Irish Revenue Updates VAT Fraud Guide: Key Risk Indicators and Due Diligence for Businesses

• The Irish Tax and Customs Service updated its guide to help businesses protect against VAT fraud, focusing on due diligence and risk indicators.
• Key risk indicators include unusual transaction practices, the nature of goods or services, payment arrangements, and movement of goods.
• Businesses should verify the legitimacy of suppliers, the commercial viability of transactions, and the viability of goods or services.
• The guide provides questions to assess if transactions are genuine and free from VAT fraud.
• Taxable persons risk penalties, loss of VAT deductions, or zero-rating if involved in VAT fraud, even unintentionally.

Source: fiscal-requirements.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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