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13.5. Interest and Penalties

Late Return Filing

Failure to file a tax return by the due date will result in a penalty equal to 25% of the taxes due.

Late Tax Payment

Late tax payments are subject to a penalty equal to 25% of the taxes due. In addition, an interest penalty is applied at double the legal interest rate for loans or forbearance of any money in the absence of an express stipulation as set by the central bank (amended from earlier annual rate of 20% effective from 1 January 2018).

Filing of an Incorrect Return

Filing of a return with an internal revenue officer other than with the one whom the return is required to be filed will result in a penalty of 25% of the tax due.

Willful failure to file or willfully including false or fraudulent information in a return will result in a penalty of 50% of the tax due.