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U.S. Department of Treasury sets outs its position on EU State aid

The U.S. Department of the Treasury recently issued a policy paper on the European Commission’s State aid investigations of transfer pricing rulings.  The paper acknowledges the shared concerns of the US Treasury and the EU on tax avoidance by multinational companies, but sets out the US.....


Multilateral Convention for tax co-operation breaks through the 100 mark

The number of jurisdictions participating with the Multilateral Convention on Mutual Administrative Assistance in Tax Matters has reached 103 with the recent membership of Burkina Faso, Malaysia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Samoa. Liechtenstein also recently ratifie.....


Consultations aplenty

Recently HMRC and HM Treasury released a number of new tax consultations and pieces of draft legislation, many of which have been awaited for some time. Last week we reported on the Making Tax Digital consultations to which this Institute will respond. The long list of consultations issued follows .....


OECD releases discussion draft on branch mismatch structures under Action 2 of the BEPS Action Plan

Interested parties are invited to provide comments on a discussion draft which deals with branch mismatch structures under Action 2 (Neutralising the Effects of Hybrid Mismatch Arrangements) of the BEPS Action Plan.             &.....


July Digital Services update

HMRC have asked us to share their monthly update on Digital Services with members.  “Agent Services Beta service on PAYE Liabilities and Payments The trial of the Agent Services (AS) beta service for PAYE liabilities and payments is continuing. Over 5,000 agents have joined the trial ser.....


HMRC security – “2 step verification” update

HMRC have asked us to share the following update on 2 step verification. “In March, HMRC introduced an extra layer of security that business customers registered for Self-Assessment only could choose to use when logging on to HMRC Online Services. They could choose to use 2 Step Verification (2SV) .....


This week’s UK tax tidbits

Developments of interest this week are outlined.     The rate of interest payable for late payment of most taxes and duties fell to 2.75% from 23 August 2016 A number of VAT publications have been recently published:- VAT Notice 741A: place of supply of services, VAT Notice 725: the singl.....


Public Consultation on Ireland/US Double Tax Treaty

The Department of Finance has launched a consultation on the Ireland/ US Double Tax Treaty. The US recently updated their Model Tax Treaty and written comments are being sought by the Department on the updated model from an Irish perspective. Comments are also welcome on the current double taxation.....


Keeping Company

Brian Keegan, Director of Taxation, discusses how tax loopholes are not the reason why two thirds of companies in Ireland do not pay corporation tax in his column in the Sunday Business Post. Today in the Irish Examiner, Brian considers the Government’s recent study on the implications arisin.....


IFAC urges G20 to call for global adoption of internation standards including IFRSs

The International Federation of Accountants (IFAC) has submitted recommendations for endorsement by the Group of Twenty (G20) during their meeting in China on 4-5 September 2016. The recommendations include a call for the adoption and implementation across all jusridctions of intenational standards.....


IAASB: Paper on Supporting Credibility and Trust in Emerging Forms of External Reporting

The International Auditing and Assurance Standards Board (IAASB)’s Integrated Reporting Working Group, dedicated to exploring emerging forms of external reporting (referred to as EER), has released a Discussion Paper, Supporting Credibility and Trust in Emerging Forms of External Re.....


IFRS Foundation develops Guide to Common Practice Content

The IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board, has developed a guide to explain IFRS Taxonomy common practice content in more depth. For more information, please click here.....


UK Companies House: Small Business, Enterprise and Employment Act 2015

The UK Companies House has recently published an update on the Small Busines, Enterprise and Employment Act 2015, including information on the replacement of the annual return with a 'conformtaion statement' from 30 June 2016 and the 'People with Significant Control' register. To access the Compani.....


IFRS Interpretatons Committee - September meeting agenda

The IFRS Interpretations Committee will meet on 6 and 7 September. The agenda for the meeting is available on the IASB's website, by clicking on this link.   Information on the status of the activities of the Interpretations Committee is available by clicking on this link.....


Deadline for converting to a DAC (Designated Activity Company) - 31 August

Companies wishing to be converted to a Designated Activity Company (DAC) under the Companies Act 2014 must, under the Act, pass an ordinary resolution to convert by 31 AUGUST 2016.  Thereafter may only re-register following procedure under Part 20 or following a section 57 CA 2014 court o.....


