In a strategic move towards advancing financial digitalisation, the Minister for Finance of Ireland has announced an impending public consultation, aiming to enhance and modernize VAT Invoicing and Reporting System within the nation. This initiative, stemming from strategies delineated in the 2024 Irish Budget, encompasses exploring and potentially incorporating continuous transaction controls and e-invoicing. Meanwhile, the nation attentively observes the EU’s ‘VAT in the Digital Age’ reform package, with a vision to harmonise digital reporting across the EU. Amidst these transitions, the pivotal role of digitalisation emerges not only as a facilitator of simplified tax reporting but also as a tool to bridge the considerable VAT Gap, which currently stands at an impactful €1.7 billion.
