Prime Minister Philip Pierre has announced a tax amnesty programme aimed at easing the financial burden on taxpayers and allowing uncollected tax revenue to remain with citizens and businesses. In 2022, interest and penalty charges on overdue taxes owed to the Inland Revenue Department (IRD) totalled US$288.88mn. The government’s decision to waive penalties, fines, and interest on unpaid tax payments aims to alleviate financial pressures caused by high inflation and rising food prices. Eligible taxpayers who settle their outstanding taxes in full before 1 May 2024, will receive a 100% waiver on all applicable charges.
Source: The Caribbean Insight (Feb 2024)