Posted by Revenue eBrief No. 050/21
VAT – Postponed Accounting – Entries on VAT3 Return and VAT Return of Trading Details (RTD)
The VAT – Postponed Accounting Tax and Duty Manual has been updated to include information on Postponed Accounting entries on the VAT3 Return and the VAT Return of Trading Details.
EXTRACT:
3 Postponed Accounting Entries on VAT3 Return.
The PA1 field on the VAT3 Return should include the Customs value of goods imported under Postponed Accounting as per Customs Declarations plus Customs Duty. This figure should include all goods imported under Postponed Accounting to which all VAT rates apply. Imported goods that are classed as zero-rated goods should also be included in the PA1 field if Postponed Accounting was applied on the Customs Declaration for these particular goods. Further information and guidance with regard to the Customs value of goods is available in the Tax and Duty Manual (TDM) Customs Manual on Valuation.
The T1 figure on the VAT3 Return should include the amount of VAT applicable to the entry at the PA1 field on the return.
The T2 figure on the VAT3 Return should also include the amount of VAT applicable to the entry at the PA1 field on the return (subject to the usual rules of deductibility).
4 Postponed Accounting Entries on VAT Return of Trading Details (RTD).
ROS online VAT RTD second screen refers to ‘Acquisitions from the European Union and Non-European Union’. The second column of the VAT RTD paper return refers to such acquisitions. When completing this section of the VAT RTD you must include the value of the goods you acquired to which Postponed Accounting arrangements were applied. The value to be entered in the various fields is the Customs value of goods imported under Postponed Accounting as per Customs Declarations plus Customs Duty.
The PA2 field should equal the total value of the figures for Postponed Accounting that are inserted in the various VAT rate fields. Imported goods that are classed as zero-rated goods should also be included in the PA2 field if Postponed Accounting was applied on the Customs Declaration for these particular goods.
ROS online VAT RTD third screen refers to ‘Goods or Services Purchased for Resale(Irish or Intra-EU acquisitions, Postponed Accounting & Non-EU Imports)’. The third column of the VAT RTD paper return refers to such acquisitions. When completing this section of the VAT RTD you must include the value of the goods you acquired to which Postponed Accounting arrangements were applied. The value to be entered in the various fields is the Customs value of goods imported under Postponed Accounting as per Customs Declarations plus Customs Duty.
The PA3 field should equal the total value of the figures for Postponed Accounting that are inserted in the various VAT rate fields. Imported goods that are classed as zero-rated goods should also be included in the PA3 field if Postponed Accounting was applied on the Customs Declaration for these particular goods.
ROS online VAT RTD fourth screen refers to ‘Other Deductible Goods and Services
(Irish or Intra-EU acquisitions, Postponed Accounting & Imports)’. The fourth column of the VAT RTD paper return refers to such acquisitions. When completing this section of the VAT RTD you must include the value of the goods you acquired to which Postponed Accounting arrangements were applied. The value to be entered in the various fields is the Customs value of goods imported under Postponed Accounting as per Customs Declarations plus Customs Duty.
The PA4 field should equal the total value of the figures for Postponed Accounting that are inserted in the various VAT rate fields. Imported goods that are classed as zero-rated goods should also be included in the PA4 field if Postponed Accounting was applied on the Customs Declaration for these particular goods.
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