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