Section 20 - Amendment of Act 27 of 1957

Remission discretion for minimum penalty enables waiver for voluntary full disclosure, cooperation, and payment arrangements.

The Finance (No. 2) Act, 1965 inserts a discretionary relief regime into the Wealth-tax Act allowing the Commissioner to reduce or waive minimum penalties for failure to furnish returns or for concealment/inaccuracy where the taxpayer voluntarily disclosed in good faith, cooperated in enquiries, and paid or made arrangements for tax or interest; such orders are final and not challengeable. Amendments also bar prosecution where penalty relief has been granted and preserve admissibility of statements or documents produced believing penalty would be reduced or the offence compounded.