13 November 2020
The Irish government have confirmed that a postponed accounting facility will be implemented for import VAT post-Brexit.
This new mechanism will allow all companies who import goods from the UK into Ireland to avoid paying VAT on the clearance of their goods into the country. Instead, the import VAT amounts will be postponed to the Irish VAT returns and will be entered in the same way as a reverse charge transaction.
This will help companies who import goods in this way from incurring additional shipping costs and bank charges, as well as improve their cash flow as they will not have to wait for import VAT to be refunded by the Irish Revenue.
The UK will also introduce a similar scheme for all UK importers after Brexit and around 20 other EU countries offer varying types of these schemes to importers.
Are you trading globally? Whether you require basic VAT advice or specific VAT compliance support, Fiscal Solutions can help. Our team of multi-lingual experts are knowledgeable in all the different VAT rules in Europe and around the world.
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