- Revenue has launched a public consultation on modernizing the VAT system in Ireland.
- The consultation focuses on introducing real-time digital reporting for VAT, supported by electronic invoicing.
- The aim is to align compliance obligations with normal business processes and reduce compliance costs.
- Digital reporting would be more efficient for tax-compliant businesses and help combat fraud.
- Many developed economies have already undertaken similar reforms, providing international experience for Ireland to learn from.
- The consultation will run until January 12th and seeks the views of all VAT stakeholders.
Source: irishtimes.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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