Six Specialist Qualifications to consider this autumn

The new term is about to kick off in September and schools and colleges are getting into back-to-school mode. Are you? If you have been considering upskilling, a career move or to boost your CPD hours, one of our courses might be for you. Here are the bare basics of what's starting off soon. Diplom.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue has issued eBrief No. 76/2016 which gives details of some significant revisions that have been made to the 2015 ROS Form 11. Revenue has introduced 1890 phone numbers in four more regions in order to provide a single point of contact .....


Participant profile: Barry Lonergan Chartered Tax Consultant

Barry Lonergan talks about why he decided to become a Chartered Tax Consultant and his experience on the course.  Why I chose tax I’ve always been interested in tax, since my school days studying the Leaving Certificate. Tax is the reason I studied Business in Waterford Institute of Technology.....


The virtual workplace – A reality of the future…or the present?

The virtual workplace – A reality of the future…or the present?   Virtual Working is likely to be the reality of how work will be shaped in the future. Organisations, regardless of industry or size, will need to continually adapt to different ways of working in response to technology, the war .....


iXBRL – confirmation of filing extension from Revenue

Following on from our earlier communication to members, Revenue has issued eBrief No. 75/16  which gives confirmation that the iXBRL filing deadline has been extended to within three months of the Form CT1 filing date.  The concessional 21 day extension will be increased to three months i.....


Update to 2015 ROS Form 11

Revenue has issued eBrief No. 76/2016 which gives details of some significant revisions that have been made to the 2015 ROS Form 11. An updated version was made available on 11 June 2016. These changes will require that any work-in-progress at that date will need to be completed on the updated vers.....


Regional 1890 Business Taxes Phone Numbers

Over the past few weeks, Revenue has been introducing regional 1890 phone numbers to provide a single point of contact within each region to enable taxpayers and tax agents to direct their business tax queries. The service is available from 9:30am to 4:00 pm Monday to Friday in the Border Midlands .....


Loss reform consultation timing should be reconsidered

That’s according to the Institute’s Northern Ireland Tax committee in its response to the consultation “Reforms to corporation tax loss relief: consultation on delivery”. The Committee expressed its concern that the proposed reforms come at a time of economic uncertainty in .....


Making Tax Digital consultations published

Consultations on “Making Tax Digital”, the quarterly filing process for many smaller businesses have been published.  The consultation period runs from 15 August 2016 to 7 November 2016, and the Institute will engage with the consultation process.....


HMRC: the standard for agents

Following on from the publication of the HMRC Agent Standard in February’s Agent Update HMRC has now created a dedicated page for the standards on GOV.UK. Members will note that the standards referred to do not add anything to the existing standards expected of members of this Institute, deta.....


Do you act for high net worth clients?

The NI Tax Committee is in regular contact with the High Net Worth Unit (HNWU) of HMRC. This is a specialist division which deals with the tax affairs of the UK’s wealthiest individuals under its customer relationship model. A catch up call was recently held with the head of the East Kilbride.....


This week’s UK tax tidbits

Developments of interest this week are outlined.   Notice 34: intellectual property rights explains how HMRC operates the EU procedures on customs enforcement of intellectual property rights HMRC has updated the list (List 3) of professional bodies and learned societies, approved by HMRC for t.....


European Commission accepts that diamonds are special.

Back in May 2015, Belgium notified the Commission that it planned to introduce a specific income tax regime for diamond traders because it had found difficulties in applying the general income tax regime to that particular sector. In Belgium, income tax is generally paid on business profits but for.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue has issued practical guidance notes on the Knowledge Development Box relief which became effective on 1 January 2016 Individuals who have a Buy-out Bond that originated in a Defined Benefit pension scheme will now be allowed to use th.....


iXBRL - confirmation of filing extension from Revenue

Following on from our earlier communications to members, Revenue has issued eBrief No. 75/16  which gives confirmation that the iXBRL filing deadline has been extended to within three months of the Form CT1 filing date.  The concessional 21 day extension will be increased to three months .....


Digital Certificates

The Companies Registration Office (CRO) will commence issuing all Certificates of Incorporation of a Company Nameas “digitally certified” documents from early September 2016.   These Digital Certificates will replace the paper Certificates currently in use which are posted out to p.....


