Failure to maintain documents

—(1) A person who fails to keep and maintain proper documents as required by this Act or any tax law is liable to a penalty for each month or part of a month during which the failure continues. (2) The penalty is fifty dollars per day for each day the failure continues. (3) Before assessing a penalty under this section, the Director General shall issue a warning notice, and no penalty is due under this section if the taxpayer complies with the warning notice within the time specified in the notice.