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Commission starts another State Aid investigation into Luxembourg’s tax rulings

The European Commission has opened an in-depth investigation into Luxembourg's tax treatment of the GDF Suez group (now Engie). The Commission says that several tax rulings issued by Luxembourg may have given GDF Suez an unfair advantage over other companies, breaching EU State Aid rules. The Commi.....


Andorra taxation agreement approved by EU

Andorra recently concluded an agreement with the European Union which will give tax authorities in the EU improved access to information on financial accounts held in Andorra by residents from the EU and vice versa. The agreement upgrades a 2004 agreement that obliged Andorra to apply measures equi.....


Budget 2017 date confirmed - 11 October

Budget 2017 will be presented on Tuesday, 11 October 2016. The Institute will circulate an update to members of the tax changes and measures announced. .....


Making Tax Digital – book your place now

Bookings are still being taken for the Institute’s member forum on Making Tax Digital which is being held next week on Tuesday 4th October. Come along to this session and have your say on the consultation proposals, which will involve most businesses having to file quarterly returns from 2018.....


Change of duration on opinions from Large Cases Division

Revenue has reduced the period for which such opinions or confirmations will apply from 7 years to 5 years and a shorter period may apply in certain instances. Revenue has updated its Tax and Duty Manual to reflect this change and the manual also provides further details on how the process works. &.....


Guidance on NI corporation tax regime

Draft guidance on the operation of the Northern Ireland Corporation Tax legislation has been published by HMRC. Assuming the legislation is “switched on”; it is intended to take effect just under 18 months away on 1 April 2018 with a 12.5% rate from commencement. Comments are requested by 7 January.....


2 step verification

HMRC have asked us to share the below update on 2 step verification. “Protecting customer data remains a priority for HMRC and, since 29th March 2016, we have provided 2 Step Verification – an extra layer of security which requires a mobile or landline phone – to millions of custo.....


Repeal of EU Savings Directive

As previously reported, the EU Savings Directive was repealed in November of last year.  A Revenue eBrief 80/16 of today’s date confirms that the policing effect of the Directive will largely be continued under Directive 2014/107/EU for “mandatory automatic exchange of information .....


Worldwide and Digital Disclosure Facilities launched

Earlier this month, HMRC launched a new Worldwide Disclosure Facility (WDF) to enable those who may be affected to come forward and settle their offshore tax affairs. A new Digital Disclosure Service which can be used by any taxpayer who wants to come clean about undeclared tax is also no.....


tax.point September issue

In the September issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, Conor Kennedy provides an insight into the operation of the new Tax Appeals Process. On the UK side, Ruth Todd, examines the availability of incorporation relief for a property business. Reports on key .....


OECD publish report ‘Tax Policy Reforms in the OECD’

The OECD recently published the first edition of "Tax Policy Reforms in the OECD" which is a series of reports aimed at tracking and comparing tax policy developments over time across OECD countries. The publication focuses on measures introduced in 2015 and finds that the main emphasis of recent t.....


Client notification requirement update

Earlier this year, we provided you with an update on the legislation and guidance supporting the client notification requirement contained in section 50 of the Finance (No. 2) Act 2015. Section 50 imposes obligations on advisers providing “offshore advice” to clients, to send an in.....


It’s good to talk

Details of forthcoming online HMRC 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. These are short sessions focusing o.....


In the media

Brian Keegan, Director of Taxation, tells us about the 20 best ways to claim tax back in his column in the Sunday Business Post. Brian also spoke at the inaugural Sunday Business Post Pensions & Investments Summit last week. Leo Varadkar gave a ministerial address at the event, discussing the g.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     The All Party Parliamentary Group on Responsible Tax has launched an “Inquiry into public confidence in HMRC’s capability to collect tax fairly and effectively”.  This consultation is the second work stream of thi.....


CRO Gazette

The CRO have issued their regular newsletter which features details on extension applications for filing of annual returns and conversions to new company types. Please click here to access the document.  .....


A Guide through IFRS Standards

The IFRS Foun­da­tion has announced that '2016 A Guide through IFRS Standards' is now available. This volume (nicknamed the 'Green Book') includes the full text of the Standards and In­ter­pre­ta­tions and ac­com­pa­ny­ing documents (such as the Basis for Con.....


