Main keys of the draft Free Trade Agreement to be signed between the EU and the United Kingdom On 24th December 2020, the European Union and the United Kingdom reached a draft agreement that will make it possible to regulate the future of trade relations with the United Kingdom after the end of the transitional […]

As we move closer to a potential deal between the EU and UK this week, it is probably timely to assess the Brexit related VAT impacts for Tech business operating in Ireland. Under the Withdrawal Agreement, the UK is in a transition period until 31 December 2020.

Customs, EORI and Temporary Storage Authorizations Given by the Customs Authorities in Great Britain will no Longer be Valid

The standard rate of VAT is currently 23% but will be reduced to 21% for a period of six months from 1 September 2020. This welcome change is part of the stimulus package to maintain economic activity and support business and employment.

On the 26th of June 2020 Revenue published e-brief 127/20 which confirmed that Ireland will avail of the six month deferral in requiring the reporting of transactions under Council Directive (EU) 2018/822 of 25 May 201814 amending Directive 2011/16/EU (“DAC 6”) until 1 January 2021.

Entrepreneurs invest resources and time building businesses which provide employment and make an important contribution to our economy. They take commercial risk setting up, maintaining, and expanding these ventures.