Effective Year of Assessment 2018, late payment of tax will attract penalty at the rate of 2% per month and interest at the rate of 18% per annum. The penalties charged shall be deemed to be part of the tax assessed and shall be recoverable accordingly. The following also applies:
- Every person whose income is not less than $780,000 who refuses, fails or neglect to deliver a RETURN of his income to the Commissioner General on or before the prescribed day in every year is liable on summary conviction to a penalty not exceeding $100,000.
- Where a person has not delivered a Return within the prescribed time under section 60  of the Income Tax Act, the Commissioner General may add to an assessment made upon such a person a sum equal to ten (10) percent of the amount of the tax assessed. For Year of Assessment 2018 and onwards, where a loss or deficit Return was submitted after the prescribed time, the Commissioner General shall charge a flat fee of $50,000 on each loss/deficit return submitted.
- Where a person refuses, fails or neglects to make a return of chargeable Income for the year immediately preceding the Year of Assessment within the time specified in a notice issued by the Commissioner General to such person under Sec.60  of the income Tax Act the Commissioner General shall add to the assessment a sum equal to ten (10) per cent of the amount of tax assessed.
- Any person who without reasonable excuse makes an incorrect return by omitting or understating any Income of which he is required by the Act to make a return, whether on his own behalf or on behalf of another or makes an incorrect statement in connection with a claim for deduction in estimating taxable income, or gives any incorrect information in relation to any matter or thing affecting his own liability or tax or the liability of any other person, is liable to a fine not exceeding $100,000.00 and double the amount of the tax has been or would have been undercharged in consequence thereof.
- Any person who knowingly makes false statement or representation in any Income Tax Return or who keeps or prepares false accounts of any profits, property or gifts chargeable to Income Tax, or aids or abets any persons in such offences, is liable to a fine not exceeding $100,000 and treble the amount of Tax which has been undercharged in consequence of such false accounts, particulars, returns, statements, information of representation or could be so undercharged if the account, particulars, return, statement, information or representation has been accepted as correct and to imprisonment for six months.