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Ireland VAT Rate Reduction
This notice is intended for NetSuite accounts that have an Ireland subsidiary and you have installed the International Tax Reports SuiteApp.Effective September 1, 2020 until February 28, 2021, the Value Added Tax (VAT) rate for Ireland will be reduced from 23% to 21%. Consequently, you will need to make changes to your tax codes in your NetSuite account to match the tax rate reduction.
What is Changing?
Starting from September 1, 2020 until February 28, 2021, the standard VAT rate will be reduced to 21%.
The Ireland VAT3 return form will be updated to report the tax codes applied with the new reduced standard VAT rate.
Recommended Actions
For accounts with an existing Ireland subsidiary, you need to do the following on or before September 1, 2020:
Regards,
@Robert Nedelkow-Oracle | NetSuite Support Community Administrator
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