Revenue has launched a public consultation on modernising Ireland’s administration of Value-Added Tax (VAT). Revenue’s objective is to introduce real-time digital reporting for VAT, supported by electronic invoicing (eInvoicing).
Advancements in digital technology offer the possibility to align VAT compliance obligations more closely with normal business processes, reducing compliance costs and yielding efficiencies for tax-compliant businesses, while enabling Revenue to focus more effectively on combatting fraud. At European Union (EU) level, discussions are currently underway on the European Commission’s VAT in the Digital Age (ViDA) proposals for similar developments in respect of cross-border transactions between Member States.
This consultation focuses on modernising Business to Business (B2B) and Business to Government (B2G) VAT reporting through eInvoicing. The consultation period will run from Friday 13 October 2023 to 12 January 2024. The consultation, in questionnaire format, can be viewed here.
The Institute, under the auspices of the CCAB-I will respond to the consultation and members wishing to provide input can email us.
Announcing the commitment on Budget Day, Minister McGrath further commented:
“With the continued advancement of technology, it is important that the State continuously assesses its current operations to ensure that we are keeping pace with that advancement and that we are fully availing of the opportunities available.
Therefore, I welcome today’s announcement from the Revenue Commissioners launching a public consultation on updating and modernising Ireland’s VAT system, which represents an important start on this significant body of work. I would encourage businesses and their representatives to engage with the public consultation and to have their say in the development of the future of VAT reporting and VAT invoicing processes.”
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