Failure to self-assess tax, understatement of tax liability or late tax payment is subject to the following penalties:
- 20% of the tax due where an adjustment is made prior to receiving notification from the tax authority (40% for subsequent offenses);
- 50% of the tax due where an assessment is issued (100% for subsequent offenses); and
- 2% late payment interest per month or part of the month, capped at 50% of the principal tax amount due.
Tax is fixed automatically if a tax return is not filed.