How much is fine for late VAT return?

How much is fine for late VAT return?

Fine for not declaring VAT in Chile

This week began the deadlines for individuals to file their income tax returns with the National Tax and Customs Directorate (Dian). Therefore, it is important that citizens, in addition to being clear about whether or not they must pay the tax, and when they must do so, are aware of the penalties they could face in case of not filing the income tax return correctly.

The first case is known as penalty for untimeliness, which is contemplated in Article 641 of the Tax Statute, and occurs when citizens do not make the payment procedure after the deadline established by the authorities.

The extemporaneous declaration of assets abroad, explained the expert, entails “a penalty equivalent to 0.5% of the value of the assets per month or fraction of a month or 1% of the value of the assets per month or fraction of a month, if the declaration is presented after the issuance of a summons to declare by the Dian. However, the penalty may not exceed 10% of the value of the assets held abroad”.

Calculation of penalties and interest sii

We calculate the penalty for not filing your tax return based on how long it takes to file your return and the amount of unpaid tax as of the original payment due date (not the extension due date). The unpaid tax is the total tax due on your return minus amounts paid through withholding, estimated tax payments, and refundable credits allowed.

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We may be able to remove or reduce penalties if you acted in good faith and can show reasonable cause why you were unable to meet your tax obligations. By law, we cannot eliminate or reduce interest unless the penalty is eliminated or reduced.

You may avoid a penalty if you file and pay your taxes by the due date. If you are unable to do so, you may request an extension of time to file your return or a payment plan.

If you need more time to prepare your tax return, request an extension of time to file your tax return. This does not give you an extension of time to make the payment. A payment plan can help you pay in installments.

Penalty for failure to file Form 29 with no movement

Filing the quarterly VAT return after the deadline is one of the tax offenses that will always be subject to surcharges and penalties from the Tax Authorities. The surcharges are an additional amount to be paid which is calculated by applying a percentage to the result of the tax form. Therefore, they are only applicable to the results to be paid. The sanctions of the Treasury are fixed amounts that the AEAT demands to the taxpayer according to the infraction that has committed in the liquidation of the VAT. Remember that the sanctions of Treasury are not deductible expenses. Before going in depth about the different types of Treasury fines that you may face if you file your VAT late, let’s clarify how to declare and which are the deadlines for VAT filing.

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The declarations and self-assessments submitted after the deadline without prior request from the Tax Authorities will not be subject to a penalty. They will only have to pay a surcharge on the result of the model, depending on the time elapsed since the end of the voluntary deadline for filing the tax. This surcharge will be:

Fine for not paying vat on time in guatemala

2. Tax infraction for failure to comply with the obligation to file complete and correct returns or documents necessary to make liquidations (Article 192). It applies to cases in which, instead of self-assessment, the obligor must file a return and it is the Administration that settles (as, for example, in the inheritance tax in those Autonomous Communities where this is allowed). The classification as minor, serious and very serious and the penalties are the same as in Article 191 referring to self-assessment.

3. Tax infringement for unduly obtaining refunds (Article 193). This applies to cases in which, instead of failing to pay, refunds are unduly obtained. The qualification as minor, serious and very serious and the penalties are the same as in Article 191 referring to self-assessment. The basis of the penalty will be the amount unduly refunded as a consequence of the infraction.

4. Tax infringement for unduly requesting refunds, benefits or tax incentives (Article 194). The infraction is produced by the mere undue request, although the refund, benefit or incentive has not been obtained.

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