Property Tax Payments Now Due By 31st January, 2025 — Tax Amnesty, National Insurance Amnesty Extended
Minister of Finance, the Honourable Colm Imbert, MP, is advising that the Tax Amnesty and National Insurance Amnesty introduced by the Finance Act 2024, which expired on 31st December, 2024, will be extended to 31st January, 2025.
In a Media Release today (Thursday 2nd January, 2025), the Minister said in this regard, the necessary Orders to extend the deadline will be published by tomorrow (Friday 3rd January, 2025), and be retroactive to 31st December, 2024.
The public is reminded that the extended Tax Amnesty covers penalties and interest in relation to the following unpaid taxes for previous years and the year of income ending 31st December, 2023:
Minister Imbert also notes that the extended Tax Amnesty also covers penalties and interest for unpaid Property Taxes for 2024, which are now due and payable on or before 31st January, 2025.
Further, the Minister said the National Insurance Amnesty covers all interest and penalties outstanding on contributions paid prior to 1st October, 2024, and interest and penalties on any contributions outstanding as at September, 2024, where the contribution is paid during the period 1st October, 2024 to 31st December, 2024. However, the NIS Amnesty applies only to employers registered with the National Insurance Board (NIB) prior to 1st October, 2024.
The Media Release concluded by saying, “Where a taxpayer/employer fails to pay his outstanding tax/contributions during the extended Tax Amnesty and National Insurance Amnesty, i.e., on or before 31st January, 2025, the penalties and interest which would have been payable in respect of the failure to pay the tax/contributions shall be revived and become payable as if the waiver had not been granted.”
Please be guided accordingly.
The public is reminded that the extended Tax Amnesty covers penalties and interest in relation to the following unpaid taxes for previous years and the year of income ending 31st December, 2023:
- Individual Income Tax
- Pay-as-You Earn (PAYE)
- Health Surcharge
- Corporation Tax
- Business Levy
- Green Fund Levy
- Value Added Tax (VAT)
- Petroleum Profits Tax (PPT)
- Supplemental Petroleum Tax (SPT)
- Unemployment Levy
- Stamp Duty
- Gaming Amusement Tax
- Withholding Tax
- Hotel Accommodation Tax
- Club Gaming Tax
- Insurance Premium Tax
- Tax on Financial Services
Minister Imbert also notes that the extended Tax Amnesty also covers penalties and interest for unpaid Property Taxes for 2024, which are now due and payable on or before 31st January, 2025.
Further, the Minister said the National Insurance Amnesty covers all interest and penalties outstanding on contributions paid prior to 1st October, 2024, and interest and penalties on any contributions outstanding as at September, 2024, where the contribution is paid during the period 1st October, 2024 to 31st December, 2024. However, the NIS Amnesty applies only to employers registered with the National Insurance Board (NIB) prior to 1st October, 2024.
The Media Release concluded by saying, “Where a taxpayer/employer fails to pay his outstanding tax/contributions during the extended Tax Amnesty and National Insurance Amnesty, i.e., on or before 31st January, 2025, the penalties and interest which would have been payable in respect of the failure to pay the tax/contributions shall be revived and become payable as if the waiver had not been granted.”
Please be guided accordingly.
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