What Are the Consequences of Non-Compliance with Taxation Laws?
Non-compliance with taxation laws can have severe consequences for entrepreneurs. These may include:
Penalties and Fines: Late filing or underpayment of taxes can result in substantial penalties and fines. Legal Action: Persistent non-compliance may lead to legal action, including lawsuits and asset seizures. Damage to Reputation: Non-compliance can harm your business reputation and affect relationships with customers and investors. Interest Charges: Unpaid taxes accrue interest over time, increasing the amount owed.