Section 12 of the Act provides for the amendment of section 46 VATCA 2010, reducing the standard rate of VAT from 23 percent to 21 percent, 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.