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14.5. Interest and Penalties

Late Return Filing

Failure to file a tax return by the due date will result in a penalty equal to 10% of the taxes due. After 5 months, the penalty is increased by 2% per month subject to maximum 30% of the tax amount .

Late Tax Payment

Late tax payments are subject to an interest penalty at the rate of 1.5% per month.

Filing of an Incorrect Return

When self-assessed tax is less than the final assessed tax due, a penalty of 5% to 20% of the difference will be imposed.

In cases of tax evasion, a fine of 50% to 300% of the tax evaded is imposed, as well as imprisonment of up to 5 years.

If a tax refund is obtained by a taxpayer due to fraud, a fine of 100% to 400% of the fraudulent refund is imposed, as well as imprisonment of up to 15 years.