Duty to make returns and pay tax

(1) Every person or entity who is liable to be taxed under this Part shall file a return of total receipts by the 15th day following the end of every month, or at such other times as may be specified, in a form prescribed by the Commissioner and accompanied by payment of the estimated tax due for that tax. 88 Provided that if receipts are solely from rents, royalties, premiums or other revenue receipts arising from real property, the returns shall be made half-yearly, Provided further that if any such person or entity ceases to carry on business or to practice a profession, he or it shall file a return within seven days after the date of such cessation, Provided further that in the case of a financial institution licensed under the Banks and Financial Institutions Act, Cap. 263 the returns shall be made quarterly. (2) Whoever fails to file a return required under sub-section (1) of this section commits an offence and shall be liable on summary conviction to a fine not exceeding ten thousand dollars and in default of payment of fine, to imprisonment for a term not exceeding two years, (3) Without prejudice to sub-section (2) of this section, every person who fails to file a return and pay the tax due, within the prescribed time, shall be liable to pay a penalty of ten percent of the amount due or assessed for each month or part of a month in which the return was not delivered continuing for a period of twenty four months, and in addition, shall be liable to pay interest at the rate specified in section 59 of the Tax Administration and Procedure Act or part thereof. CAP. 51. make