The 50 Per cent Waiver of Interest and Penalties Programme (WIPP), which was extended by the Minister of Finance, Chris Sinckler, during his financial Statement and Budgetary Proposal last year, will continue until November 30, 2011.
Registrants may sign onto the Programme, which offers a maximum five year repayment plan, dependent on the level of debt.??
To be considered for the programme, participants must comply with specific conditions.?? These are: that the principal and the remaining balance of interest and penalty must be paid within the time stipulated in the agreement; that all outstanding VAT returns must be filed so that the balance outstanding can be determined; that all returns filed after December 1, 2010 must be accurate; and all future obligations under the VAT Act, Cap. 87 must be met as they become due.
Persons must state their Value Added Tax Registration number should they make an inquiry and are reminded that any agreement entered into will be terminated if the terms and conditions of the agreement are not honoured.??
In addition, taxpayers are reminded that within 21 days after the end of each taxable period, they must file an accurate return for the taxable period, with the Comptroller whether or not a taxable supply is made.
For more information on the WIPP, contact the Value Added Tax Division at email@example.com