VAT registered traders are reminded of their obligation to submit an annual statistical Return of Trading Details (RTD) in Revenue. As mandatory e-filing applies to the majority of VAT-registered traders, Revenue Online Service or ROS is the primary channel for submission of the RTD.
The annual RTD form was introduced by Revenue in an effort to simplify the administrative process in relation to calculating the annual total VAT on purchases and sales at its various rates.
A recent redevelopment of the process and renewed push towards compliance means that changes to the current filing system are to be delivered in a number of stages. These proposed changes include a simplified RTD format in ROS and cessation of paper-based filing which has been available to a limited number of approved VAT traders.
Since September 1, 2013 taxpayers who are seeking repayments or refunds of tax may be requested by their local Revenue District to submit outstanding RTD forms before such repayments or refunds are issued.
If you have any queries regarding submission of your Return of Trading details please contact us on (021) 4310266.
See Also: VAT On Property Rules