THE Manx Treasury has announced that its scheme to waive penalties and interest in respect of voluntary tax disclosures will run for three months from July 1st.

The decision follows the Treasury Minister’s Budget speech on 16 February 2010, when it was announced that the Assessor would by concession, waive the imposition of penalties and interest in respect of voluntary disclosures made by taxpayers during a three month period in the 2010/11 tax year.

It has been announced today by Treasury that the scheme will operate for the period commencing on July 1st, ending on September 30th.

A statement said, “The scheme provides an opportunity for anyone who has failed fully to disclose their income or to register for income tax purposes to bring their affairs up to date without suffering penalties and interest. 

“The scheme applies to any person who is resident for income tax purposes or who is or should be paying non-resident tax. The term ‘person’ includes an individual, company, employer, contractor, trustee or any other entity liable to Isle of Man income tax.”

Further information can be found on the Income Tax Division’s website www.gov.im/incometax or by contacting the Division on 01624 685400.