THE GOVERNMENT'S tax amnesty for estates of persons, who died prior to June 1, ends on December 31.
Estates not settled within the amnesty will have to revert to the pre-June 1 tax levels.
Acting Commissioner of the Taxpayer, Audit and Assessment Department, Viralee Latibudiere, told Parliament's Public Accounts Committee (PAC) Tuesday that some persons have been slow in coming forward to take advantage of the amnesty.
"We have recalculated, but persons are not coming forward to pay over, apparently they are waiting until December," she told the PAC.
REVISED TRANSFER TAX
In June, Finance Minister Dr. Omar Davies announced a six-month amnesty for persons to settle the transfer of estates to allow them to benefit from the revised transfer tax arrangements announced in his April budget speech.
Dr. Davies said his decision to simplify the transfer tax structure was to help clear up the backlog of cases, which could earn the Government an additional $300 million this year.
