Tax Amnesty Law

A Tax Amnesty Law is a government program that offers taxpayers a limited opportunity to settle unpaid or overdue taxes with reduced penalties, interest, or legal consequences. It encourages compliance by providing a “get-out-of-jail-free” period where individuals and businesses can declare previously unreported income or correct errors without facing harsh penalties. The goal is to boost tax revenue and improve voluntary compliance, helping the government fund public services. Participation is usually voluntary, with specific eligibility criteria and timeframes, and it's designed to clear outstanding tax liabilities in a controlled, transparent manner.