1. Any Person who files an incorrect Tax Return to the Authority, amends a Tax Return after filing or files any document with the Authority in relation to the Tax due by him which results in an error in the calculation of the Tax amount resulting in an amount that is less than the Tax due shall be liable to a fine equal to (50%) of the value of the difference between the calculated Tax and the Tax due.
2. The Authority may, according to the terms determined by the Board of Directors, exempt a Person from the penalty set out in paragraph (1) of this article or reduce the same.
3. Any Person that fails to submit a Tax Return within the period specified by the Regulations shall be liable to a fine of not less than (5%) and not more than (25%) of the value of the Tax that he would have had to declare.
GCC FinTax is a community for Tax and Finance professionals from GCC to share knowledge, learn and network.
