BUDGET 2026-27: Steeper fines introduced for tax compliance (opens original article in a new tab)

The government introduced steeper fines for tax compliance issues in the 2026-27 budget, including higher penalties for late filings, document deficiencies, and tax evasion.

• The government increased penalties for late income tax returns and document deficiencies in the Finance Bill FY27.
• Penalties for restoring to the active taxpayers list rose fivefold for companies and associations of persons.
• Fines for false information and tax evasion were significantly raised, with additional personal penalties for company officials.