Finance Act 2003

Amendment of section 27 (fraudulent returns, etc.) of Principal Act.

127.—Section 27 of the Principal Act is amended—

(a) by inserting the following subsection after subsection (1):

“(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—

 (a) €125, and

 (b) the amount, or in the case of fraud twice the amount, of the difference between—

(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

(ii) the amount of tax (if any) paid in respect of the taxable period for which the said return was not furnished.”,


(b) in subsection (2)—

(i) by substituting “subsection (1) or (1A)” for “the foregoing subsection”, and

(ii) by substituting “any reference in those subsections” for “the reference in paragraph (a) of that subsection”.