VAT
Your VAT Specialists
Please have a look below for information regarding VAT
WHAT IS Value Added Tax
VAT is a tax on consumer spending. It is collected by VAT-registered traders on their supplies of goods and services effected within the State for consideration to their customers.
Each such trader in thechain of supply from manufacturer through to retailer charges VAT on his or her sales and is entitled to deduct from this amount the VAT paid on his or her purchases.The effect of offsetting VAT on purchases against VAT on sales is to impose the tax on the added value at each stage of production – hence
Value-Added Tax.The final consumer,who is not registered for VAT, absorbs VAT as part of the purchase price. The standard rate of VAT is 21%.There is a reduced rate of 13.5% and a zero rate. There is also a special rate of 4.8% on the sale of livestock (i.e. live cattle, horses, sheep, goats, pigs and deer) as well as on the sale of greyhounds and the hire of horses. Further details on these rates are contained in Appendices B, C,D, G and H to this Guide. A list of the rates applicable to a large range of goods and services is available on the Revenue website at www.revenue.ie
What is a Taxable Person. ?
An accountable person is, therefore, a taxable person an individual, partnership, company etc.) who supplies taxable goods or services in the State and who is,or is required to be, registered for VAT.Persons who are involved in the taxable supply of property and persons whose annual turnover from supplies of taxable goods and services in the State, or the value of whose acquisitions of goods from other EU Member States,exceed or are likely to exceed certain limits are obliged to register for VAT
Your VAT Specialists
