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IMPOSITION OF PENALTIES AND INCREASES OF TAX

  1. Penalty under subsection 29(3) of the RPGT ACT 1976
    • Penalty under subsection 29(3) of the RPGT Act 1976 may apply if the disposer or acquirer :
      1. Fails to submit completed Form CKHT 1A / CKHT 1B within 60 days from the date of disposal of the asset;
      2. Fails to submit completed Form CKHT 1A / CKHT 1B after the extended date of permitted time; or
      3. The disposer fails to declare the disposal of a chargeable asset.
    • Penalty can be charged up to 3 times the amount of tax charged.

  2. Penalty under subsection 30 (2) of the RPGT ACT 1976
    • Where a person makes an incorrect return or gives incorrect information on the disposal of asset, the DGIR may imposed penalties under subsection 30(2) of the RPGT Act 1976.
    • The penalty may be charged equal to the amount of tax under declared (maximum of 100%).

  3. The increase under subsection 14(5) of the RPGT ACT 1976
    • A disposer will be subject to an increase under this subsection if making an incorrect return under subsection 13(6) of RPGT Act 1976 which causes the acquirer fail to remit the payment under subsection 21B(1) or (1A) of the RPGT Act 1976.
    • The increase is 10% on the amount of tax charged.

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Updated : : 2019-09-06 15:59:22

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