VAT Compliance & Planning

With the increased globalisation of businesses and development of e-business, companies across the world are actively reviewing their structures and seeking opportunities to invest in new and emerging markets. In the race to increase market share, profits and value to shareholders, businesses can lose sight of the need to minimise indirect tax costs.

With VAT/GST now collected in c. 150 countries, there is a danger that unfamiliarity with tax regimes can result in an inability to control the costs of tax compliance and assessments for tax and penalties. The need for careful tax planning is especially true for VAT for which the optimisation of recovery can have a major impact on business profitability.

As the standard rate of VAT in Ireland is currently 21% this can represent a huge cost for businesses which are not in a position to recover all VAT incurred. Even if a business is entitled to full VAT recovery, the cash-flow costs of managing VAT can be significant. The implications for persons who make VAT errors - either underpaying or over-claiming VAT - can be serious as that person may be exposed to interest charges, penalties and publication.

Our VAT team aims to assist both local and international clients to manage all aspects of VAT compliance and to optimise VAT planning opportunities.