Clause 40

by inserting, immediately after the words “evade tax” in subsection (1), the words “, or to obtain or to assist any other person to obtain a PIC bonus or a higher amount of PIC bonus, or both”;

by deleting the words “4 times the amount of tax which has been undercharged in consequence of the offence or which would have been undercharged if the offence had not been detected, and shall also be liable to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 5 years or to both.” in subsection (1) and substituting the following words: “4 times —

the amount of tax;

the amount of PIC bonus; or

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 offence, or that would have been undercharged, obtained, or undercharged and obtained if the offence had not been detected, and shall also be liable to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 5 years or to both.”;

by deleting subsection (2) and substituting the following subsection:“(2) When an individual has been convicted for —

2 or more offences under this section or section 37J(4); or

one offence under this section and one offence under either section 96 or 37J(3),the imprisonment he shall be liable to shall not be less than 6 months.”;

by inserting, immediately after the words “evade tax” in subsection (3), the words “, to obtain a PIC bonus or a higher amount of PIC bonus, or both, as the case may be”;

by inserting, immediately after subsection (4), the following subsection:“(5) In this section, “PIC bonus” means a payment under section 37IA.”; and

by deleting the section heading and substituting the following section heading:“Serious fraudulent tax evasion and action to obtain PIC bonus”.