new_law_on_consumption_tax.pdf

Any manufacturer of a product subject to a consumption tax is required to keep a register of daily inventory of the products manufactured and a sales register. The sales register shall indicate the price and quantity offered to every customer, his or her name, and address.

• A taxpayer who fails to comply with the provisions of law determining and establishing consumption tax on Some imported and locally manufactured products shall be liable to a fine.
• Any taxpayer who fails to remit the tax due within the prescribed period is liable to a fine of five hundred ( 500) penalty units together with a late payment penalty of ten percent (10%).
• Any late declaration of zero (0) tariff shall cause the taxpayer to be liable to a fine not exceeding five hundred (500) penalty units.
• Without prejudice to the existing laws, any person who makes a fraudulent declaration furnishes a fraudulent document, misinformation, or makes a fraudulent written report or any other act commits an offense liable to a fine not exceeding five thousand (5000) penalty units.

The following is a list of Consumption Tax Rates