Tax Amnesty

Tax amnesty is a government program that allows individuals and businesses to pay their overdue taxes without facing penalties or legal consequences. It typically involves a limited-time offer where taxpayers can settle their debts by paying only the owed amount, sometimes with reduced interest rates. This initiative encourages compliance, helps improve tax revenue, and provides an opportunity for those who may have been avoiding taxes to come forward voluntarily. While it benefits taxpayers, it also aids governments in cleaning up tax records and securing funds for public services.