The Ministry for Finance and Employment has released a Press Release in relation to the repayment of taxes that were eligible under the Tax Deferral Scheme which was launched in March 2020.
Beneficiaries that have been entitled to benefit under the Scheme shall be granted a period of 30 months, up until December 2024, in order to repay the taxes deferred under the Scheme. Monthly payments must be made, commencing as from June 2022, and during this period no interest will be incurred.
The interest will be suspended during the repayment period, however, should the tax due not be settled by the December 2024 deadline, all benefits under the Scheme will be lost and interest will be levied as though the Scheme had not applied. During the repayment period, taxpayers are expected to settle all current tax dues and other tax dues not covered by the Scheme, which shall also be paid by December 2024 (unless the taxpayer entered into an agreement with the Office of Commissioner for Revenue).
The Press Release can be found here.
