Tax Arrears Settlement Scheme
The MRA has introduced the Tax Arrears Settlement Scheme (TASS). This is a scheme that encourages taxpayers owing arrears of tax and duty to the MRA to settle the debt promptly. TASS covers arrears of Income Tax, VAT, Gaming Tax and Betting Duty still outstanding as at 8th June 2017 under a return submitted or an assessment raised on or before 30th June 2015. Tax and duty due under an assessment which is pending before the Assessment Review Committee (ARC), the Supreme Court or the Judicial Committee of the Privy Council are not covered under TASS. The incentive given by the TASS is that 100% of the penalties and interests charged will be waived, provided the taxpayer makes an application to the MRA before 31st March 2018. The amount of penalty or interest to be waived will be written off in the books of the MRA only, when the total tax has been settled on or before 31st May 2018. Where the total tax liability is not paid by 31 May 2018, any waiver of penalty and interest shall lapse and the total tax, penalty and interest shall become payable and recoverable.
