VAT news tagged as "Penalties"

United Kingdom

UK VAT fines if ‘should have known’ of fraud

September 30th, 2016

The UK’s HMRC has launched a consultation on VAT fraud, which includes introducing potential fines on companies that ‘knew or should have known their transactions were connected with fraud’. Arguably, EU case law points to parties in a fraudulent transaction who merely knew or should have identified the fraud (didn’t instigate or benefit from the …


Luxembourg VAT liabilities

August 22nd, 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 …


Germany stiffens VAT penalties

May 6th, 2014

The German Finance Minister agreed this week to impose tighter penalties where voluntary disclosure is involved. When companies detect errors in their German VAT returns, the will generally receive a much more lenient fines and interest penalties. Often, for relatively small amounts, and fine will be waived. The current German VAT penalty regime is as …


Malta improves late VAT payment regime

March 16th, 2014

The Maltese VAT authority is to lessen fines on late VAT payers, and improve communications with taxable persons looking to bring their non-compliant affairs up-to-date. The daily penalty for late returns and payments of €15 will be scrapped.  The late penalty interest will be reduced from 9% to 6.5%.  There will also be a maximum …


Vietnam increases VAT penalties

December 12th, 2013

The penalties for infringement of the Vietnamese VAT regime are to be increased in December 2013.  The new charges were published in Decree 129. The changes include: The new maximum fine for VAT reporting infringements is VND 200m There is a new maximum penalty for withholding tax payments of 20% of the tax due.  In …