Hi,
As Revenue requires VAT to be charged on the cost of goods diverted for personal use I was wondering if someone could advise on the VAT base (cost of goods) if some of those goods were for personal use and goods were imported from outside EU (paid for in $).
Customs have established the value of the goods (Purchase price + FOB freight in $, revalued in € as per their exchange rate upon importation). I paid VAT based on their revaluation and reclaimed it back. Now I am going to use some of the goods my self and pay back VAT to Revenue originally reclaimed as required.
Now, what is my Cost of goods in order to calculate the VAT?
The actual purchase price I paid for the goods differs from the purchase price revalued by Customs upon importation as my bank uses different exchange rates than those applied by Customs. I am better off charging myself VAT on the Customs value
, but is it legitimate to do so if the actual cost differs from the Customs one?
As Revenue requires VAT to be charged on the cost of goods diverted for personal use I was wondering if someone could advise on the VAT base (cost of goods) if some of those goods were for personal use and goods were imported from outside EU (paid for in $).
Customs have established the value of the goods (Purchase price + FOB freight in $, revalued in € as per their exchange rate upon importation). I paid VAT based on their revaluation and reclaimed it back. Now I am going to use some of the goods my self and pay back VAT to Revenue originally reclaimed as required.
Now, what is my Cost of goods in order to calculate the VAT?
The actual purchase price I paid for the goods differs from the purchase price revalued by Customs upon importation as my bank uses different exchange rates than those applied by Customs. I am better off charging myself VAT on the Customs value
, but is it legitimate to do so if the actual cost differs from the Customs one?