VAT
Legislation
This section provides you with all the information you
will need to guide you through the legislative changes and the
necessary changes you will need to make to your
software.
VAT Increase (January 2012)
From the 1st of January 2012, the 21% VAT rate in Ireland
increases to 23%. See the Budget 2012 section for information
on what rate applies to basis invoices, suppliers on the cash
receipt basis, contracts and goods and services bought from
other countries.
For more information see the VAT page.
Your Return Trading Details (RTD) on January 2012
online in ROS
We have also provided information on the annual Return of
Trading Details (RTD). This is issued along with the VAT 3
Return for the period in which the VAT registered trader accounting
year ends. It includes details purchases and sales for the year,
broken down by VAT rate. Also the VAT rate information needs to be
broken down by, Good and Services, Acquisitions from European
Countries, Value of Stock for Resale and the Value of Other
deductible Goods & Services. The information needs to be
submitted electronically via ROS from June 2011. The business
records must be preserved in their original form for six years from
the date of the latest transaction to which they refer. For more
information please see Revenue: http://www.revenue.ie/en/online/ros/mandatory-e-filing.html
and http://www.revenue.ie/en/tax/vat/leaflets/index.html.
More information is also available in the RTD section.
VIES
In relation to VIES, from June 2011, it is mandatory to file
online and there are new rules for the suppliers of services. More
information is available in the VIES section.
INTRASTAT Reporting
With regard to INTRASTAT, a monthly declaration should
be submitted electronically via ROS since June 2011. More
information regarding this and the need to keep records and the
reporting of goods in transit can be found on the INTRASTAT Reporting
section.
New Relevant Contracts Tax Form System on
January 2012
New RCT rules are due to be introduced on 1st January 2012.
The key features of the new system are that all
communications between the principal contractor and the Revenue
will now be online only. There will be
no paper alternative; all principal contractors will have to be
registered on ROS. From January 2012 the deduction can be 0%, 20%
or 35% and all the RCT paper forms will be substituted with a new
electronic RCT system. More information is available in the
Relevant Contract Tax (RCT)
section.
Legislative changes
Budget 2012
VAT Rate
Change
RTD
VIES
Intrastat
Reporting
Relevant
Contracts Tax
Jobs
Initiative (July 2011)