Page 8 - P6 Slide Taxation - Lecture Day 3 - VAT Part 1
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Tax returns (s 28 VAT Act and s 25 of Admin Act)
- Date of submission?
- Within 25 days after the end of the VAT assessment period.
- Date of payment?
- The same day the VAT return should be submitted
- At what time?
- Note exceptions for debit orders and e-filing
(Silke 32.3.3).
3.4. Penalties and interest (s 39 VAT-Act and Chpt 15 Admin Act)
If a TP fails to make a VAT payment on time: :
→ penalty @ 10% of VAT due (s 213 Admin Act)
→ interest at the prescribed rate (from which date?)
