What Happens if a Business Fails to Pay its Tax Liabilities?
Failure to pay tax liabilities can lead to serious consequences, including:
1. Penalties and Fines: Additional charges for late payments or underpayment. 2. Interest on Unpaid Taxes: Accumulation of interest on overdue taxes. 3. Legal Action: Potential legal action including liens and levies on business assets. 4. Credit Impact: Negative impact on the business’s credit rating.