The 2026 tax penalty will be applied on the first business day of the month based on the minimum balance on the account during the previous month.
Penalties are not compounded, and the amount of the penalty is calculated by multiplying the rate, by the amount of the unpaid taxes.
The annual penalty rate is 15%.
2026 tax penalty rates after tax notice deadline
July: 8.75%
August to December: 1.25%
2026 tax penalty rates for taxes remaining unpaid after December 31
January to December: 1.25%