Second: A fine of 1% of the tax on these revenues shall be charged from the due date for submission of the tax declaration to the date of issuance of the assessment letter.

Third: For Incorporated Bodies that submit their tax declaration within the legal due date, showing profits recognized and the losses carried forward from previous years (not assessed), are deducted from such profits. Once the final assessment for these years has been issued, it then shows cancellation or reductions of the losses from previous years, thus resulting in a profit being recognized for the year. In this case the Incorporated Body is required to settle the tax due for the year, as per the declaration, within thirty (30) days from the date of issuance of the final assessment, otherwise a fine on delay in settlement of the tax due as per the tax declaration will be charged.

Fourth: Special and exceptional cases relating to calculating delay penalties on revenue not accounted for shall be treated separately after consulting the Tax Department in this regard.