Tax Bites, 22 December 2017

Dec 20, 2017

Five things you need to know about tax, 22 December 2017

Highlights this week include notification of the opening of Revenue’s electronic CbC Reporting filing system, confirmation that the Autumn Budget will be the key fiscal event in the UK going forward and EU Finance Ministers challenge the US’s tax reform policy.


  1. Revenue’s filing facility for Country-by-Country (CbC) Reports or Equivalent CbC Reports for fiscal years ending in 2016 is now open.  According to Revenue’s recent eBrief, multinational enterprises can file their CbC Report or equivalent CbC Report in Ireland before 31st December 2017. The filing facility for CbC Reports or Equivalent CbC Reports for fiscal years ending in 2016 will remain open until 28th February 2018.
  2. Revenue is currently issuing 2018 Tax Credit Certificates for PAYE Employees. According to Revenue, these certs will be available in the coming days online in myAccount (myDocuments) or Revenue Online Service (ROS).
  3. PDF letters of tax residence will issue via MyEnquiries from 1 January 2018. For further details see Revenue eBrief No. 115/17


  4. HM Treasury confirmed that going forward the Autumn Budget will be the primary fiscal event, supported by a Spring Statement. Next year the Spring Statement will be on 13 March followed by a release of draft Finance Bill clauses before the summer break.


  5. Five EU finance ministers recently wrote to US Treasury Secretary Steven Mnuchin to express concern on the impact of planned US tax reform on World Trade Organisation (WTO) rules and double tax agreements.In their letter to the US Treasury Secretary, the finance ministers criticize the proposed 20% excise tax on US company purchases from their foreign subsidiaries, the proposed base erosion and anti-abuse tax (BEAT) and plans for a preferential tax of foreign-derived intangible income.