Interest on delayed tax payments: taxpayers must self-assess late interest and higher rates apply to excess input tax credit claims. Interest on delayed tax payments must be self-assessed and paid by the taxpayer for the period the tax remains unpaid; the government notifies the rate (subject to a ceiling) on Council recommendations and interest is calculated in the prescribed manner from the day after the tax became due. A higher notified rate (subject to a higher ceiling) applies where a taxable person makes an undue or excess input tax credit claim or undue or excess reduction in output tax liability.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on delayed tax payments: taxpayers must self-assess late interest and higher rates apply to excess input tax credit claims.
Interest on delayed tax payments must be self-assessed and paid by the taxpayer for the period the tax remains unpaid; the government notifies the rate (subject to a ceiling) on Council recommendations and interest is calculated in the prescribed manner from the day after the tax became due. A higher notified rate (subject to a higher ceiling) applies where a taxable person makes an undue or excess input tax credit claim or undue or excess reduction in output tax liability.
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