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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 Penalties (Repealed)



[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].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.