Five things you need to know about tax, 11 May 2018

May 10, 2018

Highlights this week include Revenue guidance on the trade benefit test for share buybacks, the Institute’s Making Tax Digital for VAT decision tree and a customs agreement between the EU and New Zealand enters force.  

       Ireland

  1. Revenue have updated their Tax and Duty Manual to provide guidance on the application of the trade benefit test on the buyback of shares
  2. From 1 August 2018, Revenue’s updated Detailed Profit and Loss (DPL) taxonomy must be used for all iXBRL submissions relating to accounting periods commencing on or after 1 January 2015.  Read more on this story on our website

     

    UK

  3. Download the Institute’s Making Tax Digital for VAT decision tree
  4. Read HMRC’s announcement about its revised priorities and the decision to delay some projects

     

    International

  5. A new customs agreement between the EU and New Zealand officially entered into force on 1 May.