Five things you need to know about tax, 26 March 2021

Mar 26, 2021

In Irish tax developments, taxpayers in the tax debt warehousing scheme must bring their compliance obligations up to date or risk losing access to the scheme and having Employment Wage Subsidy (EWSS) and Covid Restrictions Support Scheme (CRSS) payments stopped.  On the UK front, read HMRC’s response to the Institute’s letter on the need for a soft landing in respect of Brexit VAT and customs changes. While in international tax, the Economic and Financial Affairs Council (ECOFIN) noted it would consider EU digital tax measures if there is no progress at G20/OECD level.

    Ireland

  1. Revenue is sending letters to taxpayers in the tax debt warehousing scheme. Taxpayers must bring their compliance obligation up to date immediately or risk losing access to the scheme, having tax clearance withdrawn and EWSS/CRSS payments stopped;
  2. The Minister for Finance launched a public consultation on the extension of Irish transfer pricing rules to the taxation of branches;

    UK

  3. HMRC’s response to the Institute’s letter on the need for a soft landing in respect of Brexit VAT and customs changes is available to read;
  4. Read this week’s update on the various HMRC administered COVID-19 supports and the news of a new bulk appeals template which agents can use for 2019/20 self-assessment returns filed after 28 February 2021 due to COVID; and

    International

  5. At a recent ECOFIN meeting, ministers confirmed their readiness to examine tax solutions to digitalisation if there is no progress at G20/OECD level and the European Commission set out plans for a digital levy.

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