September IFRIC Update

The September 2016 IFRS Interpretations Committee (IFRIC) Update has just been issued.  Items on the current agenda include IAS 19 Employee Benefits and IFRS 9 Financial Instruments. Please click here to access the document and previous issues.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland  The CCAB-I submitted a response to the Department of Finance’s Income Tax Reform Plan.  The letter acknowledges the need for measures to help ease the burden on low and middle income earners but cautions against reducing the .....


Six reasons to open up to open evenings

Here at Specialist Qualifications HQ in Chartered Accountants House in Pearse Street, we like to show what we have to offer a couple of times a year and next up it’s for our Chartered Tax Consultant course. This is at the pinnacle of what’s available for tax expertise and we are very proud of it. S.....


CCAB-I responds to Commission’s survey on the VAT treatment of ebooks and enewspapers

In its response to the Commission’s survey on the question of reducing the VAT rate on digital publications, the CCAB-I supports the introduction of a reduced or zero-rate of VAT.   A reduced or zero VAT rate on ebooks and enewspapers will make reading more affordable and will suppo.....


Commission launches work on a common EU list of non-cooperative tax jurisdictions

The European Commission has commenced work on a common EU list of non-cooperative tax jurisdictions and aims to compile a definitive list by the end of 2017. In January 2016, the Commission launched a three-step process for establishing the common EU list as part of its bro.....


CCAB-I responds to Income Tax Reform Plan

The CCAB-I submitted a response to the Department of Finance’s Income Tax Reform Plan.  The letter acknowledges the need for measures to help ease the burden on low and middle income earners but cautions against reducing the tax base and shifting the income tax burden onto one sector of .....


Targeted tax reliefs

In a piece for the Irish Examiner Brian Keegan, Director of Taxation, reminds us that Budget 2017 is in just a few weeks and that already the message is one of caution. Brian’s message to Michael Noonan is that targeted tax reliefs would relieve the burden on the individual taxpayer and would also .....


Making Tax Digital – event open for registration

As covered last week, the Institute’s member forum on Making Tax Digital is now open for registration. Come along to this session and have your say on the consultation proposals, which will involve most businesses having to file quarterly returns from 2018.  The proposals, if implemented, will.....


Finance Act 2016

Finance Bill 2016 completed its legislative journey through parliament last week to become the Finance Act 2016. The Act contains some major changes to the UK tax regime including the new dividend tax rules, a higher rate of section 455 tax on loans to participators and reductions in the rate of co.....


Changing how HMRC is organised

HMRC has announced the next stage of its Building Our Future transformation to its staff with some restructuring of its high-level organisation. The briefing note below outlines the changes.  “As you know, HMRC is transforming into a smaller, more highly-skilled operation, based in .....


Hidden economy consultations

HMRC have recently launched several consultations aimed at tackling the hidden economy and have written to us with an update on this activity.  “As a valued stakeholder to us we value your expertise and experience to help us to shape tax policy.  This to let you know that on Friday .....


Agent authorisation process – volunteers needed

As part of the Agent Services project, HMRC is designing a new agent authorisation process to replace the current system with the longer term objective of replacing the paper form 64-8.  A recent Talking Points online event confirmed that the discovery phase of this project is almost at an end.....


This week’s UK tax tidbits

Developments of interest this week are outlined.      Use the online service or email to apply for a certificate of residence in the UK. There is no need to contact HMRC as a result of the EU Referendum as there have been no changes to the requirement for a certificate of residence U.....


Making Tax Digital – what we are doing

In conjunction with the Ulster Society and the Institute’s Northern Ireland Tax Committee, an information event on “Making Tax Digital” is being held on Tuesday 4 October in Belfast starting at 5.30pm. Come along to this session and have your say on the consultation proposals, whi.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland A proposed amendment to section 110 TCA 1997 was recently published by the Department of Finance.  The amendment follows reports that the beneficial tax treatment afforded by section 110 companies is being used for aggressive tax practic.....


SIP 14B consultation period extended

An exposure draft of Statement of Insolvency Practice (SIP) 14B A Receiver's responsibility to preferential creditors – ROI was issued for consultation by the CCAB-I Insolvency Committee in April 2016.  SIP 14B “A Receiver’s Responsibility to Preferential Creditors &ndas.....


CRO Gazette

The CRO have issued their regular newsletter which features details on extension applications for filing of annual returns and conversions to new company types. The document and previous issues can be accessed at this link.....


