The OECD has published its annual report on Tax Policy Reforms for 2025. The report covers the tax policy reforms introduced or announced in 2024 in 86 member jurisdictions of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which includes all OECD countries.

Revenue has restructured its guidance on Capital Acquisitions Tax (CAT) and has published two new manuals, the CAT Administration Manual and the CAT Manual which replace the existing guidance. Apart from minor changes, the contents in both manuals have been taken directly from pre-existing guidance. Revenue has confirmed that links to the documents in the manuals will be updated over the coming weeks and a table has been provided which lists the titles of the documents in the new CAT manual and indicates the source of the guidance contained in each document. The new CAT Administration Manual contains the following details: CAT Part 01 - Introduction to Capital Acquisitions Tax CAT Part 02 - Statement of Affairs (Probate) Form SA.2 CAT Part 03 - The Self-Assessment Tax Return (Form IT38) CAT Part 04 - Certificates of Discharge Guide to Capital Acquisitions Tax Compliance Intervention The new CAT Manual covers the following topics: Part 02 - Gift Tax Part 03 - Inheritance Tax Part 04 - Value of Property for Tax Part 05 - Provisions relating to Gifts and Inheritances Part 06 - Returns and Assessments Part 07 - Payment and Recovery of Tax, Interest and Penalties Part 09 - Exemptions Part 10 - Reliefs Schedules

Revenue has published the Karshan Disclosure Opportunity Guidance, outlining detailed information regarding possible settlement arrangements arising from the Supreme Court’s decision in Revenue Commissioners v Karshan (Midlands) Ltd. This follows the publication in May 2024 of the Revenue Guidelines for Determining Employment Status for Tax Purposes, which was update to reflect the decision in Karshan. In a recent press release, Revenue notes that “the judgment changed the understanding of the correct legal principles and legal tests to apply in determining whether an employer had correctly classified workers as employees or as self-employed”. Where a business or employer deems that it is necessary to make a disclosure and that disclosure can be treated under the new guidance, the disclosure must be made no later than Friday, 30 January 2026. In the new guidance note, Revenue states the following: “Revenue invites employers impacted by the Supreme Court ruling to make a disclosure in respect of 2024 and 2025. Revenue will treat any adjustment of liability in respect of both years as a “technical adjustment” as provided for in the Code of Practice for Revenue Compliance Interventions. This means that Revenue will not consider liabilities to have arisen from either deliberate or careless behaviour and a tax-geared penalty shall not apply to any liabilities to Income Tax, USC and PRSI in respect of these years. In addition, fixed penalties will not apply.” At the time that the judgment was released, the Institute engaged extensively with Revenue through the Tax Administration Liaison Committee. You can find links to the various meetings where this issue was discussed below: Minutes of TALC Direct and Capital Taxes Sub-Committee - 30 November 2023 Minutes of TALC Direct and Capital Taxes Sub-Committee - 29 February 2024 Minutes of TALC Direct and Capital Taxes Sub-Committee - 25 April 2024 Minutes of TALC Direct and Capital Taxes Sub-Committee Meeting - 12 June 2024 Minutes of Main TALC Meeting - 27 June 2024 As part of our engagement with Revenue through TALC, the Institute, under the auspices of the CCAB-I also provided feedback on the judgment. While our understanding did not reflect Revenue’s interpretation in certain areas, the process provides the appropriate forum for a detailed understanding of the judgment and its implications.

Revenue has published new guidance on the registration process for Pillar Two taxes. Entities must register with Revenue for the relevant taxes within twelve months following the end of the first fiscal year in which they fall within the scope of Pillar Two taxes which includes taxes arising under the Income Inclusion Rule (IIR), the Undertaxed Profit Rule (UTPR), and/or the Qualified Domestic Top-up Tax (QDTT). The guidance outlines the relevant Pillar Two registration obligations and provides information on the registration hub and managing the various registrations. The registration hub is now live and the deadline for in-scope entities with a fiscal year ending on or before 31 December 2024 to register with Revenue for Pillar Two is 31 December 2025 Entities are also required to register for the Top-up Tax Information Return (TIR) through the registration portal, enabling them to inform Revenue whether the TIR will be filed in Ireland or by a Designated Filing Entity in another jurisdiction. Revenue issued letters to Irish Ultimate Parent Entities (UPEs) in mid-August 2025 regarding the registration process and a second phase of letters are due to be issued soon to the constituent entities of the Irish UPEs. Further details on the registration portal and the dedicated Revenue Pillar Two hub are outlined in our recent news item.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS), Appendix 2: DE 1/11: Additional Procedure Codes Notices made under the Customs (Special Procedures and Outward Processing) (EU Exit) Regulations 2018, Notices made under The Customs (Import Duty) (EU Exit) Regulations 2018, Apply to delay or pay less duty on goods you import to process or repair, Apply to pay less duty on goods you export to process or repair, Import goods to the UK temporarily, Check if you can get import duty relief on goods using Temporary Admission, and Apply to import goods temporarily to the UK.

