A number of banks have extended working hours to favor taxpayers ahead of the December 31, 2024, deadline.
Section 47A of the Tax Procedures Code ct, 2014, as amended, provides for a waiver of interest and penalty outstanding as of 30th June 2023, where a taxpayer pays the outstanding principal tax by 31st December 2024, has been implemented in all taxpayers ledgers that qualify for a waiver.
Under this arrangement, a taxpayer pays a portion of the principal tax outstanding as of 30th June 2023 by 31st December 2024; the portion of interest and penalty that relates to the principal tax paid shall be waived proportionately.
Failure to pay outstanding principal tax as of 30th June 2023 by 31st December 2024 will render accrued interest and penalty payable.
Therefore, the URA urges taxpayers with outstanding principal tax for the period up to 30th June 2023 to check their ledger balances and pay the principal tax by 31st December 2024 in order to benefit from the waiver.
“Don’t forget. It is a few hours until you can take advantage of the tax waiver by paying your outstanding principal tax as of June 2023 by 31st December 2024 to have your penalties and interests waived,” said Assistant Commissioner, Public and Corporate Affairs at the URA, Robert Kalumba.
In a bid to support taxpayers in meeting their end-of-year tax obligations, the URA has partnered with banks to have the financial institutions extend their working hours in a bid to have taxpayers meet the deadline.
Under this arrangement, the banks have opened strategic branches on Sunday, December 29, 2024, to be able to facilitate the partnership. These banks include PostBank, I&M Bank, dfcu Bank, Bank of Baroda, Absa Bank, Diamond Trust Bank, and Bank of Africa.
For instance, dfcu Bank has its Market Street Branch open from 10 am to 2 pm. Other banks within the Central Business District are open up to 7 pm.
