Five things you need to know about tax this week, 9 March 2018

Mar 08, 2018

Highlights this week include guidance on the Earned Income Credit, the Northern Ireland Tax Committee’s response to a consultation on penalties and the OECD and Brazil are to set examine approaches to valuing cross-border transactions.


  1. Revenue has updated their Tax and Duty manual showing the €200 increase in the Earned Income Credit introduced by Finance Act 2017. For 2018, the maximum credit allowed is €1,150



  2. Proposed late payment penalty suspension period is too short according to the Northern Ireland Tax Committee in its response to the consultation “Making Tax Digital: interest harmonisation and sanctions for late payment
  3. Download the Institute’s briefing note on the Trust Registration Service
  4. The UK Chancellor has recently written to the Office of Tax Simplification (OTS) to request a review of Inheritance Tax (IHT), including the technical and administrative requirements of IHT and how the current gift rules interact with the IHT rules



  5. The OECD and Brazil are to examine similarities and gaps between the Brazilian and OECD approaches to valuing cross-border transactions for tax purposes