Budget Summary You Need-to-Know Guide to the Budget Proposals

Following three separate consultations new penalties are to be introduced for late filing of returns relating to various indirect taxes and for late payment of such taxes. The taxes covered include VAT insurance premium tax aggregates levy climate change levy landfill tax and excise duties. The implementation of the penalties will be staged over a number of years.

Under the new rules there will be an escalating series of penalties depending on the number of failures within a set penalty period. Failure to file a quarterly return by the filing date will trigger a penalty period of...