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Tax Administration Act 1994

Assessments

94BB: Assessment of penalty for large multinational group failing to meet country-by-country reporting requirements

You could also call this:

"Big companies might get a penalty if they don't report their income correctly."

Illustration for Tax Administration Act 1994

You might get a penalty if you are part of a large multinational group and do not meet country-by-country reporting requirements. The Commissioner can decide how much the penalty will be and you will have to pay it. You can challenge the penalty in court if you think it is too much or you should not have to pay it.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS951996.

Topics:
Money and consumer rights > TaxesBusiness > Industry rules
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94B: Liability of wholly-owned group and other bodies to pay shortfall penalties, or

"When a group or company owes tax penalty, each member is responsible to pay it."

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94BC: Assessment of penalty for member of large multinational group failing to provide information, or

"Paying a penalty for not giving information if you're in a big company"

Part 6Assessments

94BBAssessment of penalty for large multinational group failing to meet country-by-country reporting requirements

  1. The Commissioner may make an assessment for an ultimate owner of a large multinational group of the amount of a penalty under section 139AAB that, in the Commissioner’s opinion, ought to be imposed, and the ultimate owner is liable to pay the penalty assessed.

  2. Despite subsection (1), this section does not apply in so far as the ultimate owner establishes in proceedings challenging the assessment that the assessment is excessive or that the ultimate owner is not chargeable with the penalty.

Notes
  • Section 94BB: inserted, on , by section 148 of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).