New VAT rules for scrap metal industry

Revenue has confirmed that new VAT rules are to apply to supplies of scrap metal from 1 May 2011. The new rules will effect: VAT registered scrap metal dealers who buy scrap metal from VAT registered businesses in Ireland; and VAT registered businesses that supply scrap metal to scrap metal dealers in Ireland. The “reverse…

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New VAT rules for carbon credits

Section 133, Finance Act 2010 was commenced by the Minister for Finance on 8 April 2010. Section 133 introduces a reverse charge mechanism for trading in greenhouse gas emission allowances (carbon credits) from the commencement date. Under the reverse charge mechanism the supplier is not liable for the VAT on the supply. The supplier issues…

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