The government has extended the deadline for the VAT amnesty announced in the Budget to the end of this year after taking on board a suggestion by the representative body of small businesses and the self-employed.
The amnesty covers the fines and interest accrued on outstanding VAT payments for those businesses and individuals who failed to submit their returns on time. All tax due would still have to be paid but penalties will be substantially decreased.
The Chamber for Small and Medium Enterprises–GRTU welcomed the decision.
Businesses had until yesterday to file the missing returns and regularise their position but this has now been extended to December 31.
The GRTU said many of its members’ accountants were caught up with the customary end-of-year work to close their clients’ accounts and could not meet the deadline announced in the Budget.