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 […]
A number of changes have been introduced covering a range of issues though with significant , and indeed complex changes to the rules in relation to property transactions. The latter has been covered separately but a summary of the other key changes are:
There has been a flurry of activity by Revenue and a number of e-briefs released over the winter period on a number of issues. The most notable was e-brief 67/2012 covering the changes to the rules for invoices.
The majority of the changes are in connection with the application of the Capital Goods Scheme and are definitely an attempt to tidy up a number of loose ends particularly where the legislation has been found wanting. A key focus for these changes is the result of the consultation process held in 2012 on the tax implications of receivers. From this a number of proposals in connection with VAT were made and these changes reflect some of these proposals.
This decision highlights the key criteria to be used in determining the basis of the supply for VAT purposes. It is essential to not only look at what a contract states the various parties will undertake but also consider what actually happens. In many instances there have been clear discrepancies identified in a business between the working practices it completes to fulfill supplies to its customers and the contractual agreements in place that govern these from a legal perspective.