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133.   Penalties: failure to furnish correct return of income

Revised Laws of Saint Lucia (2022)

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133.   Penalties: failure to furnish correct return of income

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    (1)   Where any person fails to furnish a correct return of income for any year of income by reason of—

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      (a)     his or her failure to disclose any assessable income accrued to him or her from any source;

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      (b)     the deduction or set off by him or her of any amount which is not allowable as a deduction or set off;

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      (c)     the claim by him or her of an expenditure or loss of an amount which was not expended or lost; or

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      (d)     his or her failure to disclose any fact, the disclosure of which would result in an increase in his or her liability to tax,

he or she is liable to a penalty in accordance with subsections (2) or (3).

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    (2)   Where the incorrectness of the return of income or the information was attributable to—

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      (a)     neglect or carelessness, he or she is liable to a penalty not exceeding the amount of tax which would have been lost if he or she had been assessed on the basis of the incorrect return or information furnished by him or her; or

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      (b)     fraud or wilful default, he or she is liable to a penalty not exceeding twice the amount of tax which would have been lost if he or she had been assessed on the basis of the incorrect return or information furnished by him or her.

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    (3)   If, for any year of income, determination of the chargeable income of any person results in an assessed loss, and the amount of such loss is less than it would have been if it had been calculated on the basis of the return of income or information furnished by him or her by reason of any of the circumstances specified in subsection (1) and such incorrectness of the return or information was due to neglect, carelessness, fraud or wilful default, he or she is liable to a penalty not exceeding 10% of the difference between those amounts.

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