Tax amnesty

Tax amnesty

Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. It typically expires when some authority begins a tax investigation of the past-due tax. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it. [ [http://www.calchamber.com/Chamber_in_the_news/020305_Amnesty.htm The traps in amnesty for taxes ] ]

Instances

Many U.S. states have had tax amnesties. [ [http://www.taxadmin.org/FTA/rate/amnesty1.html State Tax Amnesty Programs ] ] At the federal level, tax amnesty was extended to illegal immigrants seeking citizenship due to the impracticality of accurately estimating their back taxes. [ [http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=55786 Tax amnesty for illegals ] ] Circa 2007, Russia also implemented a tax amnesty program. [http://www.ey.com/Global/Assets.nsf/Russia_E/Tax&HC_Jan_07/$file/TAX&HC_Jan_07_Eng.pdf]

References


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