The flat-rate refund for farmers who are not registered for VAT purposes was lifted from the current 5.2% to 5.4%.
The change came into effect from 1 January 2017.
“The refund compensates unregistered farmers for VAT incurred on inputs,” Minister for Finance Michael Noonan said during his budget speech.
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The refund applies on sales of livestock, milk and grain by unregistered farmers. It is an EU-approved scheme which is intended to compensate non-registered farmers and help them recover VAT on their costs.
For dairy farmers, the refund is a credit on their milk cheque. It is added onto the output value before levies and all other penalties are taken off.
The vast majority of farmers are not registered for VAT.
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The flat-rate refund for farmers who are not registered for VAT purposes was lifted from the current 5.2% to 5.4%.
The change came into effect from 1 January 2017.
“The refund compensates unregistered farmers for VAT incurred on inputs,” Minister for Finance Michael Noonan said during his budget speech.
The refund applies on sales of livestock, milk and grain by unregistered farmers. It is an EU-approved scheme which is intended to compensate non-registered farmers and help them recover VAT on their costs.
For dairy farmers, the refund is a credit on their milk cheque. It is added onto the output value before levies and all other penalties are taken off.
The vast majority of farmers are not registered for VAT.
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