New Penalty Rate

New penalty rate 20%-35% - Late filing of tax returns

A new penalty rate schedule that was introduced by the IRB took effect from 1 June 2011. Penalty rates between 20 – 35 % of the tax payable will be imposed based on the length of delay.

Period of delay	Penalty rate
Submission within 12 months after the due date	20%
Submission within 24 months after the due date	25%
Submission within 36 months after the due date	30%
Submission later than 36 months after the due date	35%