- Ireland’s Finance Minister announced a public consultation to modernize the VAT Invoicing and Reporting System
- The initiative aims to streamline tax processes and address the €1.7 billion VAT Gap
- The Revenue Commissioners will explore continuous transaction controls like live invoice reporting and e-invoicing
- The move is in sync with EU-wide efforts to standardize digital reporting across member states
- The goal is to enhance VAT reporting, bolster tax compliance, and reduce discrepancies.
Source: tpa-global.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
