- Ireland’s Value Added Tax Act was introduced in 1972, meaning the indirect tax has been in place in the country for more than half a century. Today, the legislation of Irish VAT is based on the EU Directive on VAT, which mandates common standards in tax across all member states. VAT in Ireland is overseen by the Office of the Revenue Commissioners, which was established in 1923.
- Businesses trading in Ireland must collect and pay VAT at standard, reduced or zero rates on goods and services sold or consumed within the EU and those imported from both inside and outside the EU. They must also file regular VAT returns to the tax authority; the most common period is bi-monthly, although companies in a repayment position might be asked to submit returns on a monthly basis.
- Foreign companies with an Irish VAT registration are required to comply with the rules of the Irish VAT Act, which includes preparing and submitting compliant invoices, maintaining records and accounts, correctly processing credit notes and accurate invoicing of customers for goods or services.
- The time of supply in Ireland is the point at which goods are delivered or services are completed – and VAT is due 10 days after the reporting period ends.
Source Innovate Tax
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