Following the signing of a Commencement Order by the Minister for Finance last week, all employers will be required to make returns of certain non-taxable benefits and expenses in real-time under the Enhanced Reporting Requirements (ERR) from 1 January 2024. Revenue has however advised that “a service for compliance approach will be taken until the 30 June 2024”. During this period, Revenue will not be operating any compliance programmes in relation to the ERR and will not seek to apply any penalties for non-compliance. Since the measures were first announced in last year’s Finance Act, the Institute, under the auspices of the CCAB-I, has consistently raised our members’ concerns with the new requirements. In addition to several submissions to Revenue, we wrote to the Minister for Finance on two separate occasions (here and here), seeking the abolishment of the real-time reporting requirement and more recently a delay to the implementation date. While disappointed with last week’s announcement, we urge members to ensure they are enabled to commence reporting under ERR from 1 January 2024. For the avoidance of doubt, the non-taxable benefits which will be reportable in 2024 are: Non-taxable reimbursements of travel and subsistence Benefits provided under the small gift exemption The remote working daily allowance. There are three ways employers can choose to report: Direct reporting through a software package ROS File upload ROS Online Form. The video for converting CSV files to JSON format had just been uploaded to the ERR hub page on the Revenue website. We understand the regulations underpinning the legislation will be published shortly and will include details on penalties for non-compliance.  You can find more information on the measure on Revenue’s website and we will keep you up to date on developments in Tax News.

The OECD has published the seventh annul peer review report on exchange of information on tax rulings. The 2022 report indicates that over 54,000 exchanges of information took place in respect of over 24,000 tax rulings across the 131 jurisdictions profiled. Of the 131 jurisdictions included in the report, 100 are fully aligned with BEPS Action 5.  

Check out the latest items on the Agent Forum. Remember, in order to view each item, you must be signed up and logged in.  All agents, who are a member of a professional body, are invited to join HMRC’s Agent Forum. This dedicated Agent Forum is hosted in a private area within the HMRC’s Online Taxpayer Forum. You can interact with other agents and HMRC experts to discuss topical issues and processes. 

Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime.  

HMRC’s latest schedule of live and recorded webinars for tax agents is available for booking. Spaces are limited, so take a look now and save your place. 

This month’s tidbits cover updated guidance in several areas and the publication of the Administrative Burdens Advisory Board’s 2022/23 report.   

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available and the fourth meeting of the EU-UK Parliamentary Partnership Assembly took place recently in London. As the reimbursement scheme which allows traders to reclaim duty on goods moving into Northern Ireland which do not subsequently move into the EU is now approaching six months old, we would like to hear your feedback on how the scheme is operating.  Miscellaneous updated guidance etc.   The following updated guidance, and publications relevant to EU exit are available:-  Search the register of customs agents and fast parcel operators;  Known error workarounds for the Customs Declaration Service (CDS);  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service;  Manage your email address for the Customs Declaration Service;  Importing SPS controlled goods that interact with ALVS;  Attending an inland border facility; and  Car wiring kits for motor vehicles (Tariff notice 13).   

