Five things you need to know about tax, 27 November 2020

Nov 26, 2020

Irish stories this week cover the Revenue Chairman’s appearance before the Public Accounts Committee. The Chairman responded to questions relating to bogus self-employment claims, the tone of Revenue engagement and difficulties facing the self-employed and SME sector in meeting their tax obligations due to COVID-19. In UK developments, HMRC has set out its policy on the tax treatment of virtual Christmas parties, and read HMRC’s updates including COVID-19 compliance checks. While in international tax, the OECD published a report on the activities and achievements in the OECD’s international tax agenda for the G20 leaders.  

    Ireland

  1. Revenue chairman, Niall Cody, appeared before the Public Accounts Committee last week, responding to questions on bogus self-employment claims, the tone of Revenue engagement and the difficulties facing the self-employed and SME sector in meeting their tax obligations due to COVID-19;
  2. The CCAB-I made further representations to the Minister for Finance highlighting concerns on the impact of the transfer pricing provisions contained in Finance Bill 2020, which were not abated in Committee Stage Amendments;

    UK

  3. Read about HMRC’s policy on the tax treatment of Christmas parties and what to do if you pay employees early in December;
  4. Key messages from recent HMRC meetings are available including important updates on compliance work in respect of COVID-19 supports; and  

    International

  5. The OECD published a report outlining the activities and achievements in the OECD’s international tax agenda for the G20 leaders.