A Practical Guide to Value-added Tax


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Summary

In this practical guide, using language that is easy to follow and with many illustrative examples, two expert and experienced authors discuss and explain the main VAT issues regularly encountered by Irish businesses and their advisors.

ISBN number:  
978-1-910374-38-2
Price: €40.00  
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Description

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

  1. Registration and Administration
  2. Supplies of Goods
  3. Supplies of Services
  4. VAT on Property
  5. VAT Recovery
  6. Other Common VAT Issues
  7. Revenue Audits and Other Interventions
  8. Receivers, Liquidators and Mortgagees in Possession
  9. The European Union Dimension and Anti-avoidance
  10. 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)

Format: Paperback, 288 pages
Published: April 2017

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.