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Irish Budget 2024 – VAT-related measures

This month, Kofax has focused on the e-invoicing and e-reporting consultation which Ireland launched as part of the 2024 Irish Budget. However, Ireland covered much more ground in its 2024 Budget, which extended beyond a proposed e-invoicing and e-reporting mandate.

Ireland’s Budget Statement featured several VAT measures, including:

  • an extension of the 9% reduced VAT rate on gas and electricity supplies by one year to 31 October 2024
  • a reduction in the VAT rate on the supply of electronic books and audio books to 0%, effective 1 January 2024
  • a reduction in the VAT rate to 0% on the supply and installation of solar panels on school buildings, effective 1 January 2024
  • a reduction in the flat rate addition for farmers from 5% to 4.8%.

There are also further changes concerning the VAT registration threshold, which are expected to be modified from 1 January 2024, in line with the following:

  • Supplies of goods: the new threshold will be €80,000, up from €75,000
  • Supplies of services: the new threshold will be €40,000, up from €37,500.

Impacted entities below the obligatory threshold to register may optionally register for VAT.

Ireland’s Revenue website summarises the proposed initiatives:

Ireland is a compliant territory for Kofax, and our e-invoicing solution supports all valid VAT rates in the country today. The proposed VAT rate changes detailed above are already integrated in Tungsten Network’s e-invoicing solution; we will not need to initiate any further changes in our system to facilitate these changes.

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