FINANCE
Commissioner may withdraw the relief , assess additional tax or commence prosecution .
Can a person file an amended VTDP return ?
Amendment of the original VTDP return may be made once at any time within the VTDP payment arrangement period provided the amendment does not result into a refund of taxes already paid under the programme .
Will a person be issued with a certificate ?
A successful applicant shall be issued with a VTDP certificate , which shall serve as evidence that the person took advantage of the VTDP for the taxes , tax period ( s ) and tax obligation specified in the certificate .
Are there conditions attached to the VTDP ?
VTDP only applies to a disclosure resulting in payment of taxes . The person shall not be granted relief which may result into a refund of taxes paid on or before the VTDP window or which may lead to an increase in their tax credit or loss carried forward .
A person granted relief under the programme shall not be prosecuted on the same set of facts in respect of the fully disclosed and paid taxes .
A person granted relief in accordance with the provisions of the VTDP shall not appeal or seek any other remedy with respect to the taxes , penalties and interest remitted by the Commissioner .
Can an applicant settle the disclosed tax liability in instalments ?
The Commissioner shall enter into an agreement with the taxpayer setting out the terms of payment of the tax liability and the payments shall be made within one year .
What happens to those who had made their VTDP applications manually ?
Taxpayers who had made manual applications are requested to lodge an application via the iTax platform and attach a copy of the manual application together with evidence of payments already made as supporting documents . Once the Tax Service Office has reconciled the payments and confirmed that full payment of the taxes disclosed have been made , the taxpayer shall be issued with a certificate .
Closing remarks
Tax can pose significant cost and reputational risks that can curtail the very going concern and the existence of a business . Therefore , where an opportunity to mitigate the tax risks avails itself within the confines of the law , the same should be embraced and harnessed .
The Voluntary Tax Disclosure Program not only provides an avenue to cleanse the historical tax records , but it also gives discounts by way of the waived accrued penalties and interest .
In this regard , taxpayers should assess their tax affairs to ascertain if there are any instances of non-compliances . If any areas are found , then embrace and take full advantage of the program . ■
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