Ireland: Companies Postpone Accounting for Import VAT
VAT News Updates
The Irish Government has proposed to postpone accounting for VAT in the case of a no-deal Brexit.
Ireland’s Finance Minister, Paschal Donohoe, confirmed that Ireland’s Government proposes to introduce a system of postponed accounting for VAT should there by a no-deal Brexit.
This would mean that VAT-registered businesses importing goods from the United Kingdom will be able to account for import VAT on their VAT return, rather than having to pay import VAT on or soon after the time that the goods arrive at the Irish border.
The measure is intended to reduce the cash-flow impact on businesses as a result of Brexit and the consequent requirement that businesses should pay VAT at the point of import, rather than at the time they file their bimonthly VAT returns.
Mr. Donohoe said: “I believe this in an important measure and will go some way towards alleviating the cash flow impact on business as a result of the UK withdrawing from the EU.”
The Irish Government said that while the introduction of the scheme will be provided to all traders for a period, to alleviate the immediate cash flow issues arising from Brexit, continued qualification for postponed accounting will depend on Revenue authorization from a later date to be agreed.
If you’re looking for more information on Import/Export VAT for your business, check it out below!
We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult. Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.
+353 56 778 34 00 | email@example.com
See more Taxback International Articles
VAT rate changes 2020.
24 January 2020: Canary Island, Germany, Czech Republic, Ireland and Italy are some of the countries to be impacted by VAT changes in 2020.
Italy: VAT group update for non-resident companies.
24th January 2020: Non-resident Italian entities with non-taxable activities can be part of a VAT group.
Italy: Pre-prepared VAT return to launch in July 2020.
6th January 2020: Italy takes further action to tackle VAT Gap.