Tax amnesty extended

The Inland Revenue Department has announced it is extending the deadline for applications on the tax amnesty again.

The deadline was meant to be today after it had already been extended from the original date which was November 16. The deadline for applications is now January 22, while the deadline for payments has been postponed to February 22.

Last week it was reported that over 20,000 applications were filed for tax penalty reductions under the "one time" amnesty scheme announced by Finance Minister Tonio Fenech on September 4.

Taxpayers choosing to enter the scheme could be entitled to up to a 90 per cent reduction on interest and fines, so long as they pay taxes due from 1998 to 2007. If there were taxes on the preceding years to be paid, they could save up to 25 per cent of the balance. The department opens from 8 a.m. till 3.30 p.m.