Five things you need to know about tax, Friday 18 July 2025

In Irish news this week, the US Administration has announced that it is extending the temporary suspension of tariffs on EU imports and Revenue has confirmed its continued commitment to the Small Company Administrative Rescue Process. In UK news, the Institute recommends that the medium sized transfer pricing exemption remains in place for Northern Ireland businesses transacting with Ireland, and ‘L-day’ will take place in a few days’ time on Monday 21 July. In International news, the European Commission has adopted an implementation regulation to facilitate automatic exchange of top-up tax information under DAC9. 

Irish 

1. President Trump signed the Executive Order to extend the suspension of ‘reciprocal tariffs’ on EU imports until 1 August 2025 and subsequently announced that a 30 percent tariff would be imposed thereafter. 

2. Revenue issued a news update last week reaffirming its commitment to the Small Company Administrative Rescue Process (SCARP). 

UK 

3. The NI Tax Committee recommends in a consultation response that the medium sized transfer pricing exemption remains in place for NI businesses transacting with Ireland.   

4. This year’s legislation day, or ‘L-day’ as it is sometimes known is scheduled for Monday 21 July.  

International 

5. The European Commission has adopted an implementation regulation to facilitate automatic exchange of top-up tax information under DAC9. 

Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s post EU exit corner here.