The Ministry of Finance on 6 May 2021 announced its intention of submitting a bill that would provide relief from monetary penalties or interest with regard to value added tax (VAT) amounts payable in May, June, and July 2021—relief measures that would be offered in response to the coronavirus (COVID-19) pandemic.
For the proposed relief, VAT returns for these periods would need to be timely filed.
The penalty relief would not apply with regard to amounts of VAT payable in August, September, and October 2021.
Source: KPMG
