The Irish government has introduced a facility called postponed VAT accounting for VAT registered businesses to avoid the payment of import VAT at the point of entry. Many EU states already offer similar measures for VAT imports. The new measure – which comes under section 53A of the Value-Added Tax Consolidation Act 2010 and the Value-Added Tax Regulations 2010 (Regulations 14A) (Amendment) Regulations 2020 – allows you to record the VAT on your VAT return rather than paying it at the point of entry into the State.
This article will give small and medium-sized businesses in Ireland that import goods from the UK advice on postponed VAT accounting after 1 January 2021.
Source: sage.com
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