- The Irish Tax and Customs Service updated its guide to help businesses protect against VAT fraud, emphasizing due diligence and risk indicators.
- Key risk indicators include unusual transaction practices, the nature of goods or services, payment arrangements, and goods movement details.
- Businesses should verify the legitimacy of suppliers, the commercial viability of transactions, and the authenticity of goods or services.
- The guide provides questions to assess if transactions are genuine and free from VAT fraud risks.
- Even unintentional involvement in VAT fraud can lead to denied VAT deductions, loss of zero-rating, or harsher penalties.
Source: vatabout.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.
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