We are encouraging tax payers to take advantage of the program below to save on penalties and interest in the first year. Section 37D has been added to the Act. It establishes a programme known as Voluntary Tax Disclosure Programme. The programme to disclose tax liabilities only accrued within a allows a taxpayer period of 5 years prior to 1st July 2020 i.e June, 2015, for a period of three years, to the commissioner for relief of penalties and interests on the tax disclosed. This will be done through the prescribed form and will be effective 1st January 2021 up to 31st December, 2023. Exemption VTDP shall not apply if a person is;
1) under tax investigation
2) has been notified of pending audit or investigation
Talk to us today to take advantage of the Voluntary Tax Disclosure Programme