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Tax Administration Act 1994

Penalties - Civil penalties

139AAB: Penalty for large multinational group failing to meet country-by-country reporting requirements

You could also call this:

"Big companies must report correctly or pay a fine of up to $100,000"

Illustration for Tax Administration Act 1994

You have a large multinational group with a New Zealand owner. If the group does not follow the country-by-country reporting rules in section 78G, the owner must pay a penalty. The penalty is up to $100,000, set by the Commissioner. You must pay the penalty by the due date. The due date is either 30 days after the Commissioner sends the penalty notice or a date chosen by the Commissioner. The Commissioner will tell you the due date in the notice. The owner of the group is responsible for paying the penalty. The penalty is for not following the reporting rules. You will know how much to pay and when it is due from the notice sent by the Commissioner.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS952001.

Topics:
Money and consumer rights > TaxesBusiness > Industry rules
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Part 9Penalties
Civil penalties

139AABPenalty for large multinational group failing to meet country-by-country reporting requirements

  1. This section applies when a large multinational group with an ultimate owner that is a New Zealand resident fails to comply with the requirements of section 78G.

  2. The ultimate owner is liable to pay a penalty under this section.

  3. The penalty under this section is the amount specified by the Commissioner, which must not exceed $100,000.

  4. The due date for payment of a penalty imposed under this section is the later of—

  5. 30 days after the date on which the Commissioner issues the notice of assessment for the penalty:
    1. the date specified by the Commissioner in the notice of assessment as being the due date for payment of the penalty.

      Notes
      • Section 139AAB: inserted, on , by section 152(1) (and see section 152(2) for application) of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).