1. The threshold for Accounting for VAT on the money’s received basis has been increased from €1m to €1.25m with effect from 1st May 2013.
2. The flat rate addition for unregistered farmers was reduced from 5.2% to 4.8% with effect from 1st January 2013.
3. From 1st January 2013 the services threshold for VAT registration (i.e. if the turnover from the provision of services exceeds €37,500 there is an obligation to register for VAT) applies to the provision of sporting facilities and physical education facilities by public bodies. This means that public authorities will not be obliged to register for VAT unless they exceed the threshold amount of €37,500 but they can elect to register for VAT if they so choose.
4. Existing VAT legislation in relation to vouchers with a redeemable value provides that VAT arises at the time the voucher is supplied and not when the voucher is redeemed. Anti Avoidance legislation was introduced in the 2013 Finance Act which confines this special rule to situations where vouchers are supplied to businesses that are established in the state. For vouchers sold to businesses outside Ireland for onward supply they are not taxable on sale but when the redemption of the voucher takes place.
5. The Finance Act brought in a number of changes with regard to receivers and liquidators in the context of supplies of services.
a) New provisions were introduced to clarify that a receiver or liquidator who supplies taxable services Read more