Value Added Tax

Tax Rates 21.5% (standard rate) This applies to all goods and services that are not exempt or liable at the zero or reduced rates 13.5% (reduced rate) This applies to certain fuels, buildings and building services, certain newspapers etc. 0% These include exports, certain food and drink, oral medicine, certain books etc. 4.8% This applies to livestock, live greyhounds and the hire of horses. 5.2% Farmer’s VAT flat rate addition (from 1st Jan 2007). Exempt These include financial, medical and educational activities. Extensive Listing Good & Services VAT Rates VAT Registration Limits Supply of goods €75,000 Supply of services €37,500 VAT Cash Accounting The annual VAT cash accounting threshold for businesses was increased from €635,000 to €1,000,000 with effect from 1 March 2007. Tax Due 19th day of the month after the VAT period   When is VAT not deductible ? No deduction is allowed in respect of tax paid on expenditure on the following: (a) The provision of food, drink, accommodation or other personal services supplied to the taxable person, his agent, or his employees. (b) Entertainment expenses incurred by the taxable person, his agent or his employees. (c) The acquisitions, hiring or leasing of motor vehicles other than as stock in trade or for the purposes of a business which consists in whole or part of the hiring of motor vehicles or for use in a driving school business for giving instruction. (d) The purchase of petrol otherwise than as stock in trade. (e) Expenditure incurred on food, drink, accommodation or other entertainment services as part of an advertising service is not deductible in the hands of the person providing that advertising service. (f) Any VAT incurred by a taxable person in a transaction where the margin or auction schemes apply.

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