VAT3

A VAT 3 is a form filed in every two months by companies, business' and Sole Traders in the Republic of Ireland who are registered for Value Added Tax.

The Form is fairly easy to understand and contains 6 boxes.

T1, T2, T3, T4, E1 and E2 are the titles of each of the boxes.

T1

The figure entered into T1 is the total amount of VAT the business has received on the sales they have made.

T2

The figure entered into T2 is the total amount of VAT the business has paid on the Purchases they have made.

T3

T3 is only to be filled out if the total amount of domestic VAT on Sales (T1) is higher than the Total amount of domestic VAT on Purchases (T2). This figure is the total Net payable to the Irish Revenue Commissioners, that is, the amount of VAT the business will be paying to the Revenue Commissioners.
If T2 exceeds T1 a Nil figure can be placed in this box.

T4

T4 is only to be filled out if the total amount of VAT on Purchases (T2) is higher than the Total amount of domestic domestic VAT on Sales (T1). This figure is the total Net repayable from the Irish Revenue Commissioners, that is, the amount of VAT the business will be receiving from the Revenue Commissioners. Usually companies making a Refund claim will be asked to provide Proofs of their Purchases, usually invoices, bills, etc.
If T1 exceeds T2 a Nil figure can be placed in this box.

E1 and E2

These boxes are only to be filled out by business' who are trading, that is importing and exporting goods and/Or services, with other EU countries and states. As no VAT is liable for 'Intra-Community' transactions these boxes are merely there for observational and statistical purposes.
The figure entered into E1 is the total amount made on sales going to other nations or states within the E.U. That is, the amount the business is receiving on EU exports.
The figure entered into E2 is the total amount paid on purchases from other nations or states within the E.U. That is, the amount the business is spending on EU imports.

Electronic or Paper

The Irish Revenue Commissioners are heavily promoting their new Revenue On-Line Service system, and VAT 3's can be filed online as such, but they can still be filed on the traditional and recognisable green paper.

External Links

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