This week, we bring you news of guidance on the new UK reporting rules for digital platforms which come into operation from 1 January 2024 and HMRC has also published new guidance on the VAT treatment of local authority leisure services. The most recent notes of HMRC’s Guidance Strategy Forum are available and the Public Accounts Committee has recently released its report “Progress with Making Tax Digital”, which is highly critical of the programme. HMRC has also contacted us about work which has been ongoing with the Advertising Standards Authority specifically in relation to some repayment agents.  UK reporting rules for Digital Platforms  From 1 January 2024, UK digital platform operators will be required to report details of their sellers to HMRC. Last month HMRC published detailed technical guidance in its International Exchange of Information Manual (part IEIM900000) which aims to assist platform operators in complying with the new rules.  UK resident platform operators may also be required to report under the OECD’s DAC 7 rules which took effect from 1 January 2023. However, DAC 7 contains a provision to prevent double reporting by platforms that are within the scope of both DAC7 and the UK’s new reporting rules. As a result, UK platforms can report directly to HMRC rather than reporting to an EU Member State but only if that Member State has signed up to exchange information with the UK. If that is the case, the platform only needs to report to HMRC from 1 January 2024 as HMRC will subsequently exchange information with the relevant EU Member State’s tax authority.   Note that as DAC 7 has been in force since 1 January 2023, UK resident platforms are still required to report transactions 1 January 2023 and 31 December 2023 under DAC7, i.e. to the relevant EU Member State.   New guidance on the VAT treatment of local authority leisure services   HMRC has published new guidance for local authorities that deals with the treatment of supplies of sport/leisure services. According to an email from HMRC, the guidance has been developed in conjunction with local authorities via The Chartered Institute of Public Finance and Accountancy and other local authority VAT forums.   HMRC therefore says that the guidance achieves the aim of giving local authorities the information they need to implement the recent change in treatment of their supplies of sport/leisure services.   Advertising Standards Authority joint work with HMRC   HMRC has been working with the Advertising Standards Authority (“ASA”) to publish an enforcement notice related to misleading adverts by some repayment agents. The enforcement notice which published earlier this month on 5 December 2023, was jointly-issued with HMRC and provides guidance to promoters of tax repayment agent services. The notice applies across all media which targets UK consumers and sets out that those who fail to comply will be subject to sanctions.   This was followed by the publication of a Press Release which provides more information on the ongoing collaborative work between HMRC and ASA in this area. 

30 December 2023 is the deadline for submitting 2022/23 self-assessment tax returns online if the taxpayer wishes to avail of coding out for tax debt of less than £3,000.  You can pay your self-assessment bill through your PAYE tax code (known as coding out) if all of the following apply:-  you owe less than £3,000 on your tax bill;  you already pay tax through PAYE, for example you’re an employee or get a company pension; and  you submit your paper tax return by 31 October or your online tax return online by 30 December. 

The Dept. of Enterprise Trade and Employment (DETE) has announced that the Minister has further extended the interim period found in the Companies (Miscellaneous Provisions) (Covid-19) Act 2020. Readers may recall that the provisions, brought into force during the pandemic, permit the holding of virtual meetings, including AGMs. The provisions have been further extended to 31 December 2024. Click here to read details of the extension in the DETE press release. The extension is welcome for companies and co-operative societies and will provide for consistency into 2024.The extension signals that DETE is positively disposed to bringing forth permanent legislative provisions in relation to virtual and hybrid meetings. Readers may recall the DETE consultation earlier this year seeking views on putting virtual meetings on a permanent footing. Click here to read the Institute’s response to DETE which supported legislating for including the virtual meeting format. * This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.      

Following the signing of a Commencement Order by the Minister for Finance yesterday, all employers will be required to make returns of certain non-taxable benefits and expenses in real-time under the Enhanced Reporting Requirements (ERR) from 1 January 2024. Revenue has however advised that “a service for compliance approach will be taken until the 30 June 2024”. During this period, Revenue will not be operating any compliance programmes in relation to the ERR and will not seek to apply any penalties for non-compliance. Since the measures were first announced in last year’s Finance Act, the Institute, under the auspices of the CCAB-I, has consistently raised our members’ concerns with the new requirements. In addition to several submissions to Revenue, we wrote to the Minister for Finance on two separate occasions (here and here), seeking the abolishment of the real-time reporting requirement and more recently a delay to the implementation date. While disappointed with yesterday’s announcement, we urge members to ensure they are enabled to commence reporting under ERR from 1 January 2024. For the avoidance of doubt, the non-taxable benefits which will be reportable in 2024 are: Non-taxable reimbursements of travel and subsistence Benefits provided under the small gift exemption The remote working daily allowance. You can find more information on the measure on Revenue’s website and we will keep you up to date on developments in Tax News.

