- EU businesses lost €159 million in VAT penalties in 2022
- VAT penalties can significantly impact a business’s finances
- VAT rules vary by country, making compliance challenging
- Common VAT mistakes include missing deadlines and filing errors
- Penalties can be fixed fines, proportional penalties, or late payment interest
- Late payment interest can accumulate daily, increasing financial strain
- Understanding VAT compliance is crucial to avoid penalties
- Tips are provided to improve VAT compliance and avoid penalties
Source: 1stopvat.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
