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Austria’s VAT rules and tax rules for non-residents come under the scrutiny of the Commission

The European Commission has requested Austria to change its rules on the VAT treatment of resale rights on works of art. The Commission has also called on Austria to change its rules which require non-resident taxpayers to appoint representatives to administer their tax affairs on their behalf. VAT.....


Panama to sign up to the OECD’s multilateral tax information sharing convention

The OECD welcomes Panama’s decision to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which was formally communicated to the OECD in a letter from its Vice President and announced publicly on Friday 15 July 2016. The Convention is a multilateral instrumen.....


Second payment on account deadline approaches

The deadline for paying the second self-assessment payment on account of income tax plus class 4 NIC for 2015/16 approaches on 31 July. Payment is due by midnight on that date. Remember that 2 payments on account are required every year unless: the last self-assessment tax bill was less than £.....


HMRC’s departmental plan updated

February 2016 saw the publication of HMRC’s new Mission Statement and revised strategic objectives, along with the department’s Single Departmental Plan. That Departmental Plan has now been updated to include some performance targets for 2016-17.  The updated version also list.....


This week’s UK tax tidbits

Developments of interest this week are outlined.   Forms relevant to income tax have been published:- Income tax: expat tax claim (R38 (Expat)) and Income tax: claim for repayment of tax deducted from savings and investments (R40) An updated list of upcoming tax tribunal appeal hearings, .....


Submission of supporting documentation for VAT registration applications

As we reported last week, Revenue has now enhanced the MyEnquiries online service to enable supporting documentation to be included in a VAT online registration application. Supporting documentation can be uploaded at the time of application by selecting “Tax Registration/Cancellation &n.....


Tax Strategy Group papers

The Tax Strategy Group (TSG) papers, prepared in advance of Budget 2017, were published by the Department of Finance last week.  The papers, prepared for the TSG, set out the various options for Budget 2017 and cover a range of tax and social welfare issues for consideration. The TSG is an int.....


Updated version of Form 46G Tool

Revenue recently released an updated version of the Form 46G tool. This tool is a spreadsheet that can be used by persons carrying on a trade or business that make certain payments to third parties when fulfilling their obligations to file a Form 46G Return with Revenue. It can be used for both cor.....


Knowledge Development Box Consultation

The Department of Finance has published all submissions for the Knowledge Development Box (KDB) Consultation on its website. Submissions were received from numerous bodies including the CCAB-I during 2015 following the Government’s commitment to encourage investment in knowledge based capital.....


Your Institute in the news

In his regular column in the Sunday Business Post Brian Keegan, Director of Taxation, considers the recent 26% increase in Ireland’s GDP which was at least attributable in part to the relocation of intellectual property into Ireland.  .....


Things your boss doesn’t want to tell you

Things your boss doesn’t want to tell you  Dress for the job you want – not the one you have It’s easy to get stuck in the dress code for the culture/cohort you are working with and fail to notice that it is long past its acceptable stage.  Look around at how managers and the senior manag.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland When additional information is requested during VAT registration, Revenue is planning to enable the most commonly requested information to be uploaded and submitted during the online registration process. In the interim, supporting documentat.....


Leinster Salary survey shows demand for Chartered Accountants driving salary rises

Leinster Salary survey shows demand for Chartered Accountants driving salary rises The average salary package for a Chartered Accountant in Leinster has risen by 9% in the last year to €109,756 according to new research published today. This follows a 13% rise in 2015, showing increasing demand for Chartered Accountants at all levels. The survey of 1,100 Chartered Accountants was.....


Corporate culture key to sustainable growth

The Financial Reporting Council (FRC) has published the results of a study, exploring the relationship between corporate culture and long-term business success in the UK. Stakeholders and society in general have a vested interest in healthy corporate values, attitudes and behaviours that lead to su.....


ESMA Consultation Paper

The European Securities and Markets Authority (ESMA) has published a consultation paper proposing to change the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity under the European Market Infrastructure Regul.....


Proposals for Pension Reform

The Pensions Authority has issued a consultation document which sets out a package of proposals to reform and simplify supplementary private pension provision in Ireland and submissions are invited from all stakeholders and interested parties on the Authority’s proposals by 3 October 2016. The pres.....


IASB Investor Update

Issue 10 of IASB Investor Update aims to make it easy for investors to keep up with changes in the world of International Financial Reporting Standards (IFRS) and how those changes may affect an investor's day job. Each issue profiles recently introduced standards, or changes that are in the pipeli.....


How tax helped me to travel

How tax helped me to travel Written by: Becky Bristow, Director Member Services I have a confession. I love tax (some people do you know; we may be weird but not as weird as those who love VAT). But what I love even more is travel. Azerbaijan and Georgia  When I started out training in PwC in .....