Pensions Authority Annual Report

The Pensions Authority has published its Annual Report and Accounts for 2015.  The report outlines the progress and activity of the Authority during 2015 Commenting on the Annual Report, the Chairperson of the Pensions Authority David Begg said: “Our responsibility is to supervise and pr.....


IFRS Green Book

The IFRS Foun­da­tion has announced that 'A Guide through IFRS 2016' will be available in September. This volume will include the full text of the Standards and In­ter­pre­ta­tions and ac­com­pa­ny­ing documents (such as the Basis for Con­clu­sions) i.....


World Standard Setters Conference

A draft programme has been released for the upcoming World Stan­dard-set­ters meeting, which is being held in London on 26-27 September 2016. Further details on this conference can be accessed here.....


Diploma courses FAQs

If you couldn’t attend our Specialist Qualifications open evening which was held in Pearse Street this week, don’t worry – we can answer any questions you have by email to LLL@charteredaccountants.ie but you might be interested to see some common questions here.  1.    &nbs.....


HMRC services - don’t be caught out by planned downtime

Will you be using HMRC online services in the coming weeks? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for informat.....


Personal tax account – new services

HMRC have asked us to make members aware of some new services online available via the personal tax account. The update from HMRC is outlined. “We now have over 3 million customers using their Personal Tax Account (PTA) with more signing up every day. I want to let you know about new services.....


Revenue issues Guidance on the Knowledge Development Box

Revenue has issued practical guidance notes on the Knowledge Development Box (KDB) relief which were prepared with input from Chartered Accountants Ireland (representing CCAB-I) and other parties via the Tax Administration Liaison Committee (TALC) forum. The KDB, which became effective from 1 Janua.....


Defined Benefit pension schemes and Buy-out Bonds

As we previously reported, individuals who have a Buy-out Bond that originated in a Defined Benefit pension scheme will now be allowed to use these Buy-out Bonds to access an Approved Retirement Fund (ARF). This change became effective from 22 June 2016. Prior to this change, accessing an ARF was o.....


Changes to corporation tax forms - make sure you’re in the know

HMRC have asked us to share the below briefing note which outlines changes which apply from today to corporation tax forms.     “External Briefing Business Tax Account - Changes from 15th August 2016. Review of corporation tax forms Digital Services for customers will be at the hear.....


Specialist Qualifications open evening: Wednesday 17 August 2016

The Diploma in Taxation will feature among courses covered during the Specialist Qualifications open evening on Wednesday 17 August 2016 in Chartered Accountants House, Pearse Street, Dublin 2 from 5:00pm – 7:30pm. Coming into its fourth intake, the Diploma is available by classroom and dista.....


tax.point August issue

In the August issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, Ethna Kennon and Shea Higgins provide an insight into how the recent Brexit vote will impact the operation of VAT on a national and international level while also touching on the operation of the newly est.....


It’s good to talk

Details of forthcoming Talking Points and Working Together events are outlined. HMRC’s Agent Talking Points are weekly online digital meetings designed specifically for tax agents and advisors, which sit alongside HMRC’s regular monthly Working Together online meetings with agents......


European Commission launches consultation on reduced VAT rates for electronically supplied publications

The European Commission has just launched a public consultation on reduced and super-reduced VAT rates for electronically supplied publications. The Commission made a commitment in its 2016 Actions Plan on VAT (Com (2016) 148 final) to put forward a proposal for legislation in 2016 to allow Member .....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Agent Update 55 has been published HMRC’s business profits toolkit has been updated Updated guidance on phishing emails and bogus contact has been published VAT notice 600 which deals with classifying imports and exports.....


Positive impact of new Accounting Bill for small and micro Irish companies – Chartered Accountants Ireland

Chartered Accountants Ireland has welcomed the publication last Friday of the long-awaited Companies (Accounting) Bill 2016.  When enacted, the Bill will have a positive impact on many small and micro companies across the country. Chartered Accountants Ireland Director of Representation and Te.....


