Increased adminstrative penalty for failure to submit Recapitulative Statements

The Budget Measures Implementation Act of 4 April 2023 has increased the administrative penalty for failure to submit Recapitulative Statements to eur50 per month of  default (currently eur10), capped at eur600 per statement (currently eur120).

The Act has also introduced an enabling provision (a new art. 55A) pursuant to which the Minister may make regulations requiring any person to retain and furnish information required with a view to combating VAT fraud, notwithstanding professional secrecy requirements. The penalty for failure to furnish information requested pursuant to art. 55A is eur50 per month of  default capped at eur600.