LATE PAYMENTS OF TAX WILL ATTRACT TEN PERCENT PENALTY AND INTEREST

The Chairman of the State Board of Internal Revenue, Mr. Solomon Apreala stated that henceforth late payment of tax will attract ten percent penalty and interest at the prevailing bank rates in accordance with the Personal Income Tax Act. The Chairman particularly frowned at individuals who waits until there is need for tax clearance certificate before rushing to the tax office to obtain such document. He therefore advised the general public especially corporate bodies and individual to pay their taxes in due time.