What is VAT?
Value-Added Tax (VAT) is an indirect tax, which is payable on sales. Each party in the chain of supply (manufacturer, wholesaler and retailer) act as a VAT collector.
They take VAT from their customer and remit the excess to Revenue at the end of each bimonthly period.
This section explains:
- who are taxable and accountable persons
- exemption from VAT
- reverse charge (self-accounting)
- qualifying activities
- VAT and fraud.
Next: Who are taxable and accountable persons?