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Reduction of penalties and interest
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The Hon. Tonio Fenech, Minister of Finance, the Economy and Investment, announced an initiative whereby persons who have a tax balance up to basis year 2007 may benefit from a substantial reduction in penalties and interest due.
This initiative is available both to individuals and companies. It can be availed of on balances due for both the new self-assessment system (from basis 1998 onwards) and the old system (up to basis year 1997).
Persons settling their tax balance under the self-assessment system (from basis 1998 onwards) will benefit from a 90% reduction of the pending interest and penalties. With regards to the old system (up to basis year 1997), persons who pay 75% of the relative tax balance due will benefit from a reduction of the remaining 25%.
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