Luxembourg VAT liabilities
Mon 22nd Aug 2016
Luxembourg is planning to tighten responsibilities and liabilities on VAT fraud in a number of areas in a new law. Potential changes include:
- Fines for non compliance will extend to up to €10,000 (currently €5,000)
- Criminal liability, which brings a potential prison term of up to 5 years, will be extended to VAT fraud
- Penalties on VAT liabilities will be extended to up to 50% of any evaded VAT
- Shared VAT liabilities for and persons preparing or supervising the preparation of VAT returns. This could be applied if Luxembourg VAT rules are not followed.