Tax Planning
VAT eCommerce Rules Changes
Significant changes have been made to the VAT Directive to simplify VAT obligations as regards eCommerce activities. To come into effect from 01 July 2021. Amendments will change the way VAT operates for cross-border business-to-consumer (B2C) e-commerce activities in the EU. We recommend businesses affected by these changes to prepare for their impact as soon as possible.
VAT Rate Reverts to 23% March 1st
On 01 September 2020, the standard rate of VAT changed temporarily from 23% to 21%. The rate is now due to revert back to 23% with effect from 01 March 2021.
Benefit-in-Kind (BIK) Measures Retained
On account of the current Level 5 public health restrictions, Revenue confirmed that a number of benefit-in-kind short-term concessionary measures will remain in place for the time being.
Capital Gains Tax Deadline – 15 December 2020
If you sold, gifted or transferred an asset between 1 January and 30 November 2020, or received capital payments from such assets, the deadline for payment of any Capital Gains Tax due is next Tuesday 15 December 2020.
Debt Warehousing Scheme Still Available
Revenue confirmed that the Debt Warehousing Scheme remains available to support businesses experiencing tax payment difficulties arising from the current COVID-19 Level 5 public health restrictions, which are to remain in place until at least 31 January 2021.
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