How To Protect Yourself From Vat Fraud

July 12, 2016 VAT 0 Comment

As a result of a number of recent cases in The European Court of Justice concerning VAT fraud, The Revenue Commissioners have issued an ebrief on how to protect yourself from VAT fraud.

Revenue will apply the following principles which were established in these cases. These principles will be used when deciding to cancel any VAT inputs and/or imposing penalties.

(a) a taxable person who knew or ought to have known that, by his purchase of goods, he was party to a fraudulent transaction can have his right to deduct related input credits refused;

(b) a taxable person who knew or ought to have known that the transaction carried out was part of a tax fraud committed by the purchaser may be denied the right to zero-rate the intra-Community supply to that purchaser.

Check out the Revenue publication here

For related enquiries, further clarification and assistance with Tax matters contact Joe Cunnane at TRA Professional

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Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »