VALUE-ADDED TAX CONSOLIDATION ACT Part 12 Refunds and Repayments of Tax (ss. 99-105) 99. General provisions on refund of tax. (1)Subject to subsections (2) and (3), where in relation to a return lodged under Chapter 3 of Part 9 or a claim made in accordance with regulations, it is shown to the satisfaction of the Revenue Commissioners that, as respects any taxable period, the amount […]
Supply of Goods or Services VAT legislation makes the supplier liable to charge, collect, report and pay VAT. The supplier is usually the seller. However in many cases, in particular the international supply of goods and services, it is the recipient who is deemed the supplier. This is called a reverse charge. VAT is chargeable when the supply takes place in the state. This can […]
Taxable Business A taxable person is one who otherwise than as an employee of another engages in the supply within the State of taxable goods or services in the course of furtherance of the business. A business is very widely defined. It is an economic activity, whatever the purpose or result of that activity. It includes any activity of producers, traders or persons supplying services […]
Collecting VAT The obligation to charge VAT and account for it to the Revenue, arises in the period in which the supply is made. This is the chargeable event. Unless the trader qualifies for and has been permitted to use cash accounting it may arise before the payment is made. Imported VAT is paid on the full price to the border including transport and insurance […]
General Obligations Every accountable person for VAT is obliged to keep full records of all transactions, relating to their VAT liability and deductibility. Records may be kept in electronic form and in other media acceptable to the Revenue Commissioners. Where electronic media are used, each transaction must have a specific number, date and time of entry. The records must show price received discounts reductions and […]
Periodic Returns Formerly, VAT was returned with a manual paper return. It is now paid through Revenue Online Service in almost all cases. Unless the trader elects and is permitted to account for VAT on a cash received basis VAT will frequently due before payment is received. If payment is not ultimately received VAT credit may be granted by way of bad debt relief. A […]
Invoice Issue A supplier must issue a VAT invoice to another vatable person, a State Authority, a person carrying out an exempted activity, persons trading in another state, persons who have to self-account in another state, persons buying in another state under distant selling arrangements. Persons entitled to reclaim VAT, who are not obliged to be registered for VAT but qualify for certain legislative concessions […]