“Ariadne’s” ball of red thread unrolls to cover years 2016-2019

Settlement of overdue taxes

Following the amending law that extended the scope of ‘Procedure for Settlement of Overdue Taxes Law 4(I) 2017“ beyond 2015, a Decree had been recently published in the Gazette providing more details of the Scheme.

The Scheme now covers any overdue taxes relating to the tax years 2016-2019, which have been either assessed by the Tax Office or self-assessed by taxpayers.

The Scheme will enable eligible taxpayers to settle overdue taxes relating to tax years 2016 up to 2019 by entering into an instalment plan. Relief from interest and charges varies and is given depending on the no. of instalments. (From 90% relief for full settlement to 50% for 60 instalments).

Taxpayers may opt for a repayment schedule that best fit their needs with the no. of instalments ranging from 1-60.

The payment of installments has not changed as it continues to be made via online banking using the reference no. generated form Ariadne Portal.

Who is eligible for the Scheme?

• Taxpayers whose tax returns for the years 2016-2019 will be submitted by the end of the year i.e. 31/12/2020
• Taxpayers whose annual turnover for the year 2020 exhibited at least a 25% drop as compared to 2019
• Taxpayers who will file an application to enter the scheme not later than 29th of April 2022.