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Ireland: VAT accounting if "no deal" Brexit

Ireland: VAT accounting if "no deal" Brexit

The Irish government on 22 February 2019 released a bill in an effort to address uncertainty regarding “Brexit” and specifically if there is a “no deal” Brexit on 29 March 2019.

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The bill aims to preserve continuing access to certain priority services, benefits, and reliefs that might otherwise be denied in the event of a “no deal” Brexit on 29 March 2019. It is intended that the legislative measures would be enacted in advance of 29 March 2019.

One key tax measure would introduce “postponed” value added tax (VAT) accounting. In general, this would allow goods to be imported from the UK without having to pay VAT at the time of the import, assuming the business operates with full VAT recovery. The same treatment would apply to all imports from outside the EU—thus, a major change in the VAT rules.

 

Read a February 2019 report prepared by the KPMG member firm in Ireland

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