Tax penalty reduced to half for making false statement

Tax penalty reduced to half for making false statement

tax penalty

According to Tax Laws (Second Amendment) the Ordinance, of 2021 was announced the day before, the amount of the tax penalty under Section 182 of a misleading or false statement has been reduced to 50 percent from the 100 percent tax balance.

Under Serial No. 10 of Section 182: any person who makes a false or misleading statement to the Inland Revenue Authority either in writing or orally or electronically includes a statement on request, certificate, declaration, notification, return, objection, or other documents including accounted documents made, prepared, provided, filed or provided under this Ordinance, then that person shall pay a fine of twenty-five thousand rand or 50 percent of the amount due in any of the above:

Provided that in the event of an inspection order contemplated under section 120, it shall not be penalized to the extent that the tax deduction occurs due to the taxpayer assuming an objection to the use of this Ordinance in place of taxpayers.

Under recent legislation, a fine for misleading information under Section 114A is prescribed. Section 114A relates to the profile of taxpayers.

Reference: PkRevenue


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