Proposed amendments to the VAT Act – Budget Measures Implementation Bill

The Budget Measures Implementation Bill  published on 25 October 2022 is proposing the following amendments to the VAT Act:

  1. an increase in the penalty for failure to submit Recapitulative Statements to eur50 per month of  default (currently eur10), capped at eur600 per statement (currently eur120);
  2. the introduction of 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;
  3. the introduction of a penalty for failure to furnish information requested pursuant to art. 55A.