Clause 38 — Income Tax (Amendment) Bill

(a)

by deleting the words “equal to the amount of tax which has been undercharged in consequence of such incorrect return or information or failure, or which would have been so undercharged if the return or information had been accepted as correct or if a notice had not been provided in accordance with section 76(8).” in subsection (1) and substituting the following words: “equal to —

(i)

the amount of tax;

(ii)

the amount of PIC bonus; or

(iii)

the amount of tax and the amount of PIC bonus, as the case may be, that has been undercharged, obtained, or undercharged and obtained as a result of the incorrect return or information or failure, or that would have been so undercharged, obtained, or undercharged and obtained if the return or information had been accepted as correct or if a notice had not been provided in accordance with section 76(8).”;

(b)

by deleting the words “equal to double the amount of tax which has been undercharged in consequence of such incorrect return or information or failure, or which would have been so undercharged if the return or information had been accepted as correct or if a notice had not been provided in accordance with section 76(8), and shall also be liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 3 years or to both.” in subsection (2) and substituting the following words: “equal to double —

(i)

the amount of tax;

(ii)

the amount of PIC bonus; or

(iii)

the amount of tax and the amount of PIC bonus, as the case may be, that has been undercharged, obtained, or undercharged and obtained as a result of the incorrect return or information or failure, or that would have been so undercharged, obtained, or undercharged and obtained if the return or information had been accepted as correct or if a notice had not been provided in accordance with section 76(8), and shall also be liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 3 years or to both.”; and

(c)

by inserting, immediately after subsection (3), the following subsection:“(4) In this section, “PIC bonus” means a payment under section 37IA.”.