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 late 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, persons must comply with specific conditions.?? These are: the principal and the remaining balance of interest and penalty must be paid within the time stipulated in the agreement; all outstanding VAT returns must be filed so that the balance outstanding can be determined; 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.
Registrants must state their Value Added Tax Registration number should they make an inquiry, and they are reminded that any agreement entered into will be terminated if the terms and conditions of the said agreement are not honoured.??
In addition, taxpayers are reminded that within 21 days after the end of each taxable period, they must file with the Comptroller an accurate return for the taxable period, whether or not a taxable supply is made.
Additional information on the WIPP, may be obtained by contacting the Value Added Tax Division at 467-1100.????