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Amendment of section 27 (fraudulent returns, etc.) of Principal Act.
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127.—Section 27 of the Principal Act is amended—
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(a) by inserting the following subsection after subsection (1):
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“(1A) Where a person fraudulently or negligently fails to comply with a requirement in accordance with this Act or regulations to furnish a return, that person shall be liable to a penalty of—
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(a) €125, and
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(b) the amount, or in the case of fraud twice the amount, of the difference between—
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(i) the amount of tax properly payable by such person if such return had been furnished by that person and that return had been correct, and
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(ii) the amount of tax (if any) paid in respect of the taxable period for which the said return was not furnished.”,
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and
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(b) in subsection (2)—
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(i) by substituting “subsection (1) or (1A)” for “the foregoing subsection”, and
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(ii) by substituting “any reference in those subsections” for “the reference in paragraph (a) of that subsection”.
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