Consequences of missing tax deadlines
DID YOU KNOW?
Missing tax deadlines can lead to several consequences, including:
- Penalties
Late Payment Penalty: Failure to pay taxes by the deadline, may lead to additional penalties on the unpaid amount.
- Increased Scrutiny
Missing deadlines can raise red flags, potentially leading to more audits or scrutiny from tax authorities.
- Impact on future filings
Consistently missing deadlines may affect one’s eligibility for certain tax benefits or credits in the future.
- Legal consequences
– In severe cases, failing to file taxes can lead to criminal charges, especially if the Tax Authority believes there is intent to evade taxes.
- Stress and administrative burden
Dealing with penalties, fines, and the need to catch up on paperwork can create significant stress and administrative work.
- Difficulty obtaining loans or mortgages
Lenders may look at your tax filing history. Missing deadlines might impact your creditworthiness or ability to secure loans.
For more information and guidance on tax concerns, contact us on :
Mobile : +263779132546
Email : marketing@misforttax.co.zw
Website : www.misforttax.co.zw