Chapter 1 of Part 47 of the Principal Act is amended -

(a) in section 1053 -

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

"(1A) Where any person fails to comply with a requirement to deliver a return or statement of a kind mentioned in any of the provisions specified in column 1 of Schedule 29, by reason of fraud or neglect by that person, that person shall, subject to section 1054, be liable to a penalty of -

(a) €125, and

(b) the amount or, in the case of fraud, twice the amount of the difference specified in subsection (5A)",

(ii) by inserting the following after subsection (5):

"(5A) The difference referred to in subsection (1A) (b) is the difference between -

(a) the amount of income tax paid by that person for the relevant years of assessment, and

(b) the amount of income tax which would have been payable for the relevant years of assessment if the return or statement had been delivered by that person and the return or statement had been correct.",

and

(iii) in subsection (6) by substituting "subsections (5) and (5A)" for "subsection (5)",