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<h1>Failure to furnish a statement of financial transaction triggers a daily penalty, with a higher rate after notice period expires.</h1> A continuing daily monetary sanction attaches where a person required to furnish a statement of financial transaction or reportable account fails to submit it within the prescribed time; the tax authority may direct a daily penalty for each day of default, and a higher daily rate applies if the statement remains unfurnished beyond the period specified in a formal notice, with the enhanced penalty accruing from the day after that notice period expires.
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