As we bid farewell to 2023, Grenadian taxpayers are reminded that the one-year tax amnesty, initiated by the government of Grenada has officially concluded. Aimed at recovering over EC $600 million in tax arrears, the amnesty, provided a significant opportunity for individuals to settle outstanding tax liabilities with late fees and penalties.
During the amnesty period, which ended on January 2nd, 2024, participants were granted a complete waiver of all interest and penalties for tax arrears up to December 2021. Randy Cadet, Deputy Controller at the Inland Revenue Department, had urged taxpayers to capitalize on the final days of this unique opportunity.
“This is a reminder to Grenadians that the amnesty has come to an end,” emphasized Cadet. “The once long amnesty has now drawn to a close, with the final days falling on Thursday, Friday, and the weekend. Thanks to our excellent online payment platform, taxpayers were able to make payments online on Saturday, Sunday, and Monday.”
Cadet clarified that although the official deadline fell on Sunday, December 31st, payments were accepted until Tuesday, January 2nd, considering the weekend deadline. However, he emphatically stated that there would be no further extensions beyond this date.
“There will be no extension of the amnesty going into 2024,” Cadet affirmed. Addressing inquiries from taxpayers about potential extensions, he reiterated, “Persons who came in on Friday had the opportunity to make payments towards the arrears. We asked for a 40% down payment, acknowledging that individuals might not be in a position to liquidate the full amount owed immediately.”
For those facing financial challenges, Cadet assured that payment plans could be arranged, provided they were initiated before the amnesty deadline. However, he underscored that while payment arrangements might extend beyond the deadline, the amnesty itself would not.
Looking ahead to 2024, Cadet shared insights into the government’s plans to implement a new tax system. The second phase of this system is expected to introduce additional tax types, including property tax, stamped duty, and business licenses. This comprehensive rollout is scheduled for the last quarter of 2024.