The recent failure of buyers to fulfill the requirement to pay the withheld VAT to the tax offices is causing concern in the iron and steel sector. In particular, the requirement of payment in the VAT-2 Declaration, which must be submitted in accordance with the Value Added Tax Law No. 3065, which was put into effect with Law No. 7491, in order for the accrued tax to be deducted in the relevant period has brought transactions to a standstill. This situation caused some companies to suspend buying and selling transactions.
Leading names in the sector spoke to SteelRadar about the VAT withholding
"Our company has made the payment for those who are out of force majeure. For those in force majeure, it was possible to make an offset with the amount of the previous periods, we will do this and make the payment at the end of the force majeure calendar. This is the current situation at the moment, but it continues in this way," the official said about the failure to pay the VAT withholding on time, "Interest works, of course they will make the payment. If they do it without making a declaration, not making a VAT declaration number 1 gives discretionary authority to the finance. It is said that there are sanctions such as closing the company, imposing penalties, etc.," he commented.
Referring to the negative impact on the morale and motivation of the market, the official said that the sector is also trying to fight against unfair competition caused by unregistered transactions.
Another sector player emphasized that the VAT withholding affects small traders the most. He said that if it is not paid, interest will be paid in the future and the finance will be involved.
The iron and steel sector is still waiting for a new adjustment regarding offsetting. It is a matter of curiosity what will happen in the sector when IDIS comes into effect.
Comments
No comment yet.