INTERPRETATION OF VAT ADJUSTMENT FOR DELAY PENALTIES

Sorin-Constantin Deaconu
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Sorin-Constantin Deaconu: 1 DECEMBRIE 1918 UNIVERSITY OF ALBA IULIA

Annals - Economy Series, 2022, vol. 6, 47-53

Abstract: In general, transactions between private economic agents are subject to value-added tax. This economic category is an indirect tax borne by the final consumer. In certain situations, the value-added tax is also borne by the economic agent who carries out operations unrelated to the object of activity. There may be secret understandings between economic agents, which may be translated into contractual clauses to appear legal, sometimes in the form of penalties. This does not mean that all penalties provided for in commercial contracts are "illegal". However, late penalties must be provided in commercial contracts to protect each partner against potential risks that may arise.

Keywords: value-added tax; late payment penalties; contract; fiscal control (search for similar items in EconPapers)
Date: 2022
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