The Cabinet of Ministers has decided to exempt individuals from disclosing assets and income from investigation and prosecution upon the payment of 1% tax on Voluntary disclosures.
The decision is to encourage entrepreneurs to disclose and invest undisclosed income and assets in line with 2021 budget proposals.
The 2021 Budget proposed legal provisions to exempt such investors from the obligation to pay taxes, penalty or interest and to pay only a 1% “Tax on Voluntary Disclosure” free from investigation or prosecution.
Accordingly, Cabinet approval has been granted on 22nd February 2021 to draft the Finance Act 2021 to make the necessary arrangements for this purpose.
At the weekly meeting held on Monday, the Cabinet of Ministers approved the proposal made by the Prime Minister in his capacity as the Minister of Finance to publish the Bill in the Government Gazette and then present it to Parliament for approval.
