The cash receipts basis threshold will increase from €1.25M to €2M with effect from 1 May 2014.

The reduced VAT rate of 9% for goods & services mainly related to the tourism and hospitality industry will remain for 2014.

The unregistered farmer’s flat rate addition will be increased from 4.8% to 5% with effect from 1 January 2014.

The budget contains a number of Revenue measures to combat VAT fraud including a proposal that businesses which have not paid for supplies, in full or part, within a six month period will be required to repay the VAT claimed on those supplies. In addition, the Budget proposes to allow Revenue to apply an emergency reverse-charge measure to address sudden VAT fraud.