Under the scheme outstanding taxes that are due can be paid without fear of further action being taken – a previous amnesty raised £1.4 million for the public purse.
And once the latest amnesty has closed, officials have warned they will then begin to scrutinise the tax returns of those who have not made a disclosure but look as if they should have.
Treasury Minister Alan Maclean said that the move could yield revenue for the Island, but that generating extra funds was not the primary reason behind the amnesty, instead, he said that it was being organised by the Taxes Office as a new Comptroller of Taxes was now in place and that changes to the income tax system – including introducing an online personal returns form – were being developed.
