Value-Added Tax Consolidation Act 2010

In short

This law, the Value-Added Tax Consolidation Act 2010, brings together and updates the rules for Value-Added Tax (VAT) in Ireland. It outlines how VAT is charged, who is responsible for it, and how it is managed.

What it regulates

• The charging of Value-Added Tax on goods and services.
• The definition and obligations of "accountable persons" for VAT purposes.
• Rules for transactions involving goods and services within the European Community (intra-Community acquisitions and supplies).
• Provisions for the rates of tax, exemptions, and special schemes for certain transactions.

Who it concerns

• Persons who are, or who may become, accountable for Value-Added Tax.
• Suppliers of goods and services, including those established outside the State but supplying within it.

Key points

• It charges value-added tax.
• It defines who is an "accountable person" for VAT, including options for election or treatment as not accountable.
• It details rules for the place where taxable transactions occur for goods and services.
• It sets out provisions for the taxable amount, rates of tax, exemptions, and special schemes like the margin scheme for certain dealers.