- New regulations implemented from 1 July 2023 relate to the imposition of interest by Tax Authorities for late VAT payments.
- Interest can be imposed for underpayment, correction of returns, and higher tax liability resulting from a late supplemental return. Interest is calculated based on the net change in additional tax owed to the Tax Authority and a monthly interest rate of at least 0.7% can be levied for errors resulting in underpayment of VAT.
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