(1) A person to whom this Part applies shall on or before the 28^th day of each month ¾

(a) lodge with the Commissioner a return in such form as the Commissioner requires setting out the particulars of relevant transactions made or effected, or deemed to have been made or effected, by that person during the preceding month; and

(b) pay to the Commissioner as duty on the return an amount calculated in accordance with item 4A (4) of the Second Schedule.

(2) A person to whom this Part applies who ¾

(a) contravenes or fails to comply with any of the provisions of subsection (1); or

(b) lodges or causes to be lodged with the Commissioner a return which is false in any material particular,

commits an offence against this Act and is liable not only to the penalty referred to in section 116 but also to pay a penalty equal to double the amount of duty that would have been payable in respect of the return concerned had that return been lodged in accordance with this section or that is payable in accordance with the particulars given in the return concerned after correction of any false particular therein, as the case may be.

[Section 112GD inserted by No. 84 of 1985 s.10; amended by No. 39 of 1994 s.14.]