Summary
On April 13th 2022, the Irish Government announced a reduction in the rate of VAT on gas and electricity from 13.5% to 9%. This reduced rate has been extended to last until 31st October 2024.
What's changing?
To help businesses and households, the Irish Government temporarily reduced the rate of VAT that applies to gas and electricity from the reduced rate of 13.5% to the second reduced rate of 9%. This will revert back to the 13.5% reduced rate from 31st October 2024. Details of the reduction can be found on the Budget 2023 website.
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Resolution
It is surmised that new VAT code(s) will be set up for the new 9% VAT rate for gas and electricity supplied between May 1st and October 31st.
This guidance covers the purchase of gas and electricity.
Below is a link to a document for VAT rate changes.
VAT rate changes
If you require assistance with setting up or amending a VAT code in X3 then you can find this on Sage University, free for all to access, to proceed please click on the below link: