The standard rate of Irish VAT is due to increase to 23% with effect from 1 March 2021. The rate had been reduced to 21% for a six month period from 1 September 2020 to 28 February 2021. The Minister for Finance has recently indicated that he does not intend to extend the reduction and therefore businesses should prepare for the 23% rate applying once more to their supplies and purchases from 1 March 2021 onwards. Glenn Reynolds and David Duffy of our VAT team discuss.
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