VAT e-zine 12/10 - Mazars - Ireland
VAT e-zine 12/10
This edition contains useful information on potential VAT costs that can arise from the change in taxable use of property, the extension of the deadline for submission of claims for EU VAT refunds, RCT and VAT risks for principal contractors in the construction sector receiving certain construction operations.
In this edition of the Mazars VAT e-zine, we highlight some of the VAT risks which can arise as a result of a change in use of a property, specifically in relation to:
- VAT costs which can arise where holiday cottage schemes are unwound
- The capital goods scheme (CGS) adjustments which can arise for property developers who decide to rent residential properties due to the downturn in the property sales market
We remind VAT registered persons that the deadline for claiming EU VAT refunds for 2009 has been extended to 31 March 2011. Irish businesses claiming foreign VAT refunds must submit their claims electronically through the new EVR portal on the Revenue Online Services (ROS) website.
We highlight the continued Revenue audit focus on the construction sector, particularly in relation to principal contractors who are required to operate RCT and the VAT reverse charge on certain construction related services received from subcontractors.
The Mazars VAT tip reminds businesses of the obligation to create and maintain a capital good record where they incur expenditure on the acquisition or development of property.
Should you require any additional information on the above or should you have any other questions in relation to VAT or RCT, please contact a member of our VAT team.
Mazars VAT e-zine 12/10
VAT E-zine 12/10 (.pdf - 83.53 kB)
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