RMcH states: revenue are providing a cashflow help to businesses paying import Vat, read on
The Postponed method of Accounting for VAT on imports has been introduced in Ireland for imports by businesses into Ireland from non-EU countries (including Great Britain), to alleviate cash flow issues that could arise following the departure of the UK from the EU. The scheme allows Irish businesses to elect to account for import VAT in the next VAT return rather than having to pay VAT upfront at the time of importing the goods.
Both the VAT return and the Annual Return of Trading Details (RTD) have been amended to include additional fields/boxes to capture the value of goods imported under Postponed Accounting.
For further information please see the new Tax and Duty Manual VAT – Postponed Accounting recently published by the Revenue Commissioners. The Tax and Duty Manual Part 38-01-03b – Guidelines for VAT registration has also been updated to include procedures relating to Postponed Accounting.
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