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Tax Administration Act 1994

Assessments

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

You could also call this:

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

Illustration for Tax Administration Act 1994

The Commissioner can decide the amount of a penalty you must pay if you are part of a large multinational group and you do not provide information. You are liable to pay this penalty. You can challenge the assessment in court if you think it is too much or you should not have to pay it. If you challenge it, this section does not apply if you can prove the assessment is excessive or you are not chargeable with the penalty under section 139AB.

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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=LMS952055.

Topics:
Money and consumer rights > TaxesBusiness > Industry rules
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94BB: Assessment of penalty for large multinational group failing to meet country-by-country reporting requirements, or

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

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94BCB: Assessment of penalty for failing to register or provide information for purposes of applied global anti-base erosion rules, or

"Paying a penalty for not following global tax rules"

Part 6Assessments

94BCAssessment of penalty for member of large multinational group failing to provide information

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

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

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