The tax reform amendments provide for a tax amnesty to be applicable from January 1, 2019 until July 1, 2019. Therefore, all taxpayers will be able to declare their unreported income and pay relevant taxes and will be released from any penalty or fine on overdue tax liabilities. Taxpayers are also entitled under the amnesty rules to request a two-year payment plan allowing them to settle overdue tax liabilities by instalments.
In order to take advantage of this unique opportunity, all taxpayers will be able to declare their unreported income and pay relevant taxes and will be released from any penalty or fine on overdue tax liabilities for the selected years 2014 - 2018.
Disclosure is anonymous, the STI will not disclose individuals or entities who have used the amnesty. It is important that the taxpayer will not be required to submit any additional requests for exemption from the default interest, this will happen automatically.
Please also note that the tax amnesty is not linked to any relief from criminal liability, e.g. for hiding income or paying untaxed wages.
Therefore, Grant Thornton Baltic views the tax amnesty as a good opportunity to correct past involuntary mistakes and errors in calculating taxes. According to the tax authorities, the control measures will be more active once the amnesty period will end (1 July 2019). Should you have any questions regarding the tax amnesty, please contact us.