Revenue have recently announced as part of the July Stimulus package a temporary reduction in the standard rate of VAT from 23% to 21%. All other VAT rates will remain unchanged.
This is due to take effect from the 1st of September and will remain in place until the 28th of February 2021.
While this is a welcome development businesses may face a number of issues and challenges in relation to the rate reduction. It is important that businesses are ready for the change and that they review their operations in advance of the rate change.
Typical questions that may arise for businesses include:
If you have any queries in relation to the above please do not hesitate to contact a member of the Cooney Carey tax department at 01 677 9000 or by email at firstname.lastname@example.org
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