- Amendment to VAT Implementation Decree: On December 23, 2024, the Official Gazette published changes to the Turnover Tax Implementation Decree 1968, particularly focusing on the process for submitting corrective VAT returns, allowing taxpayers to amend VAT periods for errors identified within the last five years.
- Defined Timeline for Corrections: The amendment establishes a clear deadline for submitting corrective VAT returns, stating that they must be filed no later than eight weeks after the taxpayer identifies any inaccuracies, replacing the previous vague requirement of “as soon as possible.”
- New Penalties for Non-Compliance: A new provision, Article 15a, introduces penalties for failing to submit corrective VAT returns within the specified eight-week timeframe, classifying such failure as an offence subject to fines and governed by a five-year statute of limitations related to the tax issue.
Source Taxbackinternational
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