Question 1

What penalties relate to business registration?

Accepted Answer

The penalty for failing to register a business is 1% of supply value, and for registering under someone else's name, 2% of supply value.

*Exceptions from 'someone else': registration under a spouse's name, or succession due to inheritance (limited to the period from the date inheritance begins to the inheritance tax filing deadline).

Question 2

Is the under-reporting penalty included when computing the late payment penalty?

Accepted Answer

The under-reporting penalty is calculated separately from the late payment penalty.
The late payment penalty is calculated daily at a fixed rate on the unpaid or underpaid tax from the day after the payment deadline to the payment date.
The under-reporting penalty is generally 10% of the additional comprehensive income tax due.

Question 3

What is the penalty for failing to issue a cash receipt?

Accepted Answer

1. A penalty of 20% of the transaction amount is imposed

Frequently Asked Questions (FAQ)

Frequently Asked Questions