What if I don't file the VAT return on time?
The VAT declaration has to be filed by the 15th day of the second month following the end of the tax period. Late filing of VAT declarations are subject to an administrative penalty equivalent to the higher of:
- 1% of V.A.T. payable on such a return, and
for every month or part thereof that elapse from due date to actual date of filing.
Additional interest at 1% per month or part thereof will be chargeable in case of late payment. The Commissioner may also deem a return as not filed if payment is not made with such a return.