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14.5. Interest and Penalties

Following interest and penalties are levied:

  • Failure to file a tax return attracts a penalty of 10% of the amount of tax due
  • Failure to or delay in filing a nil tax return or a loss tax return attracts a penalty of GYD50,000
  • Failure to pay the balance of tax due by the 30 April attracts a penalty of 2% of the unpaid tax for each month of outstanding tax and also interest is levied at the rate of 18% per year.