Equalisation Levy penalty: failures to deduct, pay or remit attract matching penalties, with daily penalties and a reasonable-cause defence.

Equalisation Levy defaults carry penalties proportionate to the omission: failure to deduct or pay results in a penalty equal to the unpaid levy in addition to levy and interest; late remittance attracts a daily penalty subject to a cap equal to the unpaid levy. Failure to furnish the required statement incurs a daily filing penalty. No penalty shall be imposed if reasonable cause is shown to the Assessing Officer, and a reasonable opportunity of being heard must be provided before any penalty order is made.

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