(1) The Principal Act is amended -

(a) by the insertion of the following section after section 1077E:

"1077F. Penalty for deliberately or carelessly making incorrect returns or failing to make certain returns, etc.

(1) In this section -

'the Acts' means the Tax Acts, the Capital Gains Tax Acts, Parts 18A, 18B, 18C, 18D, Part 22A of this Act and the Finance (Local Property Tax) Act 2012;

'carelessly' means failure to take reasonable care;

'liability to tax' means a liability to the amount of the difference specified in subsection (3) or (5), as the case may be, arising from any matter referred to in subsection (2) or (4), as the case may be;

'period' means a year of assessment, an accounting period, a return period as defined in section 530 or an income tax month as defined in section 983, as the context requires;

'prompted qualifying disclosure', in relation to a person, means a qualifying disclosure that has been made to the Revenue Commissioners or to a Revenue officer in the period between -

(a) the date on which the person is notified by a Revenue officer of the date on which an inquiry or investigation into any matter occasioning a liability to tax of that person will start, and

(b) the date that the inquiry or investigation starts;

'qualifying disclosure', in relation to a person, means -