Value Added Tax Consolidation Act 2010 section 53A

Postponed accounting

Section 53A provides for a postponed accounting system that allows VAT-registered traders importing goods from outside the EU (including from Great Britain) to account for import VAT through their VAT return rather than paying it at the point of importation.

• An accountable person may account for VAT on imported goods in the VAT return for the taxable period in which the VAT became chargeable, instead of paying it at the time of importation.
• If the accountable person imports goods under postponed accounting but fails to account for the VAT in the relevant return, the VAT becomes due as if postponed accounting had never applied — that is, it falls due at the point of importation.
• Revenue may serve a notice of exclusion where they are satisfied that the accountable person no longer complies with the regulatory requirements or conditions governing the use of postponed accounting.
• An accountable person who receives a notice of exclusion may appeal it to the Appeal Commissioners within 30 days of the date of the notice.