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A recently enacted legal notice is enabling that the existent possibility for requesting a reduction in VAT-related interest is also extended to cover administrative penalties.
As in the case of income tax, a request can be made to the Commissioner for possibly remitting part or all interest and penalties incurred by VAT registered persons in respect of any VAT law infringements. Whereas, currently VAT related interest is charged at the rate of 5.4% per month, the extent of administrative penalties will generally vary on the type of infringement.
Should you require further information or clarification in this respect, or indeed to discuss any other Income Tax or VAT matter, kindly contact Benjamin Griscti on email@example.com