Submission of Returns
- Failure to submit a VAT Return within the time required will result in a penalty of $1,000 per day or 10% of the taxes to be paid (whichever is greater).
Note: The Penalty will not be more than the taxes owed.
- A person who knowingly or recklessly fails to submit a Return will be fined 15,000. If the Commissioner General allows more time but the taxpayer still fails to submit, he/she will be fined $2,000 per day and imprisonment for three (3) months.