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14.5. Interest and Penalties

Late Tax Payment

Gibraltar imposes a penalty of 10% of the amount due if paid within 90 days, and 20% of the amount due if paid after 90 days. If a tax payment remains unpaid, a 10% per annum penalty, compounded daily, will be imposed until the tax and penalties are fully paid.

Late Return Filing

A fine of GBP 50 is imposed for the late filing of a return. An additional penalty of GBP 300 is levied if returns are not submitted within3 months of the deadline. The additional penalty is increased to GBP 500 if the returns are not filed within 6 months of the deadline.

Failure to submit information

Failure to submit information or documentation upon request of the Gibraltar tax authorities results in a fine of GBP 200 on the first day past the deadline and up to GBP 500 per day thereafter.

Incorrect Return

the filing of an incorrect return can result in a fine of GBP 300 and up to 200% of the underpaid tax due.

In cases of deliberate tax evasion or fraud, a fine of GBP 2,500, and up to 300% of the underpaid tax due will be imposed, and/or imprisonment of up to 3 years.