Chartered accountancy bodies' campaign to delay VAT on imports after Brexit bears fruit

Feb 08, 2019

As part of its no deal Brexit planning, the Irish government has announced plans to allow a delay in the payment of VAT by Irish traders on imports from the UK after Brexit.  This will mean that instead of paying VAT immediately on import, VAT will become due when the next VAT return is filed.  The UK has already declared similar plans to introduce this postponed method. Since the Brexit vote, the Institute and ICAS, the professional body for accountants in Scotland, launched a joint initiative calling on the Irish and UK governments to introduce this measure and are confident that it will go some way to alleviate the cash flow burden on businesses in Ireland and the UK post Brexit.

Minister Donohoe told the Joint Committee on Finance, Public Expenditure and Reform that provisions will be made in the Brexit Omnibus Bill.  Read the Minister’s opening statement to the committee and the Government’s press release.