Failure to submit your VAT Returns will result in penalties – criminal or civil as follows:
- Civil – Failure to submit a VAT return within the time required (15 working days) will result in a penalty of $1,000 (or greater) per day, each day (or part), or 10% of the taxes owed.
- Criminal – If you knowingly or recklessly fail to submit a VAT Return, you will be fined $15,000. In addition, if the GRA notifies you in writing that you have been given more time to submit the VAT return and you still fail to comply, you will be fined $2,000 per day and face imprisonment for 3 months.
- If you repeatedly fail to submit a tax return, the GRA may obtain a court order to close your business premises for a period between three to thirty days.