Welcome to this edition of Technical Roundup. In recent developments, the Dept of Enterprise, Trade and Employment has published the Digital Services Bill 2023 which will provide for the full implementation in Ireland of the EU Regulation on a Single Market for Digital Services and the International Auditing and Assurance Board issued the new International Standard for the Audits of Less Complex Entities on 6 December 2023. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has issued FRED 85 Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle. Every year, the FRC carry out a review of the FRS 101 standard to consider amendments made by the International Accounting Standards Board (IASB) to their standards, and whether such changes should result in an amendment to FRS 101. In FRED 85, the FRC are proposing minor changes to FRS 101 to ensure consistency with IAS 1 Presentation of Financial Statements. The FRC has published an insight report “Structured digital reporting – 2023 insights” which highlights some areas for focus for companies when producing their annual financial report in a structured digital format under FCA Rules. This includes some examples of best practice in the areas of tagging, usability & design and process. The FRC has issued version 2.0 of Technical Actuarial Standard 300: Pensions (TAS 300). The IFRS Foundation has released its November 2023 monthly news summary, which summarises their news items and events during the month. The IFRS Interpretations Committee (IFRIC) has issued its November 2023 update which summarises decisions made by the Committee in its public meetings. This includes details of some tentative agenda decisions on climate-related commitments under IAS 37 and disclosure of revenues and expenses for reportable segments under IFRS 8. The International Accounting Standards Board (IASB) has published a summary of its project on extractive activities which considered whether to amend or replace IFRS 6 Exploration for and Evaluation of Mineral Resources. The IASB has published a webcast which provides some insight into the forthcoming IFRS Accounting Standard for Subsidiaries. The standard is expected to be issued in the first half of 2024. EFRAG, the European Financial Reporting Advisory Group, has published its final comment letter in response to the IASB’s Exposure Draft- Annual Improvements – Volume 11. The UK Endorsement Board has also published its comment letter and feedback statement on the Exposure Draft. EFRAG has published its November 2023 update which summarises public technical discussions held and decisions taken during the month. The Pillar Two tax rules that will apply to companies with consolidated revenue over €750m are contained in the Finance No2 Bill that is making its way through the Oireachtas. In relation to the financial reporting implications of the Pillar Two tax rules, IAS 12 Revised and FRS 102/101 revised now set out financial reporting disclosure requirements for those companies. Assurance and Auditing The Financial Reporting Council (FRC) has published its annual inspection findings for Tier 2 and Tier 3 audit firms and a number require ‘significant improvement’. The findings outline that of the audits reviewed, 38% required only limited improvements, 24% required more than limited improvements and a further 38% required significant improvements. The FRC identified deficiencies in the audit of judgements and estimates, and going concern, both of which require audit teams to demonstrate robust professional scepticism. Firms must demonstrate improvement including investing in their audit methodology, human resources and audit quality functions, learning from things that went wrong or went well, and seeking to embed a culture that recognises and prioritises audit quality. The FRC is taking a number of actions to improve resilience and competition in the PIE audit market. The FRC has announced their areas of focus for 2024/25. The includes priority sectors are: Construction and Materials Food Producers Gas, Water & Multi-utilities Industrial Metals and Mining Retail These are for both corporate reporting reviews and audit quality inspections. ISA for LCE Following approval at their September 2023 meeting, the IAASB issued the new International Standard for the Audits of Less Complex Entities on 6 December 2023. Where it is adopted, or permitted, the standard is effective for audits of financial statements for periods beginning on or after December 15, 2025, (i.e. 2026 calendar year audits) with early adoption being permitted and encouraged. The standard has not yet been adopted for use in Ireland or the UK. The standard can be downloaded from the IAASB website. Sustainability The International Sustainability Standards Board (ISSB) have been providing updates on their activities at COP 28. These