The “Specific Settlement of Tax Debts (Temporary Provisions) Law of 2011”
The Law provides that, notwithstanding the provisions of any other Law, all interests and charges on tax debts owed up until 2008, by any person or company, shall be removed and replaced by a charge of only 5% of the total amount, on the condition that the total amount of debt will be settled by the said person or company by the end of March 2012.
The Law covers tax debts owed by virtue of the following Laws:
The Income Tax Law;
The Immovable Property Tax Law;
The Assessment and Collection of Taxes Law;
The Capital Gains Tax Law;
The Estate Duty Law; and
The Special Contribution (Defence of the Republic) Law.