2017 Tax Disclosure Opportunity
Monday 3 April 12:11
The Treasury is running a tax disclosure opportunity from 3 April until the end of 2017. This means Islanders will be able to tell the Taxes Office if they’ve made a mistake or failed to declare income on their tax return without having to pay any extra penalties.
An online form will be available for people to correct any past mistakes with income tax or GST returns. If a disclosure is made, the tax owed will still need to be paid but the Comptroller of Taxes will not apply any penalties or interest, and his general position will be not to instigate criminal proceedings. A 10% late payment surcharge may be applied if it is chargeable by law.
The Minister for Treasury and Resources, Senator Alan Maclean, said “The disclosure opportunity will allow individuals and businesses to come forward and make a voluntary disclosure of any errors in their tax affairs. This includes anyone who has deliberately omitted income from their tax returns, or who has made a claim for allowances they weren’t entitled to.
“I know tax can be a complicated subject for many, but if we want to keep our taxes low then it’s important that everyone pays what they owe.”
Comptroller of Taxes Richard Summersgill said: “Now is the time to make a voluntary disclosure. We’ll soon be receiving data from local banks and from September 2017, we will start receiving financial information from more than 50 countries under the Common Reporting Standard. The Minister for Treasury and Resources will also be asking the States Assembly to introduce tougher penalties in January 2018 for those few who choose not to comply with their tax obligations.”
Further information, including the online form, can be found at www.gov.je/DiscloseYourTax
Paper copies are also available and the Taxes Office has a dedicated disclosure phone line 01534 440004.