Indirect Tax Matters

March edition

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 a summary of typical VAT errors we see and a brief guide on options available to rectify them, a summary of how the operation or indeed the non-operation of Relevant Contracts Tax can lead to significant penalties or cash flow implications and how these can be minimised.

We also consider the VAT treatment of distance sales and what the future holds due to changes at EU level. With regard to Customs duty and VAT on import we examine some methods available to effectively defer payment to a later date or even reduce the duty to 0%. Also from an international perspective we look at the current state of Brexit and pose the question – where to now?

Our regular update on recent decisions in Irish and EU VAT cases includes commentary on two recent EU VAT cases and their implications for business. Updates 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. VAT errors and how to correct them
    In this article, Conor Walsh provides an overview of some of the more common errors we see and what to do when things do go wrong.
  2. Can the significant financial implications of RCT be minimised?
    Incorrect operation of Relevant Contracts Tax can result in penalties of up to 35% of the contract value, and even where it is operated correctly it can result in a supplier encountering cash flow issues because up to 35% tax has been withheld from payments receivable. Alan Kilmartin explains how to minimise these potential cash flow costs.
  3. Sale of goods to consumers in the EU – changes to come?
    If your business model includes sales directly to consumers around the EU have you considered the correct VAT treatment? Christopher Connolly explains what distance selling is and how to account for VAT.
  4. How do you reduce or even eliminate customs costs?
    In this article, Donna Hemphill outlines a number of strategies and procedures which can reduce and/or defer customs/VAT costs for imported goods.
  5. Brexit – where to now?
    John Stewart outlines the current state of play with Brexit.
  6. 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.
  7. Our view on recent updates from Irish Revenue and the EU Commission
    Discover our insights as we reflect on ‘ebriefs’ and guidance notes issued on Indirect Tax issues.
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