The administrative penalties apply to most of the Tax Laws as well as to the Capital Gains Tax Law and the Immovable Property Tax Law and they will apply from 1 July 2011 onwards as follows:
Delay in the submission of tax returns in accordance with the tax deadlines will be subject to €100 penalty.
Failure or delay in submission of returns to the Inland Revenue Department in accordance with the tax deadlines and failure to comply within the specified period with the written notice for compliance issued afterwards by the Commissioner of the Inland Revenue will be subject to €200 penalty.
Failure or delay in submission of information requested by the Commissioner of the Inland Revenue Department within the specified period will be subject to €200 penalty (no Tax deadline exists in this case).
Third party failing to comply with the tax deadline set by the Commissioner of the Inland Revenue in respect of the provision of information will be charged with €100 penalty.
Failure to pay the due or withheld taxes in accordance with the tax deadlines as set by the Inland Revenue Department will result in additional tax equal to the 5% of the tax due.