Revenue brings in new Vat system for builders

The Revenue Commissioners will introduce a new system of accounting for Vat in the building industry this week, which will require certain public sector bodies to register for the tax.

30th August, 2008

The Revenue Commissioners will introduce a new system of accounting for Vat in the building industry this week, which will require certain public sector bodies to register for the tax.

The new rules will apply to all principal contractors and sub-contractors that fall within the scope of relevant contracts tax (RCT).

This is a system whereby a principal contractor deducts tax at 35 per cent from payments to certain sub-contractors.

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