Tax penalty
Consequence of non-compliance with tax obligations. Minor infringement (concealment <10%) is sanctioned with a fine of 50% of the quota; serious (10-25%) with 50-100%; very serious (more than 25% or fraud) with 100-150%. May be reduced by 30% for payment in the voluntary period and an additional 40% for not filing an appeal.
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Other Tax law terms
Mandatory electronic invoicing system from AEAT requiring invoicing software to guarantee integrity, preservation, traceability and unalterability of billing records.
AEAT procedure to verify compliance with tax obligations. The taxpayer has the right to legal counsel, copies of proceedings and a maximum 18-month timeframe.
Quantity resulting from measuring the taxable event, to which the tax rate is applied to determine the tax liability. Example: in personal income tax, it is the sum of net income minus reductions.
Legal assumption whose occurrence gives rise to the tax obligation. Example: in VAT, delivery of goods or provision of services; in property transfer tax, transfer of real estate.
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