Search Results for 'European Union value added tax'

As part of the Jobs Initiative outlined by the new Government earlier this year, a second reduced VAT rate of nine per cent is to be introduced from  July 1 2011 to December 31 2013 to help the economy grow and increase job creation, especially in the tourism sector.  

Q. I am in the process of establishing an export business in the west. I am sourcing a manufacturer for my product in Ireland and all of my sales will be abroad — 50 per cent US and 50 per cent in Europe. I will be selling to distributors in a number of countries. I am very confused on the VAT treatment. How does it work?

Q. I am running my own business and I am registered for VAT and prepare bi-monthly returns based on my invoices. I am currently experiencing some cashflow difficulties due to economic conditions, a friend recommended that I account for VAT on a cash receipts basis. What is this and how does this work?

The EU member states have agreed a range of changes to the current VAT rules, known as the VAT Package. This VAT Package will come into effect across the EU on 1 January 2010 and is summarised below. You will need to consider the impact of the new measures for your business.

While most businesses in the west of Ireland have full VAT recovery and therefore often say that VAT is not a “real” cost to them, many traders have VAT tied up in stock, debtors, and costs within their company. These areas could be better managed in order to keep the cash flow cost of VAT to a minimum.

While most businesses in the west of Ireland have full VAT recovery and therefore often say that VAT is not a “real” cost to them, many traders have VAT tied up in stock, debtors, and costs within their company. These areas could be better managed in order to keep the cash flow cost of VAT to a minimum.

With Exchequer funds shrinking, Revenue inspectors have focused on their powers for tax collection and are moving much quicker on late tax payments especially VAT.

With Exchequer funds shrinking, Revenue inspectors have focused on their powers for tax collection and are moving much quicker on late tax payments especially VAT.

There have been a number of recent VAT changes in the hotel sector. While some of the changes are small, Revenue is generally interested in businesses with high cash intake to non-VAT registered customers as traders may benefit from incorrect practices. However it is not all bad news.