Regularising your tax position involves taking proactive steps to ensure that all your financial dealings are accurate, on time and compliant with tax laws.
Benefits of proactive regularisation
It is possible to agree on a repayment plan programme that suits the cashflow position of the taxpayer (subject to conditions and terms).
- Reduced penalties
- Avoidance of criminal prosecution
- Enhanced reputation
Reduced penalties
By voluntarily disclosing any discrepancies in a timely manner you may benefit from reduced rates of additional tax.
Avoidance of criminal prosecution
Taking corrective action before an investigation begins can help you avoid criminal charges and having to deal with a time consuming and expensive investigation.
Enhanced reputation
Demonstrating a commitment to compliance can enhance your reputation with the tax authorities.
Steps to regularise your tax position
Repayment plans and remission process
Taxpayers facing financial difficulties or delays in settling their tax liabilities may consider the following options:
- Repayment plan programmes
- Remission process
Repayment plan programmes
It is possible to agree on a repayment plan programme that suits the cashflow position of the taxpayer (subject to conditions and terms).
Remission process
A request for a remission (reduction) of interests and penalties in respect of qualifying years of assessment can be filed with the tax authorities through the online portal. The Commissioner has full discretion on the extent to which a reduction in the interest and additional taxes may be granted and may be provided subject to fulfilling certain objective criteria.
How can we help?
We can help you prevent, manage and resolve tax audits and enquiries.
From routine tax enquiries to in-depth tax investigations or help with bringing your tax affairs in order through voluntary disclosures, our tax dispute resolution team (which includes accountants, lawyers and tax practitioners covering all the subject matter) can guide you through every step of the process. We are uniquely positioned to give you clear, straight talking and solid tax advice to help you achieve the best possible outcome - including helping you prevent the problem from occurring in the first place and making sure that the proposed solution does in fact work.
We can help on a wide range of tax investigation matters including income tax for corporates, personal income tax, custom duties, VAT and FSS audits, among others.
This article was written with the support of Kieran Ferry, Senior Associate within the Private Clients team.
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