Focus on enforcement – interest on overdue taxes
In his Budget Speech for 2022 the Minster for Finance and Employment yesterday announced a change to the administrative practices around the granting of a remission for interest on overdue taxes pursuant to SL 372.26.
In terms of the legislation the Commissioner may only remit interest if he is satisfied that the taxes due were not paid within the prescribed period due to a reasonable cause. The fact that reliance was placed on any other person to perform any task does not constitute a reasonable excuse.
The Minister also announced an increase in the interest for overdue taxes to 7.2% annually (0.6% per month).