Q&As

Is interest charged on underpaid import value added tax (VAT) pursuant to the statutory VAT provisions or the statutory customs provisions?

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Published on LexisPSL on 04/10/2017

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Is interest charged on underpaid import value added tax (VAT) pursuant to the statutory VAT provisions or the statutory customs provisions?

Interest on VAT debts arises under section 74 of the Value Added Tax Act 1994 (VATA 1994). Interest on customs debts arises under section 126 of the Finance Act 1999 (FA 1999).

VATA 1994, s 16 stipulates that UK and EU rules relating to customs apply equally to import VAT ‘subject to such except

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