The contribution of value-added tax receipts to the
Irish Exchequer is substantial; approximately one quarter of the entire annual
Exchequer revenue is now made up of VAT. In addition, VAT law is full of grey
areas where good arguments can be made for completely different VAT treatments
for the same transactions. For example, it can be difficult to determine the
following with respect to a transaction:
- Where is it regarded as taking place for VAT purposes?
- When is it regarded as taking place?
- Is it a supply of goods or services, or both?
- Does it give rise to VAT recovery on related costs?
- Which party is reponsible for remitting VAT on the transaction?
The answers to such questions
can have a fundamental impact on the VAT treatment applied to a transaction and
yet it is easy to find examples where these issues are not clear-cut.
Consequently, VAT is a tax with which business managers and many practitioners
are not comfortable and it is often not given the attention it deserves.
However, like it or not, VAT is a tax that businesses cannot afford to
ignore.
VAT impacts on all businesses and it does not discriminate in terms of scale
– the same principles apply to large and small businesses. In this new practical
guide,using language that is easy to follow and with many illustrative examples,
two expert authors discuss and explain the main VAT issues regularly encountered
by Irish businesses and their advisors.
Contents
- Registration and Administration
- Supplies of Goods
- Supplies of Services
- VAT on Property
- VAT Recovery
- Other Common VAT Issues
- Revenue Audits and Other Interventions
- Receivers, Liquidators and Mortgagees in Possession
- The European Union Dimension and Anti-avoidance
- Relevant Contracts Tax (RCT)
- Appendix A. VAT Rates Applied in Member States of the European Union
- Appendix B. Revenue VAT Information Leaflet: Transfer of Business
- Appendix C. Revenue VAT Information Leaflet: Bad Debts (excluding hire-purchase)
For further information contact publishing@charteredaccountants.ie
or telephone on (+353) 01 637 7204
The Authors
Finbarr O’Connell, AITI is a Director with KPMG Ireland,
advising a wide variety of clients on VAT and relevant contracts tax (RCT). He
joined KPMG in 2014, having worked in VAT advisory roles for 10 years with a
number of other professional firms. Prior to working in VAT practice, Finbarr
worked in the engineering and marketing industries, where he gained valuable
experience of the practical VAT issues encountered by businesses, large and
small.
Ethna Kennon, FCA, AITI is a Director in KPMG Ireland’s
indirect tax group. Ethna has over 15 years’ experience specialising in VAT and
providing indirect tax advisory and compliance services to a wide range of
domestic and international businesses. She also lectures on VAT matters for
Chartered Accountants Ireland and the Irish Tax Institute.
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