CAP2 June 2016 exam results released

Chartered Accountants Ireland published the CAP2 June 2016 exam results last Friday. Overall the results are excellent and are the highest results to date since CAP2 was introduced.   In reviewing the results Ian Browne (Head of Assessment & Syllabus) noted: 67% of students passed&nbs.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland The Diploma in Taxation will feature among courses covered during the Specialist Qualifications open evening on Wednesday 17 August 2016 in Chartered Accountants House, Pearse Street, Dublin 2 from 5:00pm – 7:00pm. Revenue has issued a .....


CRO Gazette

The CRO (Companies Registration Office) has just issued their weekly Gazette which includes pdf lists of new companies, change of name, annual returns received/registered.  The document and previous issues can be downloaded at this link.....


Minister highlights progress of International Financial Services

Minister of State for Financial Services Eoghan Murphy has welcomed the publication of the IFS2020 Q1 2016 and Q2 2016 progress reports on the implementation of IFS2020, the Government’s Strategy for Ireland’s International Financial Services (IFS) sector.  The progress r.....


IAASB Work Plan 2017-18

The IAASB’s Survey Consultation, The IAASB’s Work Plan for 2017‒2018 and Continuing Relevance of Its Strategic Objectives, is seeking feedback from a wide range of stakeholders to assist the board in evaluating its priorities for 2017–2018 and allocating its resources.  Respo.....


Your pet might be your untapped study aid

          Studying can be stressful. Maybe not all of the time, but with those deadlines come anxiety and pressure. There are plenty of relief mechanisms that can take our minds off things for a while like socialising, exercise or other breaks. But what about your mutt, mog.....


CIS online service verification issues

Five issues are currently affecting subcontractor verification through the HMRC CIS online service. HMRC have set out what these issues are, and what to do if you encounter them.  .....


Finance Bill 2016 changes

Some policy documents and guidance relevant to matters contained in Finance Bill 2016 have been published. Details are also outlined of amendments to specific clauses.   Income tax: changes to dividend taxation This document outlines the changes to taxation of dividends effective from 6 April .....


OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes peer reviews

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) recently published 10 new peer review reports which allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating for eight jurisdic.....


HMRC performance stats

HMRC have recommenced publication of their business plan indicators with the publication of business plan indicators for quarter 4 of 2015/16. The figures published are initial management information to provide an indication of HMRC's performance. They are therefore subject to revision and audit.....


Exchequer Returns end-July 2016

The end of July Exchequer returns were released by the Department of Finance last week. While tax take for the year so far is €644 million ahead of target, VAT, which is a key measure of consumer spending, is below target by some €61 million for the month of July. Tax revenue of €26......


OECD releases discussion draft on approaches to BEPS involving interest in the banking and insurance sectors

Interested parties are invited to provide comments on a discussion draft which deals with approaches to address BEPS involving interest in the banking and insurance sectors under Action 4 of the BEPS Action Plan. In October 2015, the Action 4 report Limiting Base Erosion Involving Interest Deductio.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     HMRC has released guidance on capital versus revenue expenditure when preparing self-assessment tax returns A guidance note has been published on how to get the VAT back on goods purchased in the UK from shops that offer tax free shoppi.....


Administration of paternity benefit

Revenue issued a note to employers and pension providers last week giving details of the administration of the new paternity benefit which has been introduced in respect of births and adoptions on or after 1 September 2016. Paternity benefit is liable to income tax but USC or PRSI do not apply. Ind.....


On-Line payment of Attachment amounts

Revenue Online Service (ROS) and myAccount are now enabled to process on-line payments for Attachment amounts. On the payment screen on ROS or myAccount, customers can click ‘Attachment’ and by providing details of the customer name and tax reference number, attachment reference number .....


Amendment to Electronic Tax Clearance Guidelines

Revenue has amended its Electronic Tax Clearance (eTC) Guidelines & Procedures Manual to reflect changes to the appeal system where an application for tax clearance has been denied. All appeals must now be made directly to the recently established Tax Appeals Commission. The guidelines also now.....


Companies (Accounting) Bill 2016 published

The long-awaited Companies (Accounting) Bill to transpose the EU Accounting Directive (Directive 2013/34/EU) has been published today, 5 August 2016.  It can be accessed on the Oireachtas website by clicking on this link. The Bill proposes to introduce a small companies regime and a micro comp.....


