Value Added Tax Act (Cap. 406), article 37A

37A. Where a notice of payment furnished by a person registered under article 12 contai ns an understatement of the t ax payable in accordance with artic les 21(2) and 21(3) or where th e Commissioner makes an assessment of the tax payable by that person in terms of article 33(2), that person shall become liable to an administrative penalty in an a mount equivalent to twenty per VALUE ADDED TAX [CAP. 406. 31 cent of the understated tax payable or the assessed tax. Administrative penalty for default in the furnishing of a tax return or other declarations and statements. Amended by: X. 2003.21; XIII. 2005.46; L.N. 426 of 2007; L.N. 105 of 2008; II. 2009.43; XII.2023.58. XXXVIII.2024.14.