New debt restructuring for public debts (What debts does it cover, when is it due?)

last minute “data-mce-href =” “> Breaking news! The bill on the restructuring of certain debts and the modification of certain laws has been accepted by General Assembly of the Grand Turk National Assembly.

With the law, those who want to restructure their debts will apply to the competent public institutions until August 31. Structured debt can be paid in cash or in 18 installments. Payments will start September 30, 2021.

The transplant amnesty, long claimed by traders, is also happening. If those who fail to pay their bad checks, protested promissory notes, credit cards and other loan debts on time fulfill their obligations, their negative records regarding their past payment performance will not be taken into account.

According to the articles admitted, tax, tax penalties, late payment interest, late payment penalties, tax accrued until 04/30/2021 for the year 2021, fiscal penalties, late interest on tax returns which must be submitted in taxes in depending on the date and before the date of 04/30/2021., late fines, administrative fines, administrative fines pronounced within the framework of the Prevention and Control of Damage related to Tobacco Products, public debts, unpaid insurance premiums , retirement deduction, unemployment insurance premium, and related late payment penalties. . .
With the settlement, some debts will be restructured towards the Ministry of Treasury and Finance, the Ministry of Commerce, the Social Security Institution, special provincial administrations, municipalities and the Presidency for monitoring and coordinating investments until 30 April 2021.

Royalty claims resulting from certain services provided by municipalities with water, wastewater and solid waste, certain shares they receive; Solid waste charges from metropolitan municipalities and water and wastewater charges from water and sanitation administrations will also be part of the restructuring.

For each vehicle, a technical control permit will be issued upon payment of the deposit, provided that at least 10% of the motor vehicle tax, administrative fines and toll charges are paid. The taxes calculated on the base and the increase will be paid in a maximum of 6 equal installments per period of two months.

For income taxpayers and corporations, they will be able to increase the tax base in their annual returns at certain rates.
The beneficiaries will be able to settle their payments in six, nine, twelve and eighteen monthly installments.

Municipalities and their affiliated public legal entities can be paid in 120 equal installments.

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