53A. Postponed accounting

Summary

Section 53A provides for a postponed accounting system for traders in Ireland importing goods from outside the EU, including Great Britain.

Details

(1) Subsection (1) provides that an accountable person may account for Value-Added Tax due on the import of goods at the point at which the VAT return is due.

(2) Subsection (2) provides that where an accountable person imports goods on a postponed accounting basis, and the tax due is not accounted for in the relevant return in which the tax becomes chargeable, VAT becomes due at the time of importation.

(3) Subsection (3) provides that where the Revenue Commissioners are satisfied that the accountable person is no longer complying with one or more requirement specified in regulations made under section 120(7)(aa)(i), or the accountable person no longer satisfies or observes one or more of the conditions or restrictions imposed by regulations made under section 120(7)(aa)(ii), a notice of exclusion from use of postponed accounting may be served on the accountable person.

(4) Subsection (4) provides for the serving of a notice of exclusion from use of postponed accounting where subsection (3) applies.

(5) Subsection (5) enables an accountable person to appeal a notice of exclusion served under subsection (4) to the Appeal Commissioners under section 949I of the Taxes Consolidation Act 1997 within 30 days of the date of the notice.

Relevant Date: Finance Act 2020