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Reporting Requirements for Financial Institutions

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Penalties and Liabilities

Failure to File Information Returns

• Failure to file an information return in the manner required under the Act or regulations attracts a penalty of $1,000.
• Liability to a penalty does not arise if the person satisfies the Secretary that there is a reasonable excuse for the failure.

Reasonable Excuses

• An insufficiency of funds and reliance on another person are not considered reasonable excuses.

Assessment and Payment of Penalties

Assessment of Penalties

• The Secretary must assess penalties within 12 months from the date of liability or discovery of inaccuracy.
• Interest will be charged at a rate of 15% per annum if payment is late.

Payment of Penalties

• Penalties must be paid to the Department of Finance within 30 days.

Anti-Avoidance and Enforcement

• The Act aims to prevent arrangements or practices intended to avoid obligations imposed under the Act or regulations.
• The Minister may make regulations to give effect to the provisions of the Act, including:
  • Requiring reporting financial institutions to file information returns on certain financial accounts.
  • Determining the date and manner of filing information returns.
  • Specifying the information to be reported in relation to certain financial accounts.

Key Sections

• Section 9: Penalties for failure to file an information return
• Section 10: Liabilities to penalties
• Section 11: Assessment of penalties
• Section 13: Enforcement of penalties
• Section 14: Anti-avoidance

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