NIS INTEREST WAIVER PROGRAMME

The Minister of Finance and Economic Affairs has approved a waiver of interest in respect of National Insurance contribution arrears for employers and self-employed persons who are indebted to the National Insurance Fund.

The National Insurance Office wishes to advise that:

•        The interest waiver initiative will commence on October 1, 2016 and conclude on March 1, 2017.

•        During the period October, 1 2016 to March 1, 2017, employers and the self-employed will be required to liquidate all the contribution arrears owed to the National Insurance Fund.

•        All interest accrued, as at March 15, 2017, on outstanding contributions will be waived, provided the 100% of contribution arrears are liquidated by March 1, 2017.

•        Payment can be submitted in one lump sum or via instalments within the five month period.

•        For payments made by cheque, interest will be not waived until the cheque has been cleared by the bank.