The State Secretary of Finance has approved a policy decision not to impose payment default fines on foreign entrepreneurs participating in the EU VAT e-commerce scheme until June 1, 2024, and to reverse previously imposed fines. This is due to the disproportionate workload for the Tax Authorities and the risk of entrepreneurs being wrongly fined. The decision will be retroactive to July 1, 2021, and will go into effect on November 22, 2023. Other EU member states, except Finland, do not impose payment default fines.
Source Taxence
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