The VAT Practice,
The White House, Cloncorban, Rossmore, Clonakilty,
Co. Cork
Principal: Nicholas Ryan
Tel: +353 (0)23 8838181
Mob: +353 (0)83 3340324
Fax: +353 (0)23 8838181
Email : info@thevatpractice.ie
Welcome to the VAT Practice blog. Our aim is for our blog to provide you with access to: Hot topics – which features regularly updated information, ideas and comment from The VAT Practice on Irish and international VAT issues. Talk to us – businesses can provide comment on our articles in Hot Topics and enter […]
One example of a deed of variation where VAT can be of issue is where a property in question under the terms of a lease is either reduced in size or an additional increase in space is taken then VAT becomes an issue.
Revenue e-brief 86/10, Value Added Tax Consolidation Act 2010: this confirms that the Act was signed into law on 23 November 2010. The Act will be available shortly, prior to availability, Revenue have confirmed that the VAT Consolidation Bill 2010 can be refered to as there are no differences between the Bill and the Act.
Adoption of new anti-fraud regulation: The EC has adopted a regulation to enable Member States to assist them in combating VAT fraud. This introduces Eurofisc which is the creation of a network of national officials whose focus is to detect and combat new cases of cross-border VAT fraud.
Where reorganisation occurs consideration should be given to ensuring the VAT reporting and administrative requirements are adhered to. Where new divisions or business entities are formed consider the inter company invoicing and reporting requirements and ensure they are correctly applied. Also should VAT grouping be considered? If the reorganisation results in a downsizing in divisions and/or business entities then there is a need to ensure that the VAT accounting and reporting requirements are managed to reflect these changes and that any transfers of activities are mirrored in the VAT accounting procedures for the receiving entity.