BUDGET 2014

Some key VAT and related matters, of a positive persuasion, which caught the eye in Minister Noonan’s Budget speech today:

  •  9% VAT rate is to stay.
  • Annual turnover threshold for accounting for VAT on cash basis is being increased to €2m.
  • Study to be carried out with a view to reforming the appeals system.

And some more of the “same old, same old”:

  •  Yet more Revenue powers to be introduced, including anti-VAT fraud measures.
  • The quality of the VAT consultant’s Friday night red takes yet another nosedive after another 50 cent is added to the excise duty on a bottle of wine.
  • Farmers’ flat rate addition is raised to 5%.