Penalty relief & Time extension for Taxes due

As per the notice issued by IRD today (30.06.2022),  penalty relief will be granted if all Taxes in default are paid on or before  September 30, 2022.This has been initiated by the IRD to invite Taxpayers to contribute to overcome the current economic crisis.

Accordingly 

• Arrangements will be taken to provide penalty relief for payment of all Tax Defaults made on or before September 30 ,2022.
• Pay the default Income Tax , VAT , PAYE / APIT , WHT / AIT , SD and BG up to the period where the payment due date of the relevant period is December 31 , 2021 or prior to that date.
• This notice is not applicable for income tax arrears which are to be written off in terms of section 12 of the Part II of the Finance Act , No. 18 of 2021 and section 58 (1) of the Inland Revenue ( Amendment ) Act , No. 10 of 2021

In addition to the above, as per the Circular No:SEC/2022/E/01 issued on 27.06.2022, IRD has granted extension of Time for payment of Income tax under Section 151 of Inland Revenue Act ,No 24 of 2017.