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Guide app VALUE-ADDED TAX A Guide to Apportionment of Input Tax October CThis document is a guide to the legislation It is not a legally binding instrument Anyone in doubt about the application of the VAT rules should contact the appropriate Revenue o ?ce

VALUE-ADDED TAX A Guide to Apportionment of Input Tax October CThis document is a guide to the legislation It is not a legally binding instrument Anyone in doubt about the application of the VAT rules should contact the appropriate Revenue o ?ce see appendix and or seek independent advice CCONTENTS INTRODUCTION THE BASIC RULES ON DEDUCTIBILITY DUAL-USE INPUTS THE PROPORTION OF TAX DEDUCTIBLE THE PROPORTION OF TAX DEDUCTIBLE FOR A TAXABLE PERIOD THE REVIEW CORRECTION OF THE ADJUSTMENT TURNOVER METHOD A SECTORAL APPROACH DATE OF INTRODUCTION TRANSITIONAL ARRANGEMENTS SPECIFIC AREAS INTRODUCTION LEASING HIRE-PURCHASE AND LOANS NON-TAXABLE ACTIVITIES ?? GRANTS SUBSIDIES AND DIVIDENDS PRIVATE USE OF DUAL-USE INPUTS SELF SUPPLIES AND APPORTIONMENT ? ? ? ? ? ? ENQUIRIES ? ? ? ? ? ? ? ? ? ? ? ? C INTRODUCTION The right of a taxable person to deduct VAT on his or her inputs is a central part of the Value Added Tax system The right to deduction is provided for in section of the Value Added Tax Act as amended A general outline of the rules is set out in paragraphs to of the Guide to Value Added Tax This Guide deals with the apportionment of input tax Apportionment arises when a taxable person is not entitled to deduct the full amount of VAT on his or her inputs Section of Finance Act substituted a new subsection into section of the VAT Act with e ?ect from March This subsection provides the legislative basis for the apportionment of input tax The Value Added Tax Apportionment Regulations S I No of the ??Apportionment Regulations ? were enacted by Revenue with e ?ect from September These Regulations provide the procedural details to give full e ?ect to the primary legislation There are two parts to this Guide Chapter to Chapter gives an overview of the legislation while Chapter to Chapter outlines the implications of the legislation for the most a ?ected sectors for example Chapter deals with the ?nancial services sector Chapter sets out the basic rules on deductibility Chapters and explain the concept of dual-use inputs and the proportion of tax deductible on the acquisition of dual-use inputs Chapter deals with the application of the apportionment rules for a taxable period while Chapter explains the concept of the annual review and adjustment of the apportionment method Chapter sets out the circumstances when interest and penalties on any incorrect adjustments will be waived Chapters and deal with the turnover method of apportionment and the sectoral approach to apportionment Chapter sets out the date of introduction and transitional issues Chapters to deal with speci ?c Careas such as incidental property and incidental ?nancial transactions ?nancial services such as leasing hire purchase and stocking loans and the e ?ect of non-taxable receipts such as grants and dividends and the interaction with private use C THE BASIC RULES ON DEDUCTIBILITY A taxable person is entitled with some exceptions - see paragraph to deduct VAT payable on his or her inputs when these