The Sales Tax (Compounding of Offences) (Amendment) Regulations 2024, gazetted in the Federal Government Gazette on 5 January 2024, represent a significant update to the existing tax regulatory framework within the jurisdiction.
The primary purpose of the Sales Tax (Compounding of Offences) (Amendment) Regulations 2024 is to update and refine the existing legal framework governing the compounding of offences related to sales tax. Compounding of offences is a legal mechanism that allows offenders to pay a certain sum of money in lieu of facing prosecution for certain minor tax offences. By amending the First Schedule of the 2018 regulations, the new order aims to adjust the penalties, introduce new provisions, or clarify existing ones to ensure that the regulations remain effective and relevant to the current economic and legal environment.
Sales Tax (Compounding of Offences) Regulations 2018: