VAT alert (19/07/2012)VAT penalties substantially increased as of 1 July 2012 |
The Program Law which was published end of June doubled the principal fixed VAT penalties from 25 - 2,500 euro to 50 - 5,000 euro. The government has published on 17 July 2012 a Royal Decree implementing this new provision. The increased penalties apply to infringements committed as of 1 July 2012.
The Royal Decree determines the fixed penalties applicable with infringements on formal VAT requirements (e.g. non-filing or late filing of VAT returns and listings, non-issue or late issuing of invoices or other ‘documents’, incorrect invoice wording, infringements on the VAT bookkeeping kept, etc.). This Royal Decree replaces the former Royal Decree n° 44.
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