AAFM Exam CTEP Topic 4 Question 33 Discussion

Actual exam question for AAFM's CTEP exam

Question #: 33
Topic #: 4

[All CTEP Questions]

Is there any default for not/late filling of wealth tax returns?

ANil, there is no default for not/late filling of wealth tax returns as you can file at the end date of any quarter.

BYes, penal interest at the rate of 1% every month or part of the month of delay is chargeable for Non/Late filling of Return.

CYes, penal interest at the rate of 2% per month of the part of the month of delay is chargeable for Non/Late filling of return.

DNil, there is no default for not/late of wealth tax returns as the Wealth tax is deducted at source.

Show Suggested Answer

Suggested Answer: B

by Arthur at Jan 27, 2024, 04:46 PM

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Julie

4 days ago

Ah, the good old wealth tax. I remember when I first started filing those returns - it was like navigating a maze of paperwork and deadlines. I'm going to go with option C just to be on the safe side.

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Iluminada

6 days ago

Oh, I didn't know that. I better make sure to file on time to avoid any penalties.

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Leonard

7 days ago

Yes, penal interest at the rate of 1% every month or part of the month of delay is chargeable for Non/Late filling of Return.

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Iluminada

8 days ago

Is there any default for not/late filling of wealth tax returns?

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Harrison

9 days ago

Wait, did you say 'wealth tax'? I thought that was abolished a while ago. Are we still paying that tax? I'm going to have to do some research before I answer this question.

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