Decision of the GTA President No. 8 of 2019 Regarding Penalties for Violating Obligations Related to the Application of the Common Reporting Standard (CRS)

Contents

Article 1 - Definitions

Article 2 - Financial Penalties

Article 3 - Implementation

The General Tax Authority President,

After perusal of the Income Tax Law promulgated by Law No. 24 of 2018, in particular paragraph 8 of Article 24 thereof; and

Minister of Finance Decision No. 17 of 2019 on the application of the CRS, in particular Article 7 thereof;

hereby has decided the following:

Article 1 - Definitions

In the application of the provisions of this Decision, the definitions contained in the aforementioned decision of the Minister of Finance, regarding the application of the CRS, shall apply.

Article 2 - Financial Penalties

In the cases indicated below, the financial penalty associated with each case shall be imposed: