Ireland introduces Postponed Accounting for import VAT plus other VAT updates

Postponed Accounting enables a VAT registered business to self-account for VAT on imports through their VAT return so that import VAT may, subject to the usual rules on deductibility, be reclaimed at the same time as it is declared on a VAT return. In other words, this permits a straightforward reverse charge transaction, without the need to pay the import VAT at the point of importation.

Source: BDO

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