Business Terms and Jargon Explained
What is Default SurchargeTax Definition:-
A civil penalty used to encourage businesses to submit their VAT Returns and pay the tax due on time. If the VAT Return and all tax due are not received by the due date, a business is in default. Calculated as a percentage of the VAT unpaid by the due date.
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Term created / updated 2006-12-03 22:59:11
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