The penalty for both failure-to-return and failure-to-pay is assessed if a return or payment is not accomplished by the due date.
Penalty on Failure to File ReturnsIf a resident either fails to file a tax return or under-reports the relevant income, an amount equivalent to 20% of the income unreported or under-reported will be included in the calculation of tax amount as follows:
Penalty on Non-payment or Underpayment of TaxWhen the income tax payable is not paid properly, a penalty in the amount of 0.03% of the amount shall be added to the amount of tax due, for each day the amount remains unpaid.
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