Default in the context of accounting refers to the failure to fulfill a contractual or other legal obligation, including settling debts, defending legal proceedings, or submitting and paying Value Added Tax (VAT) on time.
A persistent misdeclaration penalty is used in the collection of value-added tax (VAT) to address significant inaccuracies in VAT returns, coupled with a trader's prior record of errors.
A notice issued when a trader is late with a value-added tax (VAT) return or with the payment of the VAT. The surcharge period is specified on the notice and it will run to the anniversary of the end of the period in which the default occurred.
