The Treasury and Resources Department offers and runs a tax disclosure opportunity from 3rd April 2017 up to the end of 2017. This describes Islanders will be able to tell the tax office if they’ve made a mistake or failed to declare accurate income on their tax return without having to pay any additional penalties. An online form will be open for people to correct any past mistakes with income tax or Goods and services tax (GST) returns. If the form is prepared, the tax owed will still need to be paid but the tax controller will not apply any penalties or interest, and his general position will not be prompt criminal proceedings. A 10% late payment surcharge may be charged if it is chargeable by law. The Minister of this department stated that this disclosure opportunity will allow both individuals and businesses to come forward and make a voluntary disclosure of any errors in their tax affairs. This contains someone who has intentionally omitted income from their tax returns, or who has made a claim for allowances they weren’t entitled to. The Minister will also be asking the States Assembly to announce stronger penalties in January 2018 for those who choose not to comply with their tax obligations.
UK: Amendments to CbC reporting 2017
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