Indirect Tax Matters November 2017

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Indirect Tax Matters 

November 2017

In this edition of Indirect Tax Matters, we provide you with Deloitte commentary on topical Indirect Tax issues which we hope you find insightful. Included this month are highlights of the Indirect Tax measures in the Budget/Finance Bill 2017 and an overview of the VAT Annual Return of Trading Details, which for most businesses, will be due to be filed by 23rd January, 2018.

Also featured is an article on Customs AEO certification, an under used process which can provide strategic and financial benefits for those involved in International trade in goods. It is also highly relevant given the imminence of Brexit.

From an international perspective we highlight a number of significant EU led Indirect Tax changes which will impact in 2019 to 2022. As it is only a matter of time before Ireland follows other countries in introducing real time VAT reporting obligations we outline current developments on this front around the EU.

Our regular update on recent decisions in Irish and EU VAT cases includes comments as to their implications for business and articles on two recent EU VAT cases. Update issued from the Irish Revenue Commissioners on VAT and RCT matters are also included.

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. Budget/Finance Bill 2017 
Few changes were included from an Indirect Tax perspective in this year’s budget, John Stewart outlines the key measures

2. Are you ARTD ready?
Christopher Connolly provides an overview and practical insight into the process of completing the VAT Annual Return of Trading Details which all VAT registered persons have to complete.

3. Simplifying International Trade - AEO accreditation
In this article Donna Hemphill outlines the benefits of being a ‘Trusted Trader’ who holds an AEO certificate which includes reduced guarantees for customs duties, less inspections and customs audits and also priority treatment.

4. Single European VAT area - the plot thickens as the clock quickly ticks on
In further preparation for a single European VAT area, in October 2017 the European Commission released proposed measures which, if all ratified, will see the biggest reform to EU VAT rules in a quarter of a century.

5. Real-time reporting - how soon is now?
There is an increasing global trend of taxation authorities seeking to collect information from businesses’ enterprise resource planning (‘ERP’) solutions and other internal core systems in real-time by electronic means. 

6. Latest EU developments in relation to VAT recovery
The CJEU recently decided on two cases involving VAT invoice requirements and in both cases the Court ruled in favour of the taxpayer. In this article, Ruth Linehan considers these recent judgments and the potential impacts for companies.

7. Recent Irish and Court of Justice of the European Union Cases
Learn how CJEU cases could potentially impact your business with our brief synapsis of some of the more recent decisions.

8. 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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