s 49 Amendment of section 41
Section 41 of the principal Act is amended by inserting after subsection (7) the following subsections: “(8) Where any tax due and payable is not paid by any taxable person after the last day on which it is due and payable under subsection (4) and no prosecution is instituted, the taxable person shall pay— (a) for the first thirty-day period that the tax is not paid after the expiry of the period specified under subsection (4), a penalty of five per cent of the amount of tax due and payable; (b) for the second thirty-day period that the tax is not paid after the expiry of the period specified under subsection (4), an additional penalty of ten per cent of the amount of tax due and payable; and (c) for the third thirty-day period that the tax is not paid after the expiry of the period specified under subsection (4), an additional penalty of ten per cent of the amount of tax due and payable, subject to a maximum penalty of twenty-five per cent of the amount of tax due and payable. (9) Subject to subsection (11), prosecution for the offence under subsection (7) may be instituted after the expiry of the period specified in paragraph (8)(c). (10) The court may order that any taxable person who is convicted for the offence under subsection (7) shall pay the penalty as specified in subsection (8). (11) No prosecution for the offence under subsection (7) shall be instituted against the taxable person who has paid the amount of tax due and payable and the penalty specified under subsection (8) within the period specified in subsection (8).”.