Last week, the Institute, under the auspices of the CCAB-I, responded to the public consultation on modernising Ireland’s administration of VAT – real-time digital reporting and electronic invoicing (e-invoicing). In our response, we noted that a modernised VAT system could simplify VAT administration for many businesses. However, it is important that the VAT system facilitates enterprises that have capacity constraints, particularly in terms of staff and digital resources.
The introduction of e-invoicing will undoubtedly present challenges for taxpayers regardless of their size. As such, along with continued engagement with a wide number of diverse stakeholders, it is our view that a sufficient lead-in time will be crucial to successfully implement VAT Modernisation in Ireland. Simplicity will also be a key to enable business operators to embrace this change as will the managing of costs and financial resources. To achieve this, thorough engagement by Revenue with businesses and key stakeholders will be imperative so that the needs of businesses are fully understood before a system is designed.
CCAB-I also called for the launch of fully resourced dedicated Revenue helplines to support businesses, practical workshops with key stakeholders, and a series of information webinars resourced with trained Revenue staff as well as a media campaign to raise awareness and support the change.
The CCAB-I will continue to work with Revenue on this project via the TALC Indirect Forum and TALC VAT Modernisation Subgroup and keep readers updated.