Penalty for failure to collect or pay commodities transaction tax: equal collection shortfall or a capped daily penalty. Failure to collect commodities transaction tax requires payment of the outstanding tax and interest and a penalty equal to the amount not collected. Failure to remit collected tax requires payment of the tax and interest and a daily penalty for the period of default, capped at an amount not exceeding the unpaid commodities transaction tax.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for failure to collect or pay commodities transaction tax: equal collection shortfall or a capped daily penalty.
Failure to collect commodities transaction tax requires payment of the outstanding tax and interest and a penalty equal to the amount not collected. Failure to remit collected tax requires payment of the tax and interest and a daily penalty for the period of default, capped at an amount not exceeding the unpaid commodities transaction tax.
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