Proposed $100 Penalty for Late VAT Return Filing

The Minister proposes a new $100 penalty for every two months a VAT return remains outstanding.
The measure is intended to improve timely VAT filing and strengthen VAT administration.
Currently, VAT non-remittance already attracts an 8% penalty, 2% monthly interest, and possible additional penal tax, but there is no specific administrative penalty for failing to file VAT returns.
The proposed penalty would align VAT return compliance with the administrative penalty framework used for Income Tax and Corporation Tax returns.

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.