Global Minimum Tax Administration Tax Act, 2024 (Act No. 47 of 2024)8. Penalties |
| (1) | For any failure to comply with an obligation imposed under section 2, an administrative non-compliance penalty of up to R50,000 may be imposed by the Commissioner, which penalty is regarded as a fixed amount administrative penalty imposed under section 210 and section 211 of the Tax Administration Act for purposes of Chapter 15 of that Act. |
| (2) | The amount of penalty determined under subsection (1) is doubled if the amount of Top-up Tax not paid as a result of the failure to comply exceeds R5 000 000, and is tripled if the amount exceeds R10 000 000. |