How Long is a piece of string? Part one

The expression ‘I don’t want to accept the first role that comes along’ often resonates during career conversations. In a strong jobs market where many candidates will have a range of options open to them, they may well be offered a role quite quickly. Sometimes the first offer th.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland  CCAB-I made its annual pre-Budget submission to the Minister for Finance last week. Following a commitment by the Partnership Government to develop proposals for income tax reform by July 2016, the Income Tax Reform Plan was published l.....


CEOs issue corporate governance principles

A group of CEOs has issued a set of com­mon­sense corporate gov­er­nance prin­ci­ples for public companies, boards of directors, and share­hold­ers. The prin­ci­ples are intended to provide a basic framework for sound, long-term-ori­ented gov­er­n.....


FEE’s response to PCAOB comment letter

The Federation of European Accountants in Europe has responded to the PCAOB’s (Public Company Accounting Oversight Board) comment letter on the reproposal on audit of financial statements when the auditor expresses an unqualified opinion.   The Federation welcomes the reproposed aud.....


IFRS Monitoring Board publishes work plan

The IFRS Foun­da­tion Mon­i­tor­ing Board, re­spon­si­ble for the oversight of the IFRS Foun­da­tion, has published its work plan and expects that it will carry out the ac­tiv­i­ties in the near-term.   The Board organised its plan into .....


Updated version of the MOSS report

The European Commission recently published updated information on national rules applied in Member States for the use of the mini one-stop shop (MOSS). The published report includes definitions and explanations along with a summary table of applicable VAT rates, as well as information on use and en.....


Public Consultation on reduced VAT rates for electronically supplied publications

The European Commission has launched a consultation on the VAT treatment of electronically supplied publications.  The consultation takes the form of an online questionnaire via the EU Survey Application. The consultation is seeking views on: 1. The commitment by the Commission in its 2016 Act.....


OECD releases discussion draft on BEPS interest issues in the banking and insurance sectors

Interested parties are invited to provide comments on a discussion draft which deals with approaches to address Base Erosion Profit Shifting (BEPS) involving interest in the banking and insurance sectors under Action 4 (Interest deductions and other financial payments) of the BEPS Action Plan. This.....


Tax-Free Childcare Scheme

HMRC have published details of Tax-Free Childcare, a new government scheme to help working parents with the cost of childcare. The scheme will be available for children up to the age of twelve, or seventeen for children with disabilities. For every £8 a parent pays for childcare by a register.....


Savers take advantage of landmark pension freedoms

In April 2015, pension reforms allowed individuals the ability to access their savings how and when they want. Figures released on 28 July 2016 show that 159,000 people have accessed £1.7 billion from their pensions since April 2016. The total value of payments taken since the launch of the f.....


Upcoming Talking Points events

Details of the next Talking Points events have been announced. HMRC’s “Talking Points” are online seminars providing opportunities for discussion on various tax matters.  Wednesday 3 August: 15:00-13:45           Subject: Employment Intermediarie.....


This week’s UK tax tidbits

Developments of interest this week are outlined. HMRC have published its annual reports and accounts 2015 to 2016 Webinars helping those working in the Construction Industry Scheme have been produced by HMRC. Statistics relating to the number of estates that pay inheritance tax have been published......


Government publishes Income Tax Reform Plan

Following a commitment by the Partnership Government to develop proposals for income tax reform by July 2016, the Income Tax Reform Plan was published last week. The purpose of the plan is to review the personal taxation system that exists in Ireland, and to consider possible options for future ref.....


Time to Refocus on Domestic Tax Policy - A tax system to benefit Ireland

CCAB-I made its annual Pre-Budget submission to the Minister for Finance last week.  The key items being promoted are: Ireland must protect its tax sovereignty. Ireland should not necessarily be the first adopter of international tax policy if that is not always in Ireland’s best interes.....


Payment of Local Property Tax by Direct Debit

Revenue has updated its Tax and Duty manual to outline procedures to follow when creating, amending and cancelling monthly Single Euro Payment Area Directive (SEPA) direct debit instructions for the payment of Local Property Tax. Direct debit customers and their tax agents can now self-manage payme.....


leading with integrity book coverRecommended Reading
Leading with Integrity: A Practical Guide to Business Ethics
by Ros O'Shea
This book equips business leaders and managers with the understanding and tools to set the right ‘tone at the top’, embedding a culture of integrity and compliance with ethical and organisational values.

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