Revenue posted the following information this week regarding certain information that must be furnished for VAT.
The Finance (No.2) Act 2013 inserted a new section 108A in the Value-Added Tax Consolidation Act 2010 (VATCA 2010) which provides for the issue of a notice to an accountable person requiring additional information in relation to his or her taxable supplies.
This section provides that Revenue may, in order to prevent and detect tax evasion, serve notice on an accountable person requiring him or her to furnish specified information, explanations or particulars in relation to taxable supplies made by him or her during a specified period. The specified period cannot exceed a period of 2 months and will commence no less that 7 days after the date of issue of the notice.
The information, explanations or particulars required to be furnished are of a kind that the accountable person is likely to have or should be able to provide. Where the supplier fails to comply with the notice issued, he/she may be subject to a €4,000 penalty.
Further details are contained in the in Chapter 16 of the Value-Added Tax manual on the Revenue website.
All the best,
The Team at Jefferson