Tax authorities take VAT non-compliance very seriously. That should be no surprise. VAT is complex and, without effective processes in place, businesses run the risk of accidental VAT non-compliance. Failing to comply with VAT requirements has serious risks. While penalties and interest charges are the most apparent consequences of noncompliance, noncompliance poses severe additional business risks.
Consequences of VAT Non-Compliance
- Fines and Interest Charges
- VAT Inspections and extended Audits
- Criminal Charges
Overcoming the Risk of Non-Compliance
Source: ITC Accounting & Tax Consultancy
