unpaid taxes. The Voluntary Tax Disclosure Programme (VTDP) introduced vide the Finance Act, 2020 commenced on January 1 2021 and shall run for three years to December 31 2023. Relief under the programme shall only apply in respect to a disclosure resulting in payment of taxes.

Source: The Star January 12, 2021 05:48 UTC