If I buy a VAT-qualifying car from the UK, am I correct in saying that I deduct the VRT, customs and VAT paid upon entry from the following selling price here and am then liable for Irish VAT on that figure?
E.g. SP = €20,000 - tariff €1,000 - VAT €1,230 - VRT €1,500 = €16,270 so VAT liability of €3,043?
Thanks for any clarification you can give me.
Filed under importing - Asked by Kathryn O'Connell (Dublin 16) - Thu, 04 Mar 2021 12:29
Not quite. You don’t deduct the VAT and VRT to find out the OMSP — Open Market Selling Price — as that’s a figure arrived at independently by Revenue. It’s on that figure, whatever it might be, that your VRT and VAT will be calculated.
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