The Government has declared a general amnesty to all corporate bodies and individuals to bring their tax and related statutory matters to date and to settle all outstanding obligations to the Revenue Agencies.
The amnesty, which is a one-off opportunity, will waive penalties and sanctions for voluntary disclosure of un-reported and/or under-reported corporate and personal income taxes, VAT, SSNIT contributions, duties, withholding and other taxes.

The amnesty is also to enable all banks licensed under the Banking Act, 2004(Act 673) to comply with the requirement in respect of the capitalization of their profits, to transfer money from their income surplus accounts and revaluation of assets to boost their stated capital, without having to pay any taxes, duties or fees that are required under existing laws.

The amnesty period will run from 1st January, 2006 to 30th June, 2006. Thereafter, the revenue agencies will rigorously enforce penalties and sanctions for undeclared and unpaid taxes.

All corporate bodies and individuals are advised to contact their local offices of the Internal Revenue Service, Customs, Excise & Preventive Service, and the Value Added Tax service, for further details of what they must do to bring their tax matters on track during the six-month window of opportunity afforded by the amnesty.       
The Executive Secretary
National Revenue Agencies Secretariat
For The Minister of Finance & Economic Planning