While it might seem like a give away budget, there are indirect taxes to think about [Video]

As everyone in Ireland looks to the budget calculator to figure out how much is coming in from this year, there are also indirect taxes to think about, writes Tom Woods, Partner, Head of Tax, KPMG in Ireland and Brian Brennan, Partner, KPMG in Ireland

VAT

Registration thresholds

A package of EU-wide measures aimed at simplifying VAT compliance for small and medium enterprises is due to take effect from 1 January 2025 onwards.

This package includes allowing EU Member States to set their VAT registration thresholds at a turnover value of up to €85,000 per annum.

The minister announced that businesses established in Ireland will benefit from the maximum permitted relaxation by increasing the VAT registration threshold from €80,000 to €85,000 for businesses principally engaged in supplies of goods.

The turnover threshold for businesses principally engaged in supplies of services is to increase from €40,000 to €42,500.

It is important to note that there continues to be a “nil” turnover threshold …