s 59 Penalty for incorrect return
59.—(1) Subject to the provisions of Part 8, any person who —(a) makes an incorrect return by omitting or understating any output tax or any tax that is accountable pursuant to regulations made under section 27A or by overstating any input tax of which the person is required by this Act to make a return; or (b) gives any incorrect information in relation to any matter affecting the person’s own liability to tax or the liability of any other person or of a partnership, shall be guilty of an offence and shall on conviction pay a penalty equal to the amount of tax which has been undercharged in consequence of such incorrect return or information, or which would have been so undercharged if the return or information had been accepted as correct. [20/2010] (2) Any person who without reasonable excuse or through negligence —(a) makes an incorrect return by omitting or understating any output tax or any tax that is accountable pursuant to regulations made under section 27A or by overstating any input tax of which the person is required by this Act to make a return; or (b) gives any incorrect information in relation to any matter affecting the person’s own liability to tax or the liability of any other person or of a partnership, shall be guilty of an offence and shall on conviction — (c) pay a penalty equal to double the amount of tax which has been undercharged in consequence of such incorrect return or information, or which would have been so undercharged if the return or information had been accepted as correct; and (d) be liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 3 years or to both.[20/2010] (3) This section does not apply in relation to a claim for credit for input tax on a supply or purported supply which a taxable person should have known was a part of an arrangement mentioned in section 20(2A).[42/2020] [Act 35 of 2022 wef 01/01/2023]