28Reduction in penalty tax for disclosure before investigation

#### 28 Reduction in penalty tax for disclosure before investigation 28 Reduction in penalty tax for disclosure before investigation > > (1) The amount of penalty tax determined under section 27 is to be reduced by 80% if, before the Chief Commissioner informs the taxpayer that an investigation relating to the taxpayer is to be carried out, the taxpayer discloses to the Chief Commissioner, in writing, sufficient information to enable the nature and extent of the tax default to be determined. > > > (2) This section does not apply in respect of information disclosed by a taxpayer if the taxpayer is registered under a taxation law and— > > > > > (a) the tax default involved a failure to lodge a return as required under that taxation law, or > > > > > (b) the tax default involved a failure to pay tax by the date required under that taxation law. > > **s 28:** Am 2009 No 51, Sch 6 \[2\].