include; Their planned future cooperation with the International Organization for Standardisation towards effective communication about sustainability-related risks and opportunities. Details of the growing number of Organisations and jurisdictions who have committed to advancing the adoption or use of the ISSB’s climate-related reporting at a global level. An announcement that Emmanuel Faber will continue as ISSB chair until the end of 2027. Details of the progress made in advancing global sustainability disclosures since the establishment if the ISSB was announced at COP 26. The International Sustainability Standards Board has provided details of some new and updated resources coming into effect on 1 January 2024. These are intended to help companies apply the ISSB Standards IFRS S1 and IFRS S2. The IFRS Foundation has launched the IFRS Sustainability Knowledge Hub which seeks to support users of the ISSB standards. This is intended to help auditors, investors, regulators and stakeholders as they begin their reporting journey under the ISSB standards. IFAC have announced plans to revise the International Education Standards to bring greater focus to sustainability reporting and assurance, given the evolving role of accountants in the area of sustainability. Sanctions/Anti-money laundering The UK’s National Crime Agency and National Economic Crime Centre have issued an alert to financial institutions and other members of the UK regulated sector warning that Russia is trying to procure UK sanctioned goods through intermediary countries.  Sanctions imposed on Russia as a result of its invasion of Ukraine have had a significant impact on its ability to purchase products, including military supplies, on international markets. The alert provides information to UK businesses on common techniques suspected to be in use to evade sanctions on the export of high-risk goods, which Russia is using on the battlefield in Ukraine. The European Council and Parliament have reached a provisional agreement on creating a new European authority for countering money laundering and financing of terrorism (AMLA) - the centrepiece of the anti-money laundering package, which aims to protect EU citizens and the EU's financial system against money laundering and terrorist financing. Other News The Credit Union (Amendment) Bill 2022 has recently been sent to the President for signature. Click here for a government press release where the Minister for Financial Services, Insurance and Credit Unions welcomed the proposed amendments to the legislation which she said aim to bring about significant reforms for the credit unions sector in Ireland and represents a very significant piece of legislation that will have far-reaching positive implications for the credit union sector in the years to come. In other credit union news, the Central Bank of Ireland has issued their December Credit Union News publication which includes a reminder to all credit unions on key financial  considerations and other matters for consideration at year end including impairment reviews of assets, liquidity management, systems of control, cybersecurity and operational resilience (including outsourcing) and Lending Framework Review with an expectation of publishing analysis of the review in H1,2024. The Dept of Enterprise Trade and Employment recently published  the Digital Services Bill 2023, which will provide for the full implementation in Ireland of the EU Regulation on a Single Market for Digital Services. Click here for a press release giving more details on the Bill and the EU Regulation commonly referred to as  the Digital Services Act. The EU Regulation establishes a pioneering regulatory framework to protect EU users of digital services and their fundamental rights online. The press release notes that the Irish Digital Services Bill is a technical bill, drafted to address specific obligations on Member States of the EU to give effect to the supervision and enforcement provisions of the EU Regulation. The Bill does not add to or amend the obligations on online platforms under the EU Regulation. Those obligations have direct legal effect in all Member States of the EU and do not require any implementing measures in national law. In its recent publication, IFAC’s Professional Accountants in Business group discuss how accountants are leading and driving sustainability and digital transformation agendas. Some areas discussed in this article include; The accountancy profession’s role in driving higher-quality, decision-useful sustainability-related information The use of AI in transitioning businesses and the nature of work Strategies for nurturing future leaders For further technical information and updates please visit the Technical Hub on the Institute website.                                ~          Happy Christmas        ~

