Irish VAT update

Sun 3rd Jan 2016

The latest Irish Finance Act 2015 has introduced a number of VAT changes. These include:

  • Confirmation that VAT refund claims must be submitted within four years of the taxable supply
  • Clarification that export services provided to offshore gambling companies are VAT exempt
  • Exclusion of new means of transport from the VAT margin scheme for dealers
  • Right for the tax office to make public reasons for the cancellation of a VAT registration
  • The introduction of the domestic reverse charge on the provision of wholesale power, electricity and gas supplies. This measure eliminates the cash payment of VAT on such supplies in order to help prevent suspected VAT fraud.
  • Changes to VAT on the capital goods scheme, which spreads VAT payments over the life of a purchased or self-supplied capital asset. The changes include an anti-avoidance claw back on the supply to a connected party where the VAT is lower than the amount deducted