Postponed accounting for Value-Added Tax (VAT) on imports is available to all traders that are registered for VAT and Customs and Excise. Postponed accounting arrangements may be applied to all imports from third countries, including Great Britain (excluding Northern Ireland), but it is not compulsory.
Postponed accounting enables VAT registered traders to account for the VAT due on imports on their VAT3 Return. Import VAT may be reclaimed at the same time as it is declared, subject to the usual rules on deductibility. This removes the need to pay at the point of importation as it will be a simultaneous in or out accounting transaction.
Traders will have to fulfil certain conditions in order to avail of postponed accounting. They must be able to demonstrate that they comply, when requested to do so by Revenue.
Further guidance contains more detailed information on postponed accounting.