Singapore legislation

Clause 64

of Multinational Enterprise (Minimum Tax) Bill

Clause 64

Failure to make return

(1)

Any person who fails or neglects without reasonable excuse to comply with section 41(1) or 43(1) shall be guilty of an offence and shall be liable on conviction to —

(a)

a fine not exceeding $5,000 and in default of payment to imprisonment for a term not exceeding 6 months; and

(b)

in the case of a continuing offence, to a further penalty of $100 for every day during which the offence is continued after such conviction.

(2)

A person who fails or neglects without reasonable excuse to comply with section 41(1) or 43(1) in respect of any financial year for 2 years or more shall be guilty of an offence and shall be liable on conviction to —

(a)

a penalty equal to double the amount of MTT or DTT that the Comptroller assesses (to the best of his or her judgment) is payable for that financial year; and (b)a fine not exceeding $5,000,and in default of payment to imprisonment for a term not exceeding 6 months.

Read in full context — Multinational Enterprise (Minimum Tax) Bill →