00:00Finance Minister Devendra Nath-Tanku has issued several legal notices in his third week in office.
00:06Minister Tanku announced via media release on Wednesday that the tax and national insurance amnesty introduced by the Finance Act 2024 with effect from October 1st, 2024, has been extended to August 2nd, 2025.
00:22The amnesty commenced during the former PNM-led government.
00:25On Wednesday, the new Finance Minister said the necessary orders to extend time for the tax and national insurance amnesty have been published as legal notices No. 211, 212, 213, 214 and 215 of 2025.
00:42The Finance Ministry said that the public is reminded that the tax amnesty covers penalties and interest in relation to the several taxes up to the year of income ending December 31st, 2023, including individual income tax, pay as you earn, health surcharge, corporation tax, business levy, green fund levy, value added tax.
01:06The amnesty also applies to taxes collected from the oil and natural gas or upstream companies in the energy sector, such as the petroleum profits tax and supplemental petroleum tax.
01:19Other taxes that fall under the amnesty include withholding tax, hotel accommodation tax, club gaming tax, insurance premium tax and tax on financial services.
01:30The Finance Ministry said that the National Insurance Amnesty covers all interest and penalties outstanding on contributions prior to October 1st, 2024, and applies only to employers registered with the National Insurance Board prior to October 1st, 2024.
01:45Finance Minister Tancu said that where a taxpayer or employer fails to pay his outstanding tax or contributions during the tax and national insurance amnesty,
01:55the penalties and interest which would have been payable in respect of the failure to pay the tax or contributions shall be revived and become payable as if the waiver had not been granted.
02:07Finance Minister Tancu announced the extension of the tax on national insurance amnesty as he is set to lead off the Parliament's debate of the mid-year review of the budget by June.
02:17The ceremonial opening of the Parliament takes place on Friday, May 23rd.
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