In a relief to businesses, the Tax Authority has announced the extension of deadline for a set of incentives offered earlier by the government to the private sector with regard to the settlement of tax dues during the year 2020.
The decision comes after the Supreme Committee directed the Tax Authority to reduce the financial impact on the companies and institutions that are subject to taxes.
In a statement issued on Wednesday, the Tax Authority said that it is suspending the validity of the additional tax resulting from a failure to meet the due income tax payable for the tax year ending on December 31, 2019, for a maximum period till the end of December 2020.
‘Earlier, tax payers were supposed to pay taxes for the year 2019 before end of September 2020, but now the Tax Authority has extended the deadline for the payment of the 2019 tax amount until end of December 2020,’ the authority said in the statement.
‘There is also suspension of enforcement of fines and penalties for non-delivery of reports and accounts for the fiscal year 2019 till the end of December