Search Results for 'Value added taxes'
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The Minister for Finance is being urged to either retain the nine per cent VAT rate or introduce a lower rate in support of the hospitality and tourism sectors as well as retaining and creating jobs.
Irish businesses are overpaying thousands of euro in VAT due to a lack of familiarity with the complexities of Ireland’s VAT regime, according to research conducted by business software and services provider Sage.
After much speculation, Minister for Finance, Michael Noonan, confirmed that the standard rate of Irish VAT is to increase from 21 per cent to 23 per cent with effect from midnight 31 December 2011. This VAT rate change is earlier than set out by the Government under the National Recovery Plan where it stated that the standard rate of VAT would only increase to 23 per cent in 2014.
Most companies only ever look at the VAT treatment of supplies. Often companies forget to look at the potential to recover more VAT on costs and almost never consider whether they have recovered too much VAT on costs.
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?
I have a construction company specializing in one off housing. I am engaged by contractors to do work for them and also by the house owners in which case I use my own subcontractors. I am very confused by the new scheme for VAT between principal contractors and subcontractors. How does it work?
Labour Party candidate for Kilkenny City Sean Butler has called on the government to do yet another u-turn on their recent budget and follow many other EU member states in reducing VAT rates to help get the economy through the current economic crisis.
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 Fine Gael spokesperson on community, rural and Gaeltacht affairs Deputy Michael Ring has called for a reduction in VAT charges in order to stimulate new house sales. But Dep Ring is empathic the benefit should only apply to first-time buyers and not developers.