- Ireland is moving towards digitalization with a focus on the VAT Invoicing and Reporting System.
- The Minister for Finance has announced a public consultation to explore avenues for digitalizing VAT invoice reporting and enhancing reporting methodologies.
- This move is part of the financial strategies outlined in the 2024 Irish Budget. Ireland will also consider the consequences of the EU’s “VAT in the Digital Age” reform package, which aims to standardize digital reporting requirements across EU states.
- Digitalizing transaction reporting has the potential to improve tax reporting mechanisms and bridge the VAT Gap, which is currently estimated at €1.7 billion in Ireland.
Source Taxera
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