Temporary reduction of standard rate of VAT

Aug 10, 2020

Section 12 of the Act provides for the amendment of section 46 VATCA 2010, reducing the standard rate of VAT from 23 per cent to 21 per cent, from 1 September 2020 to 28 February 2021. Where goods and services are supplied in August 2020 by a trade obligated to issue a VAT invoice, and the VAT invoice issues after 31 August, the rate in place in September will apply.

Any VAT credit note or debit note relating to a supply of goods or services, which contains a VAT adjustment, should show VAT at the rate in place at the time the original invoice was issued.

Further detail can be found within the Revenue press release and manual – Changes in rates of VAT