What is VAT?
There are consequences to becoming involved in a set of transactions connected with a Value Added Tax (VAT) fraud. This applies, even if the transactions in which you are involved are not themselves unlawful.
Revenue will apply penalties where appropriate, and you may:
- lose your entitlement to reclaim VAT
- become liable for Irish VAT on previously zero-rated intra-Community supplies where the related transactions are connected with fraud.
Further guidance contains more detailed information on how to protect your business from VAT fraud.