The Value Added Tax (VAT) Division of the Customs and Excise Department has reminded registrants that failure to file their VAT returns on time will result in a fee of $100 for non-filing.
This is according to sections 45 and 46 of the VAT Act CAP 87, which state that on or before Monday, March 23, an accurate return must be filed for the taxable period January to February, 2009, and all output tax due must be paid.
There will also be a 10 percent fine on any outstanding tax, plus interest of one percent on the tax and penalty for each month until payment is made.
Registrants requesting further information to complete their VAT returns should contact the VAT Office at 467-1100.