None at all. Income Tax is only voluntary compliance....as is everything else.
You misunderstand- I registered for income tax before I knew that it was voluntary- is there any way of going back on this?
Second question: Should I not bother to register my small business with the CRO? Will this not cause problems down the line? Do clients not ask often whether the company is registered?
Income Tax dept.'offers' to individuals to do returns every year. One does not have to renew the contract. Anyone may register a 'Business' Name to safeguard it from others doing so. There is no requirement to limit that name. Just voluntary compliance again.
thanks for the info