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Indirect Tax Matters Newsletter

September 2022

In this edition of Indirect Tax Matters, we provide you with Deloitte commentary on topical Indirect Tax issues.

1. Recovery of VAT by holding companies including VAT on M&A costs - 81TACD2022

The Tax Appeals Commission (TAC) recently decided in favour of the taxpayer in respect of an appeal concerning holding companies and their entitlement to recover VAT on their costs. Richard Concannon sets out the key points.

2. Budget 2023 - Climate Action and Tax Paper

Mattia Piol explains the current energy and environmental taxation at both EU and national level and considers potential options put forward for future Budgets. The Department of Finance of the Irish Government published the Climate Action and Tax Paper (the Paper) as part of the Budget 2023 Tax Strategy Group (TSG) papers. The TSG is not a decision-making body and the papers produced by the Department are simply a list of options and issues to be considered in the Budgetary process.

3. Update on the EU VAT on the Digital Age recent consultation paper

The EU, increasingly looking to explore further digitalisation options in the indirect tax space, recently published a report based on the VAT in the Digital Age study carried out for the European Commission. Shaun O’Brien comments on the report, which covers Digital Reporting Requirements, the Platform Economy, Single EU wide VAT Registration and the Import One Stop Shop.

4. VAT compliance framework – be proactive!

With the new Revenue Code of Practice there is a greater emphasis on proactively undertaking self-reviews, Ciara McMullin outlines practical steps to ensure compliance.

5. Recovery of UK VAT costs

This article details the UK’s VAT refund for overseas businesses where they seek to recover UK VAT which they incur as part of its trading activities where they are not liable or entitled to be UK VAT registered.

6. VAT and Farmers

There are special VAT schemes that can benefit farmers, including stud farms, who are not registered, or required to register, for Value-Added Tax (VAT). These farmers are commonly referred to as “flat-rate farmers”.

7. Our View on recent updates from Irish Revenue & EU Commission

News updates from the EU and changes to Revenue publications

8. Customs declaration compliance review, post Brexit

Deloitte offers a customs declaration service (Global Tax Bureau) that is integrated across Ireland and the UK.

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