Following lengthy consultations and outreach the International Auditing and Assurance Standards Board (IAASB) has finalised and published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities. This new standard, known as the ISA for LCE, is a global auditing standard designed specifically for smaller and less complex businesses. The ISA for LCE builds on foundation of the International Standards on Auditing (ISAs) and audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The IAASB have also published their Basis for Conclusions, which details feedback from the public consultation, a high-level fact sheet, and a frequently asked questions document. Additional materials to help jurisdictions facilitate adoption will be issued in 2024, Where it is adopted or permitted it is effective for audits beginning on or after December 15, 2025.  Chartered Accountants Ireland responded to both consultations on this standard. In January 2022 and May 2023. We will update members on any local developments. 

In the lead up to the 2022/23 online self-assessment (“SA”) filing deadline next month on 31 January 2024, HMRC are introducing restrictions which begin today on their SA and Agent Dedicated Line (“ADL”) helplines. Chartered Accountants Ireland has been discussing this with HMRC and would welcome your feedback on the operation and impact of these restrictions which come after similar restrictions in the lead up to the 2021/22 SA filing deadline, and restrictions to both the self-assessment helpline and the ADL earlier this year.   More information on the current restrictions are available in an email from HMRC which also sets out details of a change implemented from 7 December in respect of how repayments are notified.   Helpline restrictions  Between 11‌‌‌ ‌‌December 2023 and 31‌‌‌ ‌‌January 2024, HMRC are prioritising resource “to support self-assessment peak period”. The restrictions aim to direct anyone with a query which can be dealt with online to the relevant online service.   For agents, ADL advisers will only take calls about SA filing, payments or repayments and will be redirecting agents to use online tools for simple queries, wherever possible. This also means that agents with queries on other topics, including PAYE queries will need to use other contact channels for assistance. Agents can continue to use the SA digital assistant for all SA queries throughout this period.   Agents who call the ADL and whose queries are not specifically related to SA filing, payments, or repayments, including agents with multiple client queries, will be redirected to alternative channels, or asked to call back in February. During SA peak, the ADL will not be dealing with any PAYE-related calls, however such queries may still be directed to the Employer Helpline, where relevant.  Repayment notifications  From 7 December HMRC changed the process for notification of electronic SA repayments. There is no change to the repayment process itself, hence taxpayers will still receive any refund via their bank account. However, HMRC will no longer send a letter informing the taxpayer or their agent of the repayment as often these letters arrive after the repayment has been made, leading to confusion and increased contact.  HMRC is currently working on improvements to its IT systems in relation to SA repayment notifications and as a result has temporarily paused SA repayment digital notifications from 7 December 2023 while this is completed. HMRC will confirm when these are reinstated. 

As a result of the changes to Making Tax Digital (“MTD”) for income tax, details of which were published at the 2023 Autumn Statement, HMRC has published draft regulations (and associated notices) for consultation. The consultation is open until 12 January 2024. By way of reminder, MTD for income tax will be mandated from 6 April 2026 for unincorporated businesses and landlords with turnover over £50,000, whilst those with turnover over £30,000 are mandated from 6 April 2027. The turnover between £10,000 and £30,000 population are not currently mandated, however HMRC has advised that the position in relation to these smaller businesses and landlords is still under review.  The draft regulations amend the Income Tax (Digital Requirements) Regulations 2021 which provide the statutory legislative framework for MTD for income tax.   Amendments included in the draft regulations and notices reflect recent government decisions included within the outcome of the MTD small business review. They also reflect the government announcement in December 2022 on the introduction of the phased mandation schedule for MTD for income tax.  The following specific changes are reflected in the draft regulations:-  the revised MTD mandation dates and thresholds announced in December 2022;  changes which aim to improve the design of quarterly updates;  the removal of end of period statements;  easements for landlords with jointly owned property; and  exemptions for specific groups.  This a technical consultation, focused on ensuring that the draft regulations and notices achieve their intended policy purpose. Please contact makingtaxdigitalconsultations@hmrc.gov.uk if you have any questions on the draft regulations and notices. Responses to the consultation should also be submitted to the same e-mail address.  Last week HMRC also published a media article on MTD for income tax which aims to raise awareness across a broad audience. The article is a part of the Guardian newspaper’s ‘Business Transformation’ pull-out. In addition, a new video was also launched featuring MTD’s new Programme Director, Craig Ogilvie.  

