Five things you need to know about tax, 16 July 2021

In Irish tax developments, new Employment Wage Subsidy Scheme (EWSS) guidance provides information on the extension of the EWSS from 1 July 2021 to the end of the year, and a new Tax and Duty Manual provides information on the 2020 Form 11. On the UK front, we bring you the latest news in our EU exit corner and the Institute responds to HM Treasury’s review of the effectiveness of the Office of Tax Simplification. While in international tax, G20 Finance Ministers and Central Bank Governors endorse the OECD’s two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax.

     Ireland

1. Revenue released new guidance on the EWSS which includes information on the extension of the scheme to the end of the year, along with an update to the main EWSS guidelines.
2. A new Tax and Duty Manual highlights updates and changes included in the 2020 Form 11.

   UK

3. This week’s EU exit corner features HMRC’s response to our letter on the reimbursement scheme and the One Stop Shop, updated apportionment guidance for not at risk goods and guidance from HMRC on approvals and special procedures that may help simplify customs processing. HMRC is also seeking assistance with research and see details of upcoming webinars for businesses importing and exporting.
4. Read the Institute’s response to HM Treasury’s review of the effectiveness of the Office of Tax Simplification (“OTS”) where we recommend that the remit of the OTS be widened, whilst maintaining its independent status.

   International

5. G20 Finance Ministers and Central Bank Governors endorse the OECD’s two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax.  

Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter.