VAT
rate change - 21% increasing to 21.5% from
01/12/2008
SUMMARY
The standard rate of VAT will be increased from 21%
to 21.5% with effect from 1 December, 2008
Which VAT rate must the trader
apply? (General Rule)
• INVOICE BASIS - The VAT rate applied
should be based on the VAT rate in force at the time
the invoice is issued.
• CASH
BASIS - Generally VAT is calculated
when the customer pays. Where the supply of goods or
services was before 01 December 2008, the VAT should
be calculated at 21%. VAT should be calculated at
21.5% where the supply of goods or services is after
01 December 2008.
•
CREDIT NOTES - Any credit notes
issued should show VAT at the rate in force at the
time the original invoice was issued
More information can be found on
the revenue website following the link below
