Reporting and payment requirements

VAT returns are submitted on a quarterly basis, on the 20th of the following month after the end of the quarter.  After registration the VAT office will forward to the entity the VAT return related to the quarter for submission. 

The VAT amount is paid to any participating bank and the return (along with the deposit slip) is taken to the VAT office for certification.

VAT Records

Records must be kept by the entity of goods and services received and sold in their normal course of business.  The records kept must be sufficient to allow the VAT office to verify any return under a VAT audit.

Records need to be complete and up-to-date. 

Amendments to past VAT returns

A voluntary correction may be made if an incorrect VAT return has been submitted to the VAT office.

• where the misstatement or omission is less than €1,708 the correction can be made on submission of the next VAT return (provided the correction itself is not more than 3 years old)
• where the misstatement or omission is greater than €1,708, or the correction is related to transactions greater than 3 years old, the Commissioner will need to be notified of the taxpayers intention of making a correction.  The taxpayer will then make the necessary correction according to the directions given to him from the VAT Commissioner.