tax amnesty tagged posts

Pakistan Reduces Tax and Offers Amensty

April 6, 2018 Taxation in Pakistan

pakistan tax amnestyISLAMABAD – Pakistan is trying to bring people into the tax net, however, it is simultaneously reducing tax rates, boosting tax-free thresholds, and offering a tax amnesty.

On April 5th the government of Pakistan announced a series of sweeping changes aimed at cutting down on tax evasion and boosting tax revenues in the country.

The three most popular points of the plan are the launch of an amnesty program, the overhaul of tax rates for individuals, and the announcement that individuals’ Computerized National Identity Card will now act as their National Tax Number.

The use of national IDs as the National Tax Number is expected to help bring more people into the tax net and ensure a wider range of compliance with filing and payment requirements.

The new amnesty will allow taxpayers wh...

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Nigeria Expects $1 Billion from Tax Amensty

July 4, 2017 Taxation in Nigeria

tax evasion in NigeriaABUJA – Nigeria is tempting tax dodgers to come forward in exchange for immunity for harsh prison sentences and staggering penalties.

Nigeria has launched a new tax amnesty scheme intended to encourage taxpayers to come clean about their previously undeclared incomes and assets.

The new scheme runs from July 1st 2017 until December 31st 2017, and will grant participants immunity from prosecution for tax offences, and will protect them from harsh penalties and interest charges.

Under normal circumstances, taxpayers in Nigeria who commit tax fraud may be liable for imprisonment of up to 5 years, forfeiture of assets, and penalties of up to 21 percent of the taxes outstanding compounded per year.

To improve the effectiveness of the tax amnesty scheme, authorities have already begun compiling...

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Kenya to Launch Tax Amnesty

March 30, 2017 Taxation in Kenya

Kenyan tax amnestyNAIROBI – Kenya is offering a generous tax amnesty to local taxpayers, however, those skipping out on the offer will face investigation.

On March 28th the Deputy Commissioner of the Kenya revenue Agency James Ojee announced that the tax authority would be opening a tax amnesty to allow national tax payers to come clean about their hidden offshore wealth.

Kenyan taxpayers will now be offered the opportunity to file by December 31st 2017 the correct tax returns for the year ending December 31st 2016.

Taxpayers who make use of the tax amnesty to disclose their businesses, property, income and assets overseas, will enjoy a waiver for the taxes, interests and penalties for the years up, and including, to 2016.

Those who do not make use of the tax amnesty will face an investigation to determin...

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Indonesia Sees Tax Amnesty Success

March 22, 2017 Taxation in Indonesia

Indonesian tax amnestyJAKARTA – Indonesia has seen one of the most successful tax amnesties in the world, and is now looking to further step up its fight against tax evasion.

Indonesia has wrapped up its latest tax amnesty program, and has reportedly achieved stellar results, and now the government is looking to crack down on tax evaders who did not take advantage of the generous offer of amnesty.

Indonesia saw approximately 745 000 workers come forward to declare their previously hidden assets and income.

The value of the assets and incomes has been estimated to come to the equivalent of USD 330 billion.

Some experts have gone so far as to suggest that the results of the amnesty are the most successful in recent history.

However, now that the amnesty is complete, the government hopes that it can improve its ...

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Argentina Approves Tax Amnesty

June 30, 2016 Taxation in Argentina

BUENOS AIRES – The government of Argentina hopes that a newly approved tax amnesty will help pay for years of unpaid pension payments.

In a vote held on June 29th the Senate of Argentina approved a new temporary tax amnesty programme aimed at boosting tax revenues and to repay owing debts to pensioners.

The tax amnesty will allow taxpayers in Argentina to declare their previously hidden assets and funds, in exchange for lowered penalties and fees.

In order to participate in the programme, taxpayers will not only need to declare their assets, but also either make a cash payment to the government or buy bonds or make an investment which would benefit the country over the long-term.

It is expected that the declared assets will be taxed at a rate of up to 15 percent.

The funds raised from th...

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