Global Minimum Tax Act (S.C. 2024, c. 17, s. 81)

Marginal note:Failure to file return under section 61

• 99 (1) A person that fails to file a return for a fiscal year as and when required under section 61 is liable to a penalty equal to the total of

  • (a) an amount equal to 5% of the tax payable by the person under this Act in respect of the fiscal year that was unpaid on the day on which the return was required to be filed; and

  • (b) the amount obtained when 1% of that unpaid tax is multiplied by the number of complete months, not exceeding 12, beginning on the day on which the return was required to be filed and ending on the day on which the return is filed.

• Marginal note:Repeated failure to file — conditions

  (2) Subsection (3) applies to a person in respect of a fiscal year if the person

  • (a) fails to file a return for the year as and when required by section 61;

  • (b) fails to comply with a demand sent under section 62 for a return for the year; and

  • (c) was, before the day on which the return referred to in paragraph (a) was required to be filed, liable to a penalty under subsection (1) in respect of a return for any of the three preceding fiscal years.

• Marginal note:Repeated failure to file — penalty

  (3) If this subsection applies to a person in respect of a fiscal year because of subsection (2), the person is liable to a penalty equal to the total of

  • (a) an amount equal to 10% of the tax payable by the person under this Act, in respect of the fiscal year that was unpaid on the day on which the return was required to be filed; and

  • (b) the amount obtained when 2% of that unpaid tax is multiplied by the number of complete months, not exceeding 20, beginning on the day on which the return was required to be filed and ending on the day on which the return is filed.

• Marginal note:False statements or omissions

  (4) A person that knowingly, or under circumstances amounting to gross negligence, makes or participates in, assents to or acquiesces in the making of a false statement or omission in a return, application, form, certificate, statement, document, invoice, record or answer (each of which is referred to in this subsection as a “return”) is liable to a penalty equal to the greater of $5,000 and 25% of the total of

  • (a) if the false statement or omission is relevant to the determination of an amount payable under this Act by the person, the amount, if any, by which

    • (i) the amount that is payable

    exceeds

    • (ii) the amount that would be payable if it were determined on the basis of the information provided in the return; and

  • (b) if the false statement or omission is relevant to the determination of a refund or any other payment that may be obtained under this Act, the amount, if any, by which

    • (i) the amount that would be the refund or other payment that would be payable if it were determined on the basis of the information provided in the return

    exceeds

    • (ii) the amount of the refund or other payment that is payable to the person.