Value added tax
Value Added Tax (VAT) is a transaction tax that applies to the supply of most goods and services with some limited exceptions. With both an EU and Irish legislative basis it has developed into a very complex tax that affects all businesses. For many businesses VAT is a significant bottom line cost requiring specific attention, particularly in the current economic environment.
Over recent years the Revenue focus on VAT audits (with potential for interest and penalties) has increased as VAT has become the highest generating tax, accounting for 30% of the Exchequer’s tax yield. The Revenue focus has encouraged businesses to put VAT to the top of their agenda so that their VAT risk and costs are fully managed.
Deloitte has a wealth of experience advising clients in all industry sectors, including the technology, financial services, consumer business, property and public sectors. Our dedicated teams, located in our Dublin, Cork and Limerick offices, can help businesses manage all aspects of their VAT affairs. Our teams are staffed by senior personnel drawn from Revenue, accountancy and legal backgrounds and our range of services includes advising on Revenue audits, providing VAT efficient solutions for transactions, creating cash flow savings, advising on mergers and acquisitions (M&A) transactions, maximising VAT recovery, and providing systems and VAT process advice, training seminars, VAT compliance and litigation services.
Changes to VAT law and continuing case law are an ongoing challenge for businesses and VAT practitioners. Our aim is to continue adding significant value to our clients at a time when conserving and generating cash is more important than ever. To do this we constantly develop our knowledge of the changing rules to ensure your policies, procedures and systems are kept up-to-date to give you a competitive edge.
For further information on our VAT services please do not hesitate to contact a member of the VAT team.
| VAT services | VAT team |