Section 7

by renumbering the existing section as subsection (1);

and

by inserting after the renumbered subsection (1) the following subsection:

“(2)  Where a person—

makes an incorrect return, information return or report by omitting the information required to be provided in accordance with any rules made under paragraph 154(1)(c)

Act 863

to implement or facilitate the operation of an arrangement having effect under sections 132, 132a and 132b, where such arrangement relates to the automatic exchange of information or the furnishing of a country-by-country report, on behalf of himself or another person; or

gives any incorrect information in relation to any information required to be provided in accordance with any rules made under paragraph 154(1)(c) to implement or facilitate the operation of an arrangement having effect under sections 132, 132a and 132b, where such arrangement relates to the automatic exchange of information or the furnishing of a country-by-country report, on behalf of himself or another person, then, if no prosecution under subsection (1) has been instituted in respect of the incorrect return, information return or report, or incorrect information, the Director General may by notice in writing require that person to pay a penalty of not less than twenty thousand ringgit and not more than one hundred thousand ringgit and, if that person pays that penalty, or where the penalty is abated or remitted under subsection 124(3), so much, if any, of the penalty as has not been abated or remitted, he shall not be liable to be charged on the same facts with an offence under subsection (1).”.

Amendment of section 125