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The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016
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- UK Statutory Instruments
- 2016 No. 237
- Regulation 14
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Penalties for inaccurate information
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14.—(1) Where—
(a)a person provides inaccurate information when filing a CBC report; and
(b)condition A or B is met,
the person is liable to a penalty not exceeding £3,000 in respect of the report to which the inaccuracy relates.
(2) Where—
(a)a person provides inaccurate information when responding to a direction under regulation 11; and
(b)condition A or B is met,
the person is liable to a penalty not exceeding £3,000 in respect of each CBC report to which the inaccuracy relates.
(3) Condition A is that the person knows of the inaccuracy at the time information is provided but does not inform Revenue and Customs at that time.
(4) Condition B is that the person—
(a)discovers the inaccuracy after the information is provided; and
(b)fails to take reasonable steps to inform Revenue and Customs of that discovery.
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