VATupdate

Legislative changes allowing settlement of overdue tax debts, VAT-related write-offs (COVID-19)

Relief allows taxpayers to settle overdue tax debts by reducing their turnover for 2020 by 25%

Legislative amendments approved 29 April 2021 allow taxpayers to settle overdue tax debts by reducing their turnover for 2020 (compared against 2019) by 25%. Other legislative changes allow taxpayers to write off monetary and other penalties for value added tax (VAT) purposes.

Source KPMG

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