A new regime for businesses to account for VAT on imports of goods into Ireland from non-EU countries came into effect on 1 January 2021, writes David Duffy of our Tax team.
The new regime, known as postponed import VAT accounting (PIVA), is a welcome cashflow saving measure. However, it will be important for businesses to carefully implement the new requirements, as liabilities could arise in respect of any errors. In this article we address some of the key questions around what the new regime means for businesses.
Source KPMG
