Tax Amnesty Deadline Looms: Businesses and Professionals Urged to Regularize

This measure introduced by the 2020 Finance Act concerns companies subject to corporate income tax and individual taxpayers subject to professional income tax. According to Les Inspirations Eco, certain taxes, including registration fees, withholding taxes, corporate income tax, VAT, and the tax on insurance contracts, are also targeted by this tax amnesty measure.

To be up to date with the tax authorities, taxpayers who are members of a professional federation or association benefiting from a collective agreement must pay a lump-sum amount negotiated in advance.

Some taxpayers can also directly contact the tax administration on the online tax services website (SIMPL) to submit a request for irregularity status. Moreover, certain corporations have been able to negotiate these lump-sum amounts directly with the tax administration, specifies the same daily.

This measure also takes into account undeclared cash, informal activities, foreign assets or bounced checks. As for rental income, the taxpayer must make a corrective declaration based on the rental income received in 2018 that he declared in 2019. Note that these taxpayers are exempt from this measure for income not declared in 2016 and 2017.