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Special Committee Corporation Tax Bill, 1975 debate -
Tuesday, 2 Mar 1976

SECTION 149.

Amendments Nos. 34 and 35 are related and may be discussed together.

I move amendment No. 34:

In page 133, subsection (1), lines 56 and 57, to delete " section 27 (change of ownership in company: disallowance of trading losses)," and to substitute " section 27 (change in ownership of company: disallowance of trading losses), section 73 (Shannon relief: delivery of statements),".

These amendments provide for penalties when information is not supplied under section 73 of the Bill or incorrect information is furnished. Section 73 deals with delivery of statements. The first amendment also contains a minor drafting amendment in the words which describe section 27.

Amendment agreed to.

I move amendment No. 35:

In page 134, subsection (2), line 10, after " section 27 ", to insert " 73 ".

Amendment agreed to.
Question proposed: " That section 149, as amended, stand part of the Bill."

Are these similar to the penalties.

They are. Broadly speaking, we have applied similar penalties. There is no change in the design or nature of the penalties.

Or the circumstances in which they will arise?

The circumstances are similar, failure to furnish information required and the supplying of incorrect information.

That would be taken to be deliberately.

I see you use the word in subsection (2) " negligently ". I take it " negligently " is sort of deliberately, not inadvertently. In advertently is not regarded as——

Where there would be culpable neglect.

I think this is an area where the Revenue Commissioners exercise a certain discretion.

Yes. You will notice that neglect carries a fine of £100 and fraud £250.

Question put and agreed to.
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