Section 115 of the Principal Act is amended -
(a) in subsection (1) by substituting "section 64(10) (c) (i), 64(12), 65(3), 86(1), 95(9) (a) or 124(7) (a) or Chapter 2, 3, 6 or 7 of Part 9" for "section 65(3), 82, 86(1) or 124(7) (a) or Chapter 2, 3 or 7 of Part 9", and
(b) by inserting the following after subsection (7):
"(7A) A person who does not comply with section 56(3) (c) shall be liable to a penalty of €4,000 in respect of the taxable period during which he or she ceased to be a qualifying person (within the meaning of section 56) and to a further penalty of €4,000 for each subsequent taxable period during which he or she is not such a person and has failed to advise the Revenue Commissioners accordingly.".