Five things you need to know about tax, 18 June 2021

In Irish tax developments, Revenue updated the Tax and Duty Manual – Surcharge on undistributed income of service companies – following a decision by the Tax Appeals Commission on the activity carried on by management consultants. The corporation tax surcharge suspension ends on 30 June. On the UK front, read more about the relaunch of the Agent Dedicated Line from Monday 14 June and what members should expect when making calls. On the international tax front, G7 leaders endorse a global minimum tax rate of 15 percent and will seek consensus with the G20 and OECD in July.  

     Ireland

1. Revenue’s view on the activity carried on by a “Management Consultant “is updated in the context of a surcharge on undistributed income of service companies;
2. When the corporation tax surcharge suspension introduced in response to COVID-19 ends on 30 June, surcharges will apply by reference to the original filing date of the Form CT1;

   UK

3. From Monday 14 June, calls to the Agent Dedicated Line should be answered by HMRC within 10 minutes – read our more detailed update on what to expect when making calls;
4. Read the latest updates on the HMRC administered COVID-19 supports;

   International

5. The G7 leaders endorsed a global minimum corporation tax rate of 15 percent and will seek to reach consensus with the G20 and OECD in July.

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