(1) The Revenue Commissioners may in their discretion-
(a) mitigate any penalty, and may also, after judgment, further mitigate any such penalty imposed under the Acts.
(b) stay or compound any proceedings for the recovery of any fine or penalty imposed under the Acts.
(2) Notwithstanding subsection (1) -
(a) where a penalty is mitigated or further mitigated, as the case may be, after judgment, the amount or amounts so mitigated shall, subject to paragraph (b), not be greater than 50 per cent of the amount of the penalty, and
(b) in relation to an individual, being an individual referred to in section 2(2) of the Waiver of Certain Tax, Interest and Penalties Act, 1993, or a person referred to in section 3(2) of that Act, who -
(i) fails to give a declaration required by section 2(3)(a) of that Act, or
(ii) gives a declaration referred to in subparagraph (i) or a declaration under section 3(6)(b) of that Act which is false or fails to comply with the requirements of subparagraph (iii) o
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