All persons registered under the Value Added Tax (VAT) Scheme are being reminded that there will be a 50 percent waiver of the total interest and penalty due to the Comptroller of Customs.
According to VAT Director, Annette Weekes, this is on the condition that both the principal and the remaining balance of interest and penalty outstanding is to be paid before November 30, 2009.
Other stipulations specify that all outstanding VAT returns due before December 1, 2008, must be filed, so that the balance outstanding can be determined, while all returns submitted after December 1, 2008 must be accurate and all future obligations under the VAT Act, Cap. 87 must be met as they become due.
Registrants are also reminded that within 21 days after the end of each taxable period, they must file an accurate return with the Comptroller for the taxable period, whether or not a taxable supply is made.