VAT advice for pig farmers

Pig farmers have been alerted to the need to have the VAT flat rate addition shown separately on remittance advice sheets from factories – if they are to be confident of getting the full flat refund, increased from 4.3% to 4.4% on January 1.

Teagasc Pig Specialist said the increase will be worth at least €260,000 to pig producers this year. “Under VAT regulations, the VAT rate and the flat rate addition must be shown separately on the on remittance advice sheet which the producer gets for each load of pigs. I am not aware that the VAT rate is shown on returns. In many cases, the VAT refund is not shown separately”, advised Mr Tuite in the Teagasc Pig Newsletter. “Until both these items are declared separately can produces be confident that they are getting their correct VAT refund”.