Extension of the reduction in tax penalties scheme

A considerable demand  for the reduction in penalties and interest scheme on payment of arrears of tax and social security contributions has resulted in the extension of its closing date by a few weeks.

"This is to ensure that all persons wishing to regularise their position will be given time to avail themselves of this last opportunity before enforcement is carried out on any remaining balances," the finance ministry said.

Those wishing to participate in this scheme must ensure that they: deliver any missing returns to the Inland Revenue Department by 10th January 2012; and deliver the payment and signed agreement to the Department by 31st January 2012.

Returns delivered after 10th January 2012 will not be considered for the purposes of the scheme.