Ahead of HMRC’s Annual Stakeholder Conference which takes place in London tomorrow, the Institute has written a letter of introduction to HMRC’s new CEO setting out four key issues on its agenda. The Institute will be represented at the conference and will report back on the conference in next week’s Chartered Accountants Tax News. This year the conference theme is “Navigating the future together: the Transformation Roadmap in Action”.  The four key issues covered in the letter to JP Marks are: The Institute’s campaign for a lower rate of corporation tax in Northern Ireland, The tax burden and complexity arising from cross-border and remote/hybrid working, Tax simplification and the lack of progress in this area, and Making Tax Digital for Income Tax and the implementation of mandatory tax adviser registration from 1 April 2026. 

In a detailed miscellaneous update this week which you can read more about below, HMRC is seeking research participants for its project looking at multi-factor authentication (MFA) for agents. In other news this week: The House of Commons library has published a research briefing listing some of the most useful sources on tax law, policy and statistics, in addition to guidance for taxpayers, The latest fuel advisory rates applicable 1 September 2025 from have been published; notable in these is that there are now two advisory electric rates for company car drivers which depend on where a vehicle is charged, Today, 15 September 2025, is the deadline to opt out of winter fuel payments, which you can read more about in a previous news story, The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place. A webinar is also taking place tomorrow on statutory maternity and paternity pay, in addition to webinars on 16 and 17 September covering the National Minimum Wage, and Check HMRC’s online services availability page for details of planned downtime and the online services affected. HMRC seek research participants for MFA HMRC is seeking agent volunteers to participate in its project on introducing MFA for agents. HMRC has therefore asked us to share the following message which provides more information: “Request for user research volunteers for MFA discussions HMRC is expanding the implementation of multi-factor authentication (MFA) for all agents and want to engage with specific agent groups about its introduction. HMRC already uses MFA to enhance the security of Government Gateway accounts for all individuals and organisations, adding an extra layer of protection. We want to work collaboratively on the introduction of MFA so we’re looking for your help in identifying agents to take part in individual user research sessions. These will provide an opportunity for us to gather insight on the working processes within different types of agents and the operational requirements they need for implementation. We would like to speak with 6-8 representatives from each of the following agent types: Group 1 – Sole practitioners and micro firms (0-9 employees), Group 2 – Mid-sized and smaller firms (10-49 employees), and Group 3 – Large agents (50+ employees). Sessions are expected to last 60 minutes running across the month of September. When responding to us please reply to: customerengagementforums@hmrc.gov.uk and include ‘MFA volunteer’ in the subject line. Please also indicate the size of the firm the volunteer represents by indicating which of the 3 groups you belong to when replying.”

With just over six months to go to the commencement of Making Tax Digital (MTD) for Income Tax, the Institute is inviting tax agents and businesses affected by this change to take a short eight question survey. The survey is being used as a temperature check to assess readiness and will be open until the end of this month. Its results will be compared with an earlier survey from April this year and will enable us to present direct evidence of the challenges to HMRC. Take the survey now. We also remind readers that the second of two CPD webinars on MTD for Income Tax takes place later this week, tomorrow Tuesday 16 September. This webinar will be delivered by HMRC’s MTD team.

The Financial Reporting Council has issued two new Factsheets to support entities applying FRS 102 and FRS 105. There are currently eleven factsheets in issue and each Factsheet aims to assist stakeholders by highlighting certain requirements set out in FRS 102 and other FRSs. The following Factsheets have been issued; FRS Factsheet 12 - Presentation of the financial statements- This Factsheet sets out the financial statement presentation options available to entities. While the factsheet is primarily focussed on FRS 102, the considerations for entities applying FRS 101 and FRS 105 are also addressed. The Factