Amnesty Scheme

Tax Glossary Definition

Amnesty Scheme

An Amnesty Scheme is a government initiative that offers individuals or entities a period of leniency or reduced penalties to voluntarily disclose and rectify non-compliance or irregularities in their financial or tax-related matters, encouraging them to come forward and regularise their affairs. It aims to promote compliance and increase revenue collection.

Example: Declaring unreported income under the Income Disclosure Scheme with reduced penalty.

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