Five things you need to know about tax, 15 January 2021

Jan 14, 2021

The top Irish tax stories this week include the withdrawal of BIK and employment related concessions put in place due to the impact of COVID-19. A consultation process on the Interest Limitation Rule is also underway to introduce the Interest Limitation Ratio in Finance Bill 2021. In UK developments, read the latest updates on the job retention and self-employed income support schemes. You can also read HMRC’s response to corporation tax filing difficulties. While in international tax, the EU will introduce new VAT e-Commerce rules from 1 July 2021.  

   Ireland

  1. Revenue withdrew a number of BIK and employment related concessions that were in place due to the impact of COVID-19;
  2. The Department of Finance published a Feedback Statement on the Interest Limitation Rule, with the consultation process aimed towards introducing the Interest Limitation Ratio in Finance Bill 2021, effective 1 January 2022.

    UK

  3. This week’s update on the job retention and self-employed income support scheme is available;
  4. Read HMRC’s response to corporation tax filing difficulties; and  

    International

  5. The EU will introduce new VAT e-commerce rules from 1 July 2021, to simplify the collection of import VAT when consumers buy goods online from third countries.