First Interim Payment for tax year 2012 can be made on installment basis

Taxpayers who submit their BPT return and pay their BPT for tax year 2011 by 30th September 2012 can pay their first interim payment for the tax year 2012 on installment basis. This arrangement can only be made for taxpayers who make an application for MIRA on or before, 30th September 2012.

 

Taxpayers who apply and qualify will be allowed to pay their first interim payment for the tax year 2012 in three equal installments, and these taxpayers will be required to sign an agreement with MIRA. Under this agreement an interest at the rate of 5% per annum shall be levied from one month after the deadline until the tax is paid.

 

If a taxpayer violates such an agreement, the agreement shall terminate automatically, and the first interim payment for the tax year 2012 payable by the taxpayer shall become due immediately. Such taxpayers will also be further subject to other applicable fines specified under Tax Acts.

 

This relief is being granted due to the enormity of the fine for failure to pay tax and because taxpayers are having difficulty paying the final BPT payment for 2011 and first interim payment for 2012 simultaneously.

16 Sep 12