BUSINESS

Clearing process planned
 for pending tax cases

TAGS: Taxation

The Finance Ministry is proceeding to an informal clearing process for specific tax cases, in a bid to immediately bring fresh cash into the state coffers and decongest courts of the thousands of outstanding tax cases.

Based on the bill that is up for public consultation, a committee will be set up aimed at the out-of-court settlement of tax differences, with a mandate up to end-July, when it will be dissolved.

In this 12-month period any taxpayers with pending tax cases at the administrative courts or at the Directorate for the Resolution of Tax Differences have until October 30 to reach a compromise with the extrajudicial settlement committee.

The amount due to be agreed upon settlement could be reduced further depending on the number of installments selected for the payment of dues to the tax authorities.

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