- The penalties for failure to submit recapitulative statements is increased from €10 to €50 for every month or part thereof, and the maximum penalty for each recapitulative statement is increased from €120 to €600.
- New article 55A empowers the Minister to prescribe requirements for any person to retain and furnish the tax authority such information as may be required in order to achieve the objective of combating VAT fraud.
Source: KPMG
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