In recent years we have seen a shift in government focus (both in Ireland and internationally) from direct to indirect taxes including VAT. This has been driven by the need to increase overall tax revenues combined with the economic efficiency of indirect taxes. This change in focus has led to higher VAT rates (both in Ireland and internationally) over the last number of years and more pressure on tax administrations to enforce VAT compliance.
Higher VAT rates increase the cost of business for financial services companies that suffer irrecoverable VAT and result in more severe consequences in the case of non-compliance or mistakes. The Irish revenue’s increased focus on VAT is leading to greater scrutiny of taxpayers’ affairs through more frequent and more effective VAT audits. In this environment, the chance that mistakes will be found has risen and will remain high. Accordingly, more than ever it pays to proactively manage VAT.
We are market leaders in the provision of VAT services in Ireland and advise many of the leading financial services companies on VAT matters. This includes advising on the VAT treatment of new and complex transactions and helping resolve disputes with the authorities. We provide assistance in identifying risk areas and sustainable planning opportunities. We can support full or partial VAT compliance outsourcing, help identify the right partial exemption method and review accounting systems to improve your VAT reporting. We work closely with our international network of indirect tax professionals to deal effectively with cross-border issues.