Older Persons Act, 2006
R 385
Tax Administration Act, 2011 (Act No. 28 of 2011)Chapter 15 : Administrative Non-Compliance PenaltiesPart B : Fixed amount penalties212. Reportable arrangement penalty |
| (1) | A person referred to in paragraph (a) or (b) of the definition of "participant" who fails to disclose the information in respect of a 'reportable arrangement' as required by section 37 is liable to a "penalty", for each month that the failure continues (up to 12 months), in the amount of— |
| (a) | R50 000, in the case of a "participant" other than the "promoter"; or |
| (b) | R100 000, in the case of the "promoter". |
[Section 207(1) substituted by section 62(a) of the Tax Administration Laws Amendment Act, 2015 (Act No. 23 of 2015)]
| (2) | The amount of "penalty" determined under subsection (1) is doubled if the amount of anticipated "tax benefit" for the "participant" by reason of the arrangement (within the meaning of section 35) exceeds R5 000 000, and is tripled if the benefit exceeds R10 000 000. |
| (3) | A person referred to in paragraph (c) of the definition of 'participant' who fails to disclose the information in respect of a 'reportable arrangement' as required by section 37 is liable to a 'penalty' in the amount of R50 000. |
[Section 212(3) inserted by section 62(b) of the Tax Administration Laws Amendment Act, 2015 (Act No. 23 of 2015)]
