RETURN OF TRADING DETAILS FOR VAT

The Revenue recently released an e-brief about the requirement for Vat registered traders to submit an annual statistical Return of Trading details.

The return form provides fields for a breakdown of the supply of goods and services, imports and deductible inputs at the various Vat rates applicable during the year. This includes all Irish, Intra EU and non EU trade.

Mandatory e-filing applies to all Vat-registered traders with the exception of a small number of exempted cases. Accordingly, the Revenue Online Service (ROS) is the primary channel for submission of the RTD to Revenue.

 As part of the RTD redevelopment process, a number of measures will also be implemented to ensure compliance with statutory filing obligations through the tax repayment and tax clearance systems. Agents and their clients are advised that the first of these compliance measures will be implemented by Revenue Districts commencing on 1 September 2013. From that date, in accordance with S. 960H (2)(b) Taxes Consolidation Act 1997, taxpayers who are seeking repayments or refunds of tax may be requested by their local Revenue District to submit outstanding RTD forms in order for such repayments or refunds to issue.