How to read body language

It’s not what you say…. It's the way that you say it you say It   How to read body language in the workplace Written by: Fiona Buckley     Body language is very much overlooked in the workplace, and it represents a key way of understanding the person’s motives, thoughts and true emot.....


Change to online services login

HMRC have contacted us with a reminder about some changes to accessing HMRC online services. The final changes came into effect from today, 18 July. Agents and taxpayers will now login to HMRC online services through a new web page. You will login in the same way but the page will look different. A.....


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.....


Upcoming Talking Points events

Details of the next Talking Points events are outlined. HMRC’s Agent Talking Points are 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 online session.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     HMRC has published guidance  explaining which large businesses have to publish to comply with the provisions being enacted in this year’s Finance Act regarding publishing their tax strategy Tables showing the indexation .....


New Brexit Guide for Members

Following the outcome of the recent Brexit referendum, the tax team at Chartered Accountants Ireland has worked with Eoin O’Shea, Chartered Accountant and barrister to produce a new guide that looks at the possible models for the future UK-EU relationship and the impact for the island of Ireland. T.....


VAT registration application

Following concerns raised by this Institute at the delays in securing VAT Registrations Revenue has offered some comment for taxpayers when registering for VAT. Though we don’t believe it will resolve all delays, the guidance may make for a more efficient application process. Revenue has stat.....


Revenue guidelines on the exchange of information on tax rulings

Revenue has published guidelines on Arrangements for Implementing EU and OECD Exchange of Information Requirements in respect of tax rulings. The arrangements allow for the spontaneous exchange of information in respect of cross-border rulings where such rulings could affect the tax base of another.....


Special Assignee Relief Programme

The Special Assignee Relief Programme (SARP) is a tax relief designed to help companies attract key talent to Ireland. SARP allows income tax relief on a portion of employment income earned by an employee who is assigned by their employing company to come to work in Ireland for a certain period of .....


Your Institute in the news

Institute president Liam Lynch was profiled in the Sunday Business Post yesterday.  Liam was formerly chair of the Institute’s Tax Committee and of Main TALC.  In his regular column in the Sunday Business Post Brian Keegan, Director of Taxation, considers how the tax system is a mechanism.....


Anti-Tax Avoidance Directive is formally adopted

The Council of the European Union formally adopted the Anti-Tax Avoidance Directive last Tuesday 12 July.   According to the press release from the European Council, the directive is in response to the perception of many taxpayers and SMEs that some multinationals do not pay their fair sh.....


Updated guidelines from the VAT Committee

The VAT Committee of the European Commission has published the latest list of guidelines agreed by the VAT Committee. This list includes the text of all the guidelines issued since the VAT Committee was set up in 1977 along with an index which links the guidelines agreed with the relevant provision.....


New Brexit Guide for Members

          The island of Ireland will feel the effect of Brexit more than any other region. Chartered Accountants Ireland members operate in, and advise, every sector. To help members navigate the legal and tax context, the Institute has published a new guide that looks at t.....


Adoption of Auditing Standards by IAASA

On 15 June 2016, the Minister for Jobs, Enterprise and Innovation signed the European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, And Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016) (the ‘Regulations’) which came into operation on the 17 .....


IAASA publishes Information Note ‘Consideration of the impact of Brexit for issuers’ half-yearly financial reports’

IAASA (Irish Auditing & Accounting Supervisory Authority) has published an Information Note ‘Consideration of the impact of Brexit for issuers’ half-yearly financial reports’ which sets out factors that IAASA suggests should be considered by issuers when preparing half-yearly financial reports .....


Reminders for half-yearly and annual financial reports following the EU referendum

In light of the referendum vote for the UK to leave the EU and the consequential uncertainties in the political and economic environment, the Financial Reporting Council (FRC) have highlighted some matters for directors to consider when preparing their forthcoming half-yearly and annual financial r.....


FRC report on audit confidence

Confidence in audit has grown, but more needs to be done in terms of market competition and improving good practice in the profession according to a report recently issued by the Financial Reporting Council (FRC). Developments in Audit: An Overview 2015/16 is the first report of its kind for the FR.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland A CGT case involving a Spanish tax resident company considered by the Commercial Court in recent weeks offers insight into the status of Revenue correspondence in legal proceedings A number of Irish tax relief schemes constitute State aid and.....


FRC concludes annual review of FRS 101

Following the conclusion of the latest annual review of FRS 101 Reduced Disclosure Framework the Financial Reporting Council (FRC) has issued Amendments to FRS 101 – 2015/16 cycle and FRED 65 Draft amendments to FRS 101 – Notification of shareholders. The amendments to FRS 101 are limit.....


CRO Newsletter

Issue 157 of the regular CRO Newsletter has been released regarding new business names forms, cheques not to be used with dissolved company restorations and the end of the transition period for the new Companies Act. The newsletter and previous issues can be found here.....


