Tax amnesty

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Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. It typically expires when some authority begins a tax investigation of the past-due tax. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it.[1]

[edit] Instances

Many U.S. states have had tax amnesties.[2] At the federal level, tax amnesty was extended to illegal immigrants seeking citizenship due to the impracticality of accurately estimating their back taxes.[3] Circa 2007, Russia also implemented a tax amnesty program.[4]

[edit] References

  1. ^ The traps in amnesty for taxes
  2. ^ State Tax Amnesty Programs
  3. ^ Tax amnesty for illegals
  4. ^ http://www.ey.com/Global/Assets.nsf/Russia_E/Tax&HC_Jan_07/$file/TAX&HC_Jan_07_Eng.pdf


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