- Two tax amnesty schemes namely the Tax Arrears Payment Incentive Scheme (TAPIS) and the Voluntary Disclosure Incentive Scheme (VDIS) will be launched to cater for undeclared income tax and VAT.
- TAPIS will aim at mopping up unpaid tax arrears as well as claims under litigation. VDIS will seek to encourage voluntary disclosure of undeclared and under declared income.
- Those joining the scheme will benefit from a 75% reduction in penalty/interest and will not be prosecuted for tax evasion. VDIS will cover income year ended 30 June 2006 and four preceding years. No questions will be asked on the source of income thus declared.
- The above schemes will not apply to those involved in drug traffic, corruption, terrorism activity or money-laundering.
- The schemes will remain in force for 6 months up to 31 December 2007.
MRA will soon come up with the modalities of the two schemes.
