Section 22, The Finance Act, 2021

Section 150 of the Income Tax Act 2000 is amended insubsection (1) by repealing and replacing that subsection with the following new subsection - 150 of Act No. 8 2000. (1) A taxpayer who without good course fails to file an income tax return and any other return required by this Act within the required period shall be liable to the following penalties - (a) Le100,000,000 for Large Taxpayers; (b) Le50,000,000 for Medium Taxpayers; (c) Le5,000,000 for Small and Micro Taxpayers; (d) 10 percent of the estimated tax payable based on best of judgement.