Ireland consults on VAT digital reporting and e-invoicing

February 15, 2022by TPA Global0

The Irish Revenue Service is conducting a study of the digital reporting requirements for VAT invoices as well as methods to modernize VAT reporting. This incorporates continuous transaction controls (live invoice reporting or e-invoicing). Transaction-level reporting would enhance the present VAT return obligations. 

The digitization of transaction reporting would simplify tax reporting and help eliminate the VAT gap, as well as lost income due to errors and fraud. In its most recent assessment, the European Commission assessed Ireland’s VAT gap at €1.7 billion, or 10.1 percent of planned VAT receipts. 

Effective date: not applicable 

Source

TPA Global

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