Income Tax (Petroleum) Act · s 38

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s 38Penalty for making incorrect return

(1)

Every person who wilfully —

(a)

makes an incorrect return by omitting or understating any profits of which he is required by this Act to make a return; or

(b)

gives any incorrect information in relation to any matter or thing affecting his liability to tax, is guilty of an offence and liable on conviction to a fine of $6,000 and double the amount of tax which has been undercharged in consequence of such incorrect return or information, or would have been so undercharged if the return or information had been accepted as correct, and in default of payment to imprisonment for 6 months.

(2)

(Repealed).

(3)

The Collector may compound any offence under this section, and may before judgment, stay or compound any proceedings thereunder:

Provided that any proceedings commenced with the sanction of the

Attorney General shall not be stayed or compounded without the consent of the Attorney General.