FAQs - Individual Income Tax

If I can't pay the tax due by the deadline, is there an extra charge?

The statutory interest rate will apply to any unpaid tax due. In addition, you may owe late payment penalties of up to 35% of the tax due. Set forth below are the interest rates for the past 10 years:

 

Calendar Year

Interest  Rate

2014

3%

2013

3%

2012

3%

2011

4%

2010

4%

2009

5%

2008

8%

2007

8%

2006

6%

2005

5%

 

Tax Due x Interest Rate x Number of Days Late = Interest Charge
                              365 days