The amendment bill before the parliament would allow penalties for payments made to an excluded account to be avoided if:
- The taxpayer implements a “split payment” mechanism (which currently excludes joint and several liability for the VAT arrears of the supplier/service provider but does not mitigate the risk that the taxpayer may not be able to treat the payment as a tax deductible expense);
- The invoices document intra-EU acquisitions and supplies of goods, as well as imports of goods and services settled through the reverse charge mechanism; or
- Payments are made to accounts that are maintained by banks or credit unions for their own operations or assignment purposes (if the taxpayer receives information on the status of such an account from the bank, credit union, or invoice issuer that provides the details of the account).
Source Deloitte
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