Indirect Tax Matters March 2020 Edition

In this edition of Indirect Tax Matters, we provide you with our commentary on topical Indirect Tax issues. The first article discusses the UK’s “Brexit day”, where Ray Campbell details the stages to come in 2020 for the Brexit process in the UK. In our second article we explore some VAT pitfalls, how to ensure these are navigated and ways to improve compliance. We also comment on the new 2020 rules with a focus now shifting to 2021 changes which will significantly change the VAT treatment of B2C transactions.

We have our regular update on recent decisions in Irish and EU VAT cases including our commentary as to their implications for business. We also note and comment on recent updates issued from the Irish Revenue Commissioners on VAT and RCT matters.

Our Indirect Tax team in Deloitte Ireland are acutely aware of the complex issues challenging businesses domestically and globally. Indirect Tax Matters is designed to provide insights to assist you in meeting those ever-evolving challenges.

1. As 28 Member states becomes 27, is it time to say goodbye

As the UK’s “Brexit” deadline passes, Ray Campbell explores the upcoming stages of the process of exiting the European Union. The 1st of February observed the UK enter into a “transition period”, in which it has until the end of year to address its outstanding affairs in which the EU is involved, where a key issue is Trade arrangements. Come January 1st 2021, will your business be ready for Brexit?

2. Hindsight is 20/20!

As 2019 has now passed, and businesses commence preparation of financial statements, timing is now opportune to consider whether you are correctly engaging in VAT compliance. In this article, Ciara McMullin guides you through some of the common pitfalls that can occur if VAT compliance is not conducted correctly. How can your VAT compliance be improved?

3. VAT - Very Active Transition…. more changes on the way

At the beginning of 2020, the EU implemented its first set of changes to the EU VAT system, the Four “Quick fixes”. Alan Kilmartin explains how this reform measure, though important, is only one of a number of incoming changes to the EU VAT system. This article will help you to ensure your business can prepare for further EU VAT reform, but also to ensure awareness of the role in which Brexit may effect your integration of upcoming VAT reform.

4. Recent Irish and Court of Justice of the European Union Cases

Learn how Irish Tax Appeal Commissioners and CJEU cases could potentially impact your business with our brief synopsis of some of the more recent decisions.

5. Our view on recent updates from Irish Revenue and EU Commission

Discover our insights as we reflect on ‘ebriefs’ and guidance notes issued by the Irish Revenue Commissioners on Indirect Tax issues.

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