ICAEW Paper on Incentives and Institutions in Accounting

The Financial Reporting Faculty of the Institute of Chartered Ac­coun­tants in England and Wales (ICAEW) has published a paper on ‘In­cen­tives and in­sti­tu­tions in accounting: thinking beyond standards’ that looks into the principal factors that affect fin.....


Can music help you study?

                Is silence really golden? Some people swear by having some kind of music on while they are studying – it can get them “in the zone”, can create a mood, calm them down and focus their mind. There was once reported to be a “Mozart effect” meanin.....


When a letter from Revenue is a privilege – the Cintra case

A CGT case considered by the Commercial Court in recent weeks offers insight on the status of Revenue correspondence in legal proceedings.  A Spanish tax resident company, Cintra Infraestructuras Internacional SLU (Cintra) engaged in a transaction to sell almost half of its shares in its Irish.....


More EU “transparency” - State Aid

The power of the EU’s Competition Division continues to creep up.  From 1 July 2016, EU member states are required to publish information regarding certain State Aid granted to individual beneficiaries on a central website. This transparency is supposed to encourage accountability and th.....


Abolition of milk quotas – restriction of capital gains tax losses

A large number of farmers purchased milk quotas which became worthless on 1 April 2015 when milk quotas were abolished. This resulted in a deemed disposal arising for capital gains tax (CGT) purposes under S538 TCA 1997 and in certain instances a capital loss could arise. Revenue has issued eBrief .....


New VAT manuals issued by Revenue

Revenue has advised in eBrief No. 63/16 that two new VAT manuals have been created. These provide guidance in two areas: Revenue’s position on the ‘management of special investment funds’ following the decision of the Court of Justice of the European Union in GfBK (Case C-275/11) .....


Your Institute in the public tax debate

Brian Keegan, Director of Taxation, discusses the very high marginal rate of income tax in Ireland in his column in the Sunday Business Post.  In another feature article in the Sunday Business Post, Brian argues that Irish Corporation Tax policy should not be determined by UK Brexit fears. Bri.....


More anti-tax abuse policy measures announced by the Commission

The European Commission recently published plans for more measures in its campaign against tax evasion and avoidance in the EU citing revelations of tax evasion in the Panama Papers as the reason for its increased focus in this area. In a communication announced in a press release, the Commission s.....


Telephone scam

HMRC have asked us to make you aware of a telephone scam where a recorded message is left, allegedly from HMRC, stating that HMRC are bringing a lawsuit against the individual and is going to sue them. The recipient is asked to phone 0161 8508494 and press “1” to speak to the officer de.....


Finance Bill update

Finance Bill 2016 was discussed in parliament by a Committee of the Whole House recently. The Government also published a list of proposed amendments to the remaining clauses due to be considered by the Public Bill Committee which met for the first time on 30 June 2016. It has also now been confirm.....


NAO reports on National Minimum Wage enforcement

The NAO has issued its briefing examining the government’s processes for investigating complaints about employers not complying with national minimum wage regulations.  Since the government began enforcing the national minimum wage in April 1999, HMRC has identified £68 million in .....


OECD publish BEPS discussion drafts on attribution of profits to PEs and revised guidance on profit splits

The OECD recently released discussion drafts on attribution of profits to permanent establishments and revised guidance on profit splits under the BEPS initiative.  Public comments are invited on the following discussion drafts: Attribution of Profits to Permanent Establishments, which deals w.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     A customs information paper has been published in the context of the recent EU referendum outcome Recent VAT publications include the following:- VAT Information Sheet 03/16: changes to the VAT rate for Greece 1 June 2016 and the most r.....


CAP1 May 2016 exam results released

Chartered Accountants Ireland published the CAP1 May 2016 exam results this morning.  Overall the results are very good and are in line with the excellent results achieved in May 2015.   In reviewing the results Ian Browne (Head of Assessment & Syllabus) noted: 73% of students ac.....


Young Chartered Star 2016 Winner Announced

Olivia Mac Donald, 21 year old trainee from Waterford is the winner of the Institute's recent Young Chartered Star competition. She has been selected to represent Chartered Accountants Ireland at One Young World in Canada this autumn. Olivia will join young leaders from around the world, and collea.....


Chartered Accountants Ireland Council / Members Dinner in Athlone, 29 September 2016

The Council of Chartered Accountants Ireland will hold its September Council meeting at the Sheraton Athlone Hotel, Gleeson Street, Athlone, Co Westmeath. The purpose of holding the meeting in Athlone is to facilitate a Dinner with our members who work and live in the surrounding area. Council woul.....