Proposals for a transitional approach to PRA fees and FSCS levies for insurers

In its consultation paper the Prudential Regulation Authority (PRA) sets out proposals for a one year transitional arrangement for insurance firms’ PRA fees and Financial Services Compensation Scheme (FSCS) levies for the 2017/18 fees year. The CP is relevant to insurance firms falling into t.....


IASB addresses concerns about the different effective dates of IFRS 9

The International Accounting Standards Board (IASB) has published 'Applying IFRS 9 'Financial In­stru­ments' with IFRS 4 'Insurance Contracts''. The amend­ments are intended to address concerns about the different effective dates of IFRS 9 and the forth­com­ing new insurance con.....


EU Report on the activities of the IFRS Foundation, EFRAG and PIOB

In April 2014 a reg­u­la­tion of the European Union came into force es­tab­lish­ing a Union programme to support specific ac­tiv­i­ties in the field of financial reporting and auditing for the period of 2014-20. The reg­u­la­tion forms the legal basis.....


Making Tax Digital – what we are doing

In conjunction with the Ulster Society and the Institute’s Northern Ireland Tax Committee, an information event on “Making Tax Digital” is being held on Tuesday 4 October in Belfast starting at 5.30pm. Come along to this session and have your say on the consultation proposals, whi.....


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.....


Autumn statement and Finance Bill 2016

The Chancellor of the Exchequer has announced that this year’s Autumn Statement will take place on Wednesday 23 November.  Explanatory notes and Tax Information and Impact Notes for government amendments in report stage of Finance Bill 2016 have now been published.  The Bi.....


August Digital Services update

HMRC have asked us to share the August monthly digital 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 5,4.....


Billions lost in uncollected VAT in the EU in 2014 according to the Commission

The latest research shows that the overall difference between the expected VAT revenue and the amount actually collected (the so-called 'VAT Gap') amounted to €159.5 billion in lost VAT revenue across the EU in 2014.  The VAT Gap rate ranged from a high of 37.9% of uncollected VAT in Roma.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     The August 2016 Employer Bulletin is available Compliance checks: tax avoidance schemes - follower notices - CC/FS25a has been updated The guidance to help recognise genuine HMRC contact, phishing emails and phishing text messages has b.....


Section 110 amendment to combat aggressive tax practices

The Minister for Finance recently published a proposed amendment to section 110 TCA 1997 which deals with the taxation of special purpose companies set up to securitise assets.  The amendment is to be introduced following reports that the beneficial tax treatment afforded by section 110 compan.....


Jobs and Pensions Service

Details of the new method for registering a new job or private pension are set out on Revenue’s website.  The Jobs and Pensions service replaces the Form 12A, so employees must now register their first job in Ireland using this service. Employees unable to use online services should contact th.....


Clarification on scope of Third Party Return Form 8-2

Revenue issued eBrief 78/16 stating that the Tax and Duty Manual ‘Third Party Returns’ has been amended at Appendix III to clarify who is obliged to file the Form 8–2, in what circumstances the obligation to file applies and to explain the process for filing such returns. Queries .....


Extended ROS support opening hours for Pay & File 2016

Revenue recently announced extended support services for the busy Pay & File season in an eBrief.  eBrief No. 77/16 sets out the various means of contacting the ROS Technical Helpdesk and ROS Payment Support Unit and the extended working hours for these sections in Revenue starting from 24.....


The Point of No Return

In his regular column in yesterday’s Sunday Business Post Brian Keegan, Director of Taxation, discusses the busy income tax return filing season and how it largely affects the self-employed with some notable exceptions. In another piece for the same publication, Brian examines the fall-out fr.....


SIP 14B consultation period extended

An exposure draft of Statement of Insolvency Practice (SIP) 14B A Receiver's responsibility to preferential creditors – ROI was issued for consultation by the CCAB-I Insolvency Committee in  April 2016  SIP 14B “A Receiver’s Responsibility to Preferential Creditors &ndas.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Ireland’s tax system is not at fault but European Commission says Ireland gave illegal tax benefits to Apple worth up to €13 billion. The Irish Government has stated that it will appeal the decision of the Commission and Apple has .....


New website for the FCA

The new website for the Financial Conduct Authority (FCA) has now been launched at fca.org.uk.  The first phase was launched in June and the News and Publications sections have been moved and re-designed based on the needs of users and to present information in a clearer and more structured wa.....


Auditor selection: 4 steps to a more effective process

FEE has recently issued a paper on audit selection.  Companies are going to change their auditors more frequently than in the past and a good selection process is essential to enhance audit quality and ensure auditor’s independence. Therefore, this paper provides a four step approach for.....