This week we bring you news of the government’s response to the Treasury Committee’s report which outlined the need for a review of tax reliefs and it's response to the same Committee’s report into venture capital tax reliefs is also available. We also update you on the removal of the functionality to copy existing VAT clients across to the Agent Services Account (“ASA”) and HMRC has issued an important reminder in its Company Tax Return Guide about the procedures to follow when making loss carry-back claims in corporation tax returns. And finally, guidance has now been published on the digital DIY Housebuilders Scheme which launched on Tuesday 5 December and which we told you about in last week’s Miscellaneous updates.  Update - removal of functionality to copy existing VAT clients to the ASA   In our Miscellaneous updates of 11 September, we advised that from October 2023 HMRC intended to remove the functionality that allowed agents to copy existing VAT clients to their ASA. We have now been advised that this change has not yet taken place and has been delayed to an unspecified date. We understand that this is due to technical complexities.  In the interim, agents are still encouraged to prepare for the removal of this functionality in due course by ensuring that existing VAT clients are copied across as soon as possible. Once this functionality is removed, VAT clients will need to be authorised using the digital handshake authorisation route available in the ASA.   Reminder: corporation tax loss carry-back claims in corporation tax returns  HMRC has issued an important reminder to companies and agents about the procedures to follow when making loss carry-back claims in corporation tax returns (“CT600”).   If the CT600 includes a loss carry back claim, you must tick box 45 to show that a repayment for an earlier or prior accounting period is due and you must supply a breakdown of the claim in your computations showing how losses are to be used. Failure to do so will result in HMRC being unable to process the claim.  The reminder includes confirmation that such claims do not of themselves require an amended return for the period in which the losses are utilised. Therefore, if making a loss carry back claim, you should not:-  submit an amended CT600 tax return for the same accounting period that does not include new information; or  submit an amended CT600 tax return for the period in which the losses are being used; or  submit an original CT600 tax return by post — all returns should be submitted online through the Government Gateway portal.  However, the above does not apply if an amended return covers other matters and is not solely in relation to the loss carry back claim, or if the loss carry back claim itself requires amending.  Resubmitting the original loss carry-back claim will also increase the time taken for HMRC to review and process this.  Further information on completing the CT600 tax return is available in the Company Tax Return guide. 

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available. The Department for the Economy in Northern Ireland has asked us to publicise a request from HMRC for participants to take part in HMRC’s Import One Stop Shop trial and we highlight some new resources which aim to support exporters and cross-border trade.  Import One Stop Shop (“IOSS”) trial  The Department for the Economy has been in touch with a request from HMRC to identify businesses who may wish to use the forthcoming VAT Import One Stop Shop (“IOSS”) system. HMRC is looking to speak with businesses who might be interested in using this facility ahead of the go live period next year. This potentially might allow those business access to training and could help resolve any initial teething issues, ahead of official launch.   The IOSS scheme is a VAT simplification scheme which the EU introduced on 1 July 2021. The UK is committed to making this scheme available in Northern Ireland. Following the introduction of the Windsor Framework, the IOSS scheme will be open to Northern Ireland businesses to register from 2024 (date to be confirmed).   Broadly, the IOSS is a monthly VAT reporting and payment system that businesses can opt to use where they sell (non-excise) goods to consumers in Northern Ireland or the EU, where the business is located outside the EU and the UK. The goods must be imported in consignments not exceeding £135 (€150). Once registered for the scheme, businesses are required to charge and collect any VAT due at the point of sale from the consumer and account for the VAT through their monthly IOSS return by submitting a single VAT payment. If you have any clients or are a business who might be interested in participating in the IOSS trial, please get in touch.  Resources for cross-border trade  Several new resources are available to support those engaged in cross-border trade. Invest NI has recently published updated pages on exporting and Inter-Trade Ireland has launched a cross-border trade hub which contains a range of different resources and useful guidance.  Miscellaneous updated guidance etc.   The following updated guidance, and publications relevant to EU exit are available:-  Safety and security requirements on imports and exports;  Making an entry summary declaration;  Overview of the Single Trade Window;  Report a problem using the Customs Declaration Service;  The Customs (Aerodromes and Miscellaneous Amendments) Regulations 2023; and  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service. 

The OECD Forum on Tax and Crime (FTC) met in Rome recently to consider how to enhance international cooperation in disrupting tax crimes and illicit flows of money. Those in attendance stressed the OECD’s role and noted certain key areas to prioritise. These include increasing knowledge sharing and pooling, developing new mechanisms for systematic real-time information sharing, continuing to strengthen capacity building, and leveraging new technology and approaches to address vulnerabilities.

Due to the rise in energy prices following the instigation of Russia’s war against Ukraine, governments responded by reducing excise in 2022. This has led to significant decreases in tax revenues across the OECD. According to the latest OECD report, Revenue Statistics 2023, tax revenues decreased in 21 of the 36 OECD countries.

The European Commission recently met with the Norwegian government to discuss proposed amendments to the EU-Norway agreement on administrative cooperation, recovery assistance and combating fraud in the area of VAT. The updates reflect changes to the EU VAT regime introduced in 2018 and aims to provide Member States with new tools when dealing with Norway to enable better cooperation.