Section 1A FRS 102 (small companies) and FRS 105 (micro companies) – Ireland

Chartered Accountants Ireland wishes to remind members that both the small company provisions of FRS 102 (contained primarily in section 1A) and FRS 105 for micro companies continue to be unavailable for use by Irish companies due to the delay in transposing the EU Accounting Directive. We previous.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue has updated its How to Protect your Business from Becoming Involved in VAT Fraud guide to reflect changes in Finance Act 2015 which gives Revenue the power to cancel a VAT registration number in certain circumstances and to make publi.....


Seven tips for better sleep

A good night’s sleep should not be underestimated at any time but when you are trying to delicately balance work, family, hobbies and study, it is even more important. Sleep is just as important a part of your success and health as other parts of your day like eating, exercising, studying and worki.....


Speech by the FRC's Marek Grabowski

Director of Audit Policy at the Financial Reporting Council (FRC) Marek Grabowski recently spoke at the 6th Brazilian conference on Accounting and Independent Auditing on the experience of implementing auditor reporting in the UK. Please click here to read the speech in full.....


New EFRAG President

The European Financial Reporting Advisory Group (EFRAG) General Assembly has approved the ap­point­ment of Jean-Paul Gauzès as EFRAG Board President. Mr Gauzès was the candidate proposed by the European Com­mis­sion for the role of President and had been heard and appr.....


FEE June Newsletter

The June edition of the FEE newsletter has just been issued. Topics include general news and recent developments in policy and regulation. The document can be accessed here.....


Chartered Accountants Ireland participates in the National Economic Dialogue

Pat Costello, Chief Executive of Chartered Accountants Ireland, attended the National Economic Dialogue which took place in Dublin Castle last week. The conference is an important element of the budgetary framework process as it aims to provide a forum for Government, opposition, voluntary and envi.....


Protecting your business from VAT fraud

Revenue has updated its How to Protect your Business from Becoming Involved in VAT Fraud guide to reflect changes in Finance Act 2015 which gives Revenue the power to cancel a VAT registration number in certain circumstances and to make public the cancellation if necessary for the protection of VAT.....


Minister for Finance improves options for Pensioners

The Minister for Finance has announced that individuals who have a Buy-out Bond that originated in a Defined Benefit pension scheme will be allowed to use these Buy-out Bonds to access an Approved Retirement Fund (ARF). At the moment, accessing an ARF is only available in respect of the benefits pa.....


Revenue FAQs on USC updated

Revenue has updated the FAQs on USC to reflect that employer contributions to an employees’ Personal Retirement Savings Account (PRSA) are no longer liable to USC from 1 January 2016. .....


Brexit and the SME

Brian Keegan, Director of Taxation, discusses the impact of Brexit on the SME sector in Ireland in terms of taxes and trade relationships in his column in the Sunday Business Post. Today in the Irish Examiner, Brian notes that Brexit may very well determine the overall health of our Government&rsqu.....


EU Council approve VAT rules on vouchers

The Council of the European Union recently adopted a directive aimed at increasing legal certainty for transactions involving vouchers by harmonising national VAT rules in this area.  The directive sets out to reduce the risk of mismatches in national tax rules leading to double taxation, non-.....


First meeting of new inclusive framework to tackle BEPS

Representatives of more than 80 countries and jurisdictions gathered in Kyoto, Japan last week to discuss the latest developments in the Base Erosion and Profit Shifting (BEPS) project.  This meeting involved a broad range of countries, representing varying levels of development according to t.....


OECD releases guidance on the implementation of country-by-country reporting

The OECD recently published Guidance on the Implementation of Country-by-Country (CbC) Reporting. A key outcome of the BEPS project is the adoption of country-by-country reporting, as set out in the 2015 BEPS Report on Action 13 "Transfer Pricing Documentation and Country-by-Country Reporting". Und.....


June Digital Services update

HMRC have asked us to share their monthly update on Digital Services with members. The monthly update has been expanded to include both Agent Services and Making Tax Digital. The Agent Services project aims to give agents access to enhanced online services. As readers are no doubt aware, Making Tax.....


Upcoming Talking Points events

Details of the next Talking Points events are outlined. HMRC’s “Talking Points” are online seminars providing opportunities for discussion on various tax matters.  Thursday 14th July: 13:00-13:45           Subject: Automatic Exchange of Informati.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Agent Update 54 is available HMRC have published a number of updated compliance check factsheets:- Compliance checks: tax avoidance schemes - follower notices (except partnerships) - CC/FS25a, Compliance checks: tax advantaged shares sc.....


Section 1A FRS 102 (small companies) and FRS 105 (micro companies) – Ireland

Chartered Accountants Ireland wishes to remind members that both the small company provisions of FRS 102 (contained primarily in section 1A) and FRS 105 for micro companies continue to be unavailable for use by Irish companies due to the delay in transposing the EU Accounting Directive. We previous.....


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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