IAASA desk top survey

IAASA, Ireland’s accounting enforcer, has recently published the results of a desk top survey into the nature of intangible assets recognised by Irish equity issuers in their statements of financial position (balance sheets) and the scale of acquisition activity undertaken by those issuers as.....


CRO Newsletter

The CRO have issued their regular newsletter which features details on extension applications for filing of annual returns and conversions to new company types. Further details can be found here.....


Board Effectiveness

Dr Mary Halton, Head of Governance & Ethics, writes: A recent focus group discussion, chaired by the Deputy President of the Institute Shauna Greely, addressed the issue of board effectiveness and how the Institute might support members in this area. Comprising directors and company secretaries.....


Making Tax Digital – have your say

As we reported recently in Chartered Accountants Tax News, consultations on “Making Tax Digital” have been published. Making Tax Digital (“MTD”) is the project to move to quarterly tax filing for many smaller businesses. HMRC are now starting to roll out a series of fac.....


Telephone scam

HMRC would like to alert you to a new telephone scam where bogus callers pose as both HMRC Money Laundering investigators and bank officials. They work together to add credibility to their request for banking details.  HMRC takes security very seriously and this is a further reminder that you .....


Tax system and rate are ok, nevertheless Commission says Ireland gave illegal tax benefits to Apple worth up to €13 billion

Following a state aid investigation launched in June 2014, the European Commission has concluded that two tax rulings issued by Ireland to Apple have substantially and artificially lowered the tax paid by Apple in Ireland since 1991.  According to the Commission, the rulings endorsed a way to .....


Repayments of tax

HMRC recently announced a new approach to tax repayments. The new approach, according to HMRC, is designed to be faster and easier. Taxpayers can now opt to get their money back direct from HMRC through their digital Personal Tax Account.  As stated in the accompanying press release, this new .....


It’s good to talk

Details of forthcoming online HMRC 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.   These are short .....


This week’s UK tax tidbits

Developments of interest this week are outlined.   A number of documents relevant to the high income child benefit charge are available:- Stop your child benefit payments, Change of family circumstances and Change of child circumstances CWG2: Further guide to PAYE and national insurance contri.....


Apple Ruling – Institute Media analysis and comment

Brian Keegan, Director of Taxation, discussed the Institute’s analysis of the Apple State Aid ruling as it was emerging on Tuesday on Today with Sean O'Rourke (29:23 mins).  Brian was the Institute’s spokesman on Today FM on The Last Word (38:05 mins), the BBC World Business Report b.....


August exchequer figures record a reduced deficit

The end of August 2016 exchequer records show an improved reduction in the national deficit of €329 million as compared to a deficit of €1,291 million in the same period last year. According to the information note issued by the Department of Finance, the €962 million year-on-year im.....


Diploma in Taxation: starting next weekend 10 September

Available by classroom or distance learning to best suit your schedule, the Diploma in Taxation will start on 10 September. Designed for business and finance professionals who are looking to improve or refresh their tax skills, the course covers compliance, reliefs, preparation of tax returns and a.....


Making the most of an improving jobs market

Making the most of an improving jobs market This article is one that I have been looking forward to writing for some time. The improvements in the jobs market now mean that I can now put pen paper.  The first signs of a recovery in the jobs market for members came about two years ago with the .....


Chartered Accountants Ireland publishes guidance on the new Central Bank of Ireland Client Assets Regime

Chartered Accountants Ireland (‘the Institute’) has today published the latest in its series of Technical Releases  – Technical Release (‘TR’) 10/2016 Guidance for Auditors Reporting in Accordance with Client Asset Regulations for Investment Firms. The safeguarding and protection of .....


Dublin District Court - licensing applications

Chartered Accountants Ireland was made aware in recent days of a new requirement of the Dublin Metropolitan District Court for an auditor's/accountant's report in relation to licensing applications.   The Licensing Office webpages indicated a requirement from the Court that the follo.....


The secret of your success

We’re looking for members to share insights into the experiences, skills and behaviours that are most useful in progressing their career. Also how you identify challenges in your professional life and overcame them.   We’re holding a brainstorming session at Chartered Accountants House in Dubl.....


FRS The Core Standards/ IFRS Update

                      Financial Reporting is a fast moving field. New rules and regulations appear almost daily. It can be very difficult for qualified accountants to keep up to date with the latest developments.   Newly qualified Chartere.....


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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