111AAX.   Surcharge for late return

(1) Where an entity fails to deliver a GloBE return on or before the specified return date, the amount of GloBE tax which would have been payable if such a return had been delivered on or before that date shall be increased by an amount (in this section referred to as the ‘surcharge’), equal to the percentage, specified in column (2) of the Table to this section, opposite the timing of the delivery of the return relative to the specified return date, specified in column (1) of the Table.

(2) Where subsection (1) applies, the amount of the surcharge shall not exceed—

(a) €50,000, where the surcharge applicable is 5 per cent, or

(b) €200,000, where the surcharge applicable is 10 per cent.

(3) Interest is payable under section 111AAY on any surcharge as if the surcharge were GloBE tax, and the surcharge and any interest on that surcharge is chargeable and recoverable as if the surcharge and that interest were GloBE tax.

(4) For the purposes of subsection (1)—

(a) where an entity deliberately or carelessly delivers an incorrect GloBE return on or before the specified return date, that entity shall be deemed to have failed to have delivered the return on or before that date unless the error in the return is remedied by the delivery of a correct return on or before that date,

(b) where an entity delivers an incorrect GloBE return on or before the specified return date, but does so neither deliberately nor carelessly and it comes to the entity’s notice that it is incorrect, the entity shall be deemed to have failed to have delivered the return on or before the specified return date unless the error in the return is remedied by the delivery of a correct return without unreasonable delay, and

(c) where an entity delivers a GloBE return on or before the specified return date, but the Revenue Commissioners, by reason of being dissatisfied with any information contained in the return, require that entity, by notice in writing, to deliver evidence, or a further return or evidence, as may be required by them, the entity shall be deemed to have failed to have delivered the return on or before the specified return date unless the entity delivers the evidence, or further return or evidence, within the period specified in the notice.

(5) In this section, ‘carelessly’ has the same meaning as it has in section 1077F.