Tax amnesty is granted to a specified group of taxpayers to settle their tax liabilities, including interest and penalties, within only a certain period of time and without fear of criminal prosecution.
After the amnesty period, an investigation of tax evasion will typically begin, and in some legal circumstances, a stiffer punishment is meted out to those who did not avail of the amnesty even though they were eligible to do so.
“Voluntary Disclosure” or “Tax Amnesty” is a way for taxpayers to come forward and declare unfiled tax returns or unreported income.
- 1.) Income taxes on undeclared income including income from criminal activities
- 2.) GST/HST on undeclared income or that was collected but not remitted
- 3.) Unremitted payroll deductions
- 4.) Unpaid excise taxes
- 5.) Unreported offshore income
- 6.) Unreported online income (including unreported ebay income)