Finance No. 1/2019 (a) by the insertion of the following subsection after subsection (2)— “(2a) In addition, where the Commissioner amends an assessment by virtue of subsection (2), the taxpayer or taxpayers concerned shall be liable— (a) if there is evidence that the avoidance, reduction or postponement of the liability to tax was actuated by the use of fraud or evasion, to a penalty of one hundred per centum of the shortfall amount; or (b) in the absence of such evidence as is mentioned in paragraph (a)— (i) where contemporaneous transfer pricing documentation does not exist in relation to the transaction giving rise to the amended assessment, or does not comply with the guidelines prescribed in the Thirty-Fifth Schedule, to a penalty of thirty per centum of the shortfall amount; or (ii) where contemporaneous transfer pricing documentation exists in relation to the transaction giving rise to the amended assessment, and complies with the guidelines prescribed in the Thirty-Fifth Schedule, to a penalty of ten per centum of the shortfall amount.”; (b) by the insertion of the following subsections after subsection (5)— “(6) Every person who engages or will engage in a transaction to which subsection (1) or (4) applies shall submit a return to the Commissioner in the prescribed form requiring disclosure of the details of the transaction or contemplated transaction. (7) The Commissioner, in the exercise of his or her powers under section 37(10) may require any person to make a return in the prescribed form referred to in subsection (6).”. 2 Amendment of Third Schedule to Cap. 23:06 1 The Third Schedule (“Exemptions from Income Tax”) to the Income Tax Act [Chapter 23:06] is amended in paragraph 3 by the insertion of the following paragraph after paragraph (i)— “(j) of financial institutions in the form of income from Treasury Bills, if the terms sheet subject to which the Treasury Bills in question were issued specified that their income was tax-free.”. 13 Amendment of Thirtieth Schedule to Cap. 23:06 (1) With effect from the 13th October, 2018 (or the 22nd November, 2018, in respect of the exemptions referred to in paragraphs (l) to (p) of the definition of “transaction on which tax is payable” as inserted by this subsection, which may have been applied with effect from that date by any taxpayer), the Thirtieth Schedule (“Intermediated Money Transfer Tax”) to the Income Tax Act [Chapter 23:06] is amended in paragraph 1 (“Interpretation”)(1) by the insertion of the following definitions— ““company” means a company or private business corporation registered or incorporated under the enactment providing for the registration or incorporation of such entities; “marketable security” has the meaning given to it by section 2 of the Capital Gains Tax Act [Chapter 23:01]; 8 2019