According to the announcement in the Statement on Budget 2024 made on 10 October 2023, the Revenue Commissioners will launch a Public Consultation on which Stakeholders can submit their opinions on modernizing Ireland’s VAT Invoicing and Reporting System.The consultation period, which was initiated by Minister of Finance Michael McGrath, will be available for public input from October 13, 2023, until January 12, 2024. Using a modernized system can make it easier for businesses to follow tax rules and reduce fraud. Many other advanced countries in the EU have already adopted their process to digitize systems, so Ireland can learn from their experiences and will exchange their current system with the most efficient and digitize VAT Invoicing and Reporting System.
Apart from the newly launched modernized e-Invoice system in Ireland has already adopted the use of Peppol framework for e-Invoice exchanging from April 2020. Old regulation only covers transactions between business- to-public entities(B2G), obliged to issue and transmit e-Invoice according to Peppol Standards. With this Announcement, Ireland is aiming to promote the large-scale use of e-Invoicing between businesses. After the public consultation completed more details were expected to be clarified.
