VAT is a direct tax on the sale of goods and services and the key measure put in place to assist businesses was the overall reduction in the standard rate of VAT from 23% to 21%. This reduction is to apply for the six-month period from 1 September 2020 to 28 February 2021. The impact should of course be most profound within the retail sector and it would be expected that such a reduction if passed on to consumers should have the impact of boosting consumer spending as we emerge from the various levels of restriction into the busy Christmas shopping period.
Other measures of note with regard to VAT include:
To discuss the above in further detail, please contact:
Irish VAT, UK VAT & Customs Considerations Presentation - RBK Bishop Fleming Swiftfile 1.66 MB
RBK, Bishop Fleming and Swiftfile presented at a webinar on 2nd March 2021 were they shared practical insights and provided guidance in relation to Irish VAT, UK VAT and Customs.Download
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