Income Tax Act, 1962 (Act 58 of 1962)
Chapter III: General Provisions
Part IIB: Reportable Arrangements
80S. Penalties (Repealed)
[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].
|1)||Any participant who fails to disclose the information in respect of a reportable arrangement as required by section 80O or section 80R shall be liable to a penalty of R1 million.|
|2)||The Commissioner may reduce the penalty contemplated in subsection (1), if—|
|a)||there are extenuating circumstances and the participant remedies the non-disclosure within a reasonable time; or|
|b)||if the penalty is disproportionate to the assumed tax benefit.|
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