VAT corrections and errors subject to 30% interest surcharge

Legislation introducing an interest surcharge for “tax corrections” relating to value added tax (VAT) and certain other taxes was enacted 15 June 2022. Read TaxNewsFlash

The law authorizes the Danish tax agency to assess an interest surcharge with regard to errors and corrections of VAT and other taxes. Concerning VAT corrections, an interest surcharge of approximately 30% could apply to corrections relating to the oldest period (that is, 36 months). Accordingly, for companies with errors in their VAT reporting, such interest assessments could be a significant cost.

Source KPMG

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