Ireland’s Finance Minister announced a pivotal public consultation to modernize the VAT Invoicing and Reporting System, aligned with the 2024 Irish Budget. The Revenue Commissioners will lead the charge, exploring continuous transaction controls like live invoice reporting and e-invoicing to enhance VAT reporting. The initiative aims to streamline tax processes and address the €1.7 billion VAT Gap, equivalent to 10.1% of expected VAT revenues, as estimated by the European Commission. This move is also in sync with EU-wide efforts to standardize digital reporting across member states, bolstering tax compliance and reducing discrepancies. Stay updated as Ireland advances its VAT system for the digital age.
Effective date: TBC