S.L. 123.127 Art. 6Penalties.

(1) Where there is failure to comply with a request for information made by the Commissioner in relation to a request made by a requesting authority under the provisions of an arrangement, the requested person shall be liable to a penalty of:

(a) one thousand euro (€1,000) where the information has not been submitted within the time-limit specified within the Commissioner’s request; and

(b) fifty euro (€50) for every day during which the default existed: Provided that the penalty under this paragraph shall not exceed in total nineteen thousand, two hundred and fifty euro (€19,250).

(2) Where the person fails to show that the information was kept or was properly updated, as required under these regulations, the person who had the duty to keep or update such information shall be liable to a penalty of nineteen thousand, two hundred and fifty euro (€19,250).

(3) Notwithstanding any action that may be taken in accordance with the provisions of sub-regulations (1) or (2) where -

(a) failure to comply with a request made by the Commissioner persists for more than six months from the date of the original request; or

(b) the requested party refuses to be served with the notice either personally or through registered mail as contemplated in regulation 5(6) and the requested party is the proper addressee of the request; or

(c) the information submitted by the requested party is found to be incorrect in such a way that it is misleading, deceitful or false, the requested party shall be guilty of an offence and shall on conviction be liable to a fine (multa) of not less than five thousand euro (€5,000) and not more than thirty thousand euro (€30,000), or to imprisonment for a period of not exceeding two years, or to both such fine (multa) and imprisonment.

(4) Where any person from whom the Commissioner has requested information in accordance with these regulations or article 10A of the Income Tax Management Act, discloses to the person concerned or to a third party the fact that information has been requested by the

Commissioner or that information has been or may be transmitted to the Commissioner, such person shall be guilty of an offence and shall be liable on conviction to a fine (multa) not exceeding one hundred and fifteen thousand euro (€115,000) or to imprisonment for a term not exceeding two (2) years or to both such fine and imprisonment.