Definitions for tax amnesty
tax amnesty

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1. Tax amnesty

   Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. It typically expires when some authority begins a tax investigation of the past-due tax. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it. Tax amnesty is one of voluntary compliance strategies to increase tax base and tax revenue. Tax amnesty is different from other voluntary compliance strategies in part where tax amnesty usually waives the taxpayers' tax liability.Introduction of amnesty in any fiscal year is to help a state treasury raise tax revenues, adding beneficiaries who have not declared their assets previously. The main purpose is to replicate the economy and encouraging individuals and corporations to declare their wealth as it may arises. Under this scheme the beneficiary just has to pay some tax on the total assets which are declared. States introduce this scheme when they believe that individuals are hiding their wealth from the tax authorities. Tax revenues raised through these schemes are used for the well being of the state. Every individual and company has to report annually on their business activities in their tax return. Those who remain transparent in declaring their assets and liabilities to the tax authorities do not get inquiries or investigations. Tax amnesty is beneficial for those who have been hiding or not declaring their assets fair and transparently for years, and can make their assets legitimate by declaring them whether they exist within or outside the country.When such schemes are introduced, state revenue and tax departments give time to declare their wealth without any penalty. Once time elapses there will be penalty addition to original amnesty tax rate. Types of tax amnesties As mentioned above, tax amnesty schemes basically have two main features viz. financial as well as legal amnesty. Hence, it logically follows that these schemes be classified on the basis of the same criterion. This the reason why all over the world tax amnesty schemes are divided into two types. Firstly, there are schemes wherein the government provides financial relief to tax evaders. Under such schemes, the government decides to waive off all or part of the financial penalties which become due as a result of tax evasion. In some cases, the government only allows taxpayers to pay back the full sum in easy instalments over a longer time frame. Hence, investors gain because they can earn interest on the unpaid tax as well. However, in such cases, legal immunity is not provided. This would mean that if the taxable income was generated by undertaking some questionable activity like drug smuggling or other criminal endeavours, the government could still prosecute the taxpayer. On the other hand, there are some tax amnesty schemes which provide legal amnesty as well. This means that these schemes basically promise that the government will simply close their eyes to the source of the taxable income as well. The government promises to not conduct any investigation or disclose any information after they receive the tax revenue, which is due to them.

How to pronounce tax amnesty?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say tax amnesty in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of tax amnesty in Chaldean Numerology is: 6

2. Pythagorean Numerology

   The numerical value of tax amnesty in Pythagorean Numerology is: 7

Examples of tax amnesty in a Sentence

1. Jahja Setiaatmadja:

   It's not yet clear that banks will get a share of this, this tax amnesty does not require funds to be repatriated, it's just that it gives an incentive ... and the money may have to go to government bonds.

2. Jahja Setiaatmadja:

   The hope is that with the tax amnesty, more funds will be returned to Indonesia.

3. Anggoro Eko Cahyo:

   The tax amnesty will have a positive impact on the wealth-management business.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Tax_Amnesty