In principle, a company that does not submit invoices to its tax advisor accepts the high risk of paying too little tax. As a result, the company risks a misdemeanor fine.
A BV always provides its administration in the form of an Excel sheet to its adviser. The company does not provide the underlying invoices. Based on the supplied sheets, the consultant prepares the turnover tax and corporation tax returns. After a due diligence, it appears that not all turnover has been accounted for in the sheets. The inspector imposes fines for this. For corporation tax the fines are 50% for intent and for turnover tax 25% for gross negligence.
Source Taxence
Latest Posts in "Netherlands"
- Guide to Netherlands Article 23 VAT Deferment: Benefits, Application, and Compliance for Online Sellers
- No VAT Deduction for Luxury Apartment Purchase: Business Use Not Proven, Court Rules
- Rental of Workroom by Silent Partnership: Entrepreneurship Confirmed, VAT Deduction Denied Due to Private Use
- Court Overturns Tax Office Decision on VAT Deduction for Healthcare Complex Development
- Netherlands Prepares for 2030 VAT Reforms: E-Invoicing, Platform Economy and SME Considerations
