Five things you need to know about tax, 28 July 2017

Jul 27, 2017

Developments of interest are outlined.

       Ireland

  1. Revenue are currently examining options for the provision of a Detailed Profit and Loss (DPL) taxonomy for use with the Irish taxonomies for FRS 101, FRS 102 and EU IFRS. In the meantime, Revenue have confirmed to us that they will accept DPL information, for which there is no appropriate tag available, where the information is tagged using certain typed dimension tags.  Read more detail from us on this development.

     

    UK

  2. The deadline for paying the second self-assessment payment on account of income tax plus class 4 NIC for 2016/17 is 31 July. Payment is due by midnight on that date.
  3. The client notification deadline is approaching on 31 August 2017. Readers can familiarise themselves with the requirements under the client notification legislation from a number of stories in Chartered Accountants Tax News and HMRC has issued some guidance on the matter.

     

    International 

  4. The OECD has released additional guidance aimed at tax administrations and MNE Groups on the implementation of Country-by-Country (CbC) Reporting (BEPS Action 13).
  5. The 2017 edition of the Transfer Pricing Guidelines reflects a consolidation of the changes resulting from the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project, and provides provides for clarifications and revisions agreed in the 2015 BEPS Reports on Actions 8-10 Aligning Transfer pricing Outcomes with Value Creation and on Action 13 Transfer Pricing Documentation and Country-by-Country Reporting.