The Institute’s response to the consultation, under the auspices of the CCAB-I, was one of 1,118 responses received by Revenue. The majority of responses were received from VAT registered businesses, of which 54 percent operate as a sole trader or partnership. Only 20 percent of business respondents trade in goods only, 55 percent provide only services, with 25 percent providing both goods and services.
The majority of business respondents had annual turnover not exceeding €700,000, with 46 percent reporting annual turnover of less that €100,000. By contrast, just 6 percent of responses were from firms whose turnover is more than €12 million each year.
Businesses and other stakeholders both emphasised the need for modernisation to be implemented cost-effectively and within existing businesses systems as far as possible, with minimum business disruption in terms of cost and resource time. An appropriate lead-in time with phased implementation and a suitable transition period, supported by early publication and certainty on the detailed technical requirements with a strong preference that these specifications should be consistent with VAT in the Digital Age (ViDA) is a priority. They also highlighted the importance of maintaining robust controls and data security measures to safeguard sensitive financial information from cyber threats and data breaches.
Revenue acknowledges and thanks all those who took the time to contribute to the process. It notes that further consultations and other public engagement will follow, as reform proposals take clearer shape, are tested, refined, and put into operation.
The CCAB-I will continue to work with Revenue on this project via the TALC Indirect Forum and TALC VAT Modernisation Subgroup and will keep readers updated.
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