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What is Interest and Penalty about?

The document outlines the interest and penalties for late payments and late submission of tax returns for the tax year 2024/25. Late payments incur a monthly interest of 7.75% and penalties based on the duration of delay, while late submissions result in a fixed penalty of 100, increasing with additional days and interest. Additional penalties are imposed based on taxpayer behavior if payments remain unpaid after 12 months, ranging from a minimum of 300 to a percentage of the tax liability depending on the

Author

Samit Sah

Language

EN