A public consultation has been announced on 27th March 2017 by the Treasury and Resources department to request comments on proposed new tax penalties. The Taxes Office is asking for public views on proposed new financial penalties. This would be an efficient and cost effective way to inspire individuals and businesses to file correct tax information and supplementary payment on time. Measures being considered include financial penalties for providing inaccurate information to the taxes office, charging interest on all tax debts, financial penalties for late tax returns and late payment, which depends on whether people failure to meet deadlines, new closing dates for filing tax returns electronically, penalties for not keeping appropriate records that support information given to the taxes office. In the most serious cases, criminal penalties will apply. Deadline for comments should be sent by 16th June 2017.
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