E-invoicing, real-time reporting and SAF-T to be evaluated by Irish Revenue
The Irish Revenue is launching a review of VAT invoice digital reporting requirements and how to modernise VAT reporting. This includes continuous transaction controls (live invoice reporting or e-invoicing) This would supplement the existing VAT return requirements with transaction-level reporting.
Digitisation of transaction reporting would offer the chance to simplify tax reporting, and help close VAT Gap, lost revenues from errors and fraud. The European Commission put Ireland’s VAT Gap at €1.7 billion, or 10.1% of expected VAT revenues, in its latest estimate.
To receive our free global VAT and GST news updates, sign-up here.
Ireland to evaluation real-time reporting options
The Revenue has indicated it will review a range of formats used in other countries. This could include periodic reporting to complement the VAT return and/or continuous reporting of invoices in real-time.
EU to harmonise digital reporting requirements
The EU’s VAT in the Digital Age reforms package includes a stand look to harmonise this area across the EU 27 state under Digital Reporting Requirements. The aim is to bring forward VAT Directive amendments for 2022 – implementation in 2024 or later.
