111AAAB.  Penalties

(1) Where a constituent entity, of an MNE group or large-scale domestic group, located in the State, is required—

(a) in accordance with section 111AAI(1), to prepare and deliver to the Revenue Commissioners a top-up tax information return in respect of the MNE group or large-scale domestic group for a fiscal year and—

(i) the constituent entity, or

(ii) where an entity has been appointed as a designated local entity, the designated local entity on behalf of the constituent entity,

fails to deliver a correct and complete top-up tax information return to the Revenue Commissioners on or before the specified return date, or

(b) in accordance with section 111AAI(2)(c), to prepare and deliver to the Revenue Commissioners a notification of filer on or before the specified return date and—

(i) the constituent entity, or

(ii) where an entity has been appointed as a designated local entity, the designated local entity on behalf of the constituent entity,

fails to deliver a notification of filer on or before the specified return date,

the constituent entity shall, subject to subsection (5), be liable to a penalty equal to the amount determined by the formula:

P × M

where—

(2) Where an entity—

(a) which is required to do so in accordance with this Chapter, fails to deliver any GloBE return on or before the specified return date, or

(b) has been required, by notice given under or for the purposes of this Part, to furnish any particulars, to produce any document, or to make anything available for inspection and the entity fails to comply with such notice,

the entity shall, subject to subsection (5), be liable to a penalty of €10,000.

(3) In proceedings for the recovery of a penalty incurred under this section, a certificate signed by a Revenue officer which certifies that the Revenue officer has examined the relevant records and that it appears from those records that—

(a) a return or other document referred to in subsection (1) was not received, or

(b) a stated notice was duly given to the entity on a stated day and that notice has not been complied with by the entity,

shall be evidence, unless the contrary is proved, of the matters referred to in paragraph (a) or (b), as the case may be.

(4) Any person who deliberately assists in or induces the making or delivery for any purposes of this Part any incorrect return, account, statement or declaration shall be liable to a penalty of €10,000.

(5) Where an entity would otherwise be liable to a penalty under this Chapter or section 1077F in respect of a fiscal year the entity shall not be liable to that penalty where—

(a) the penalty relates to a fiscal year beginning on or before 31 December 2026 and ending on or before 30 June 2028, and

(b) the entity has taken reasonable care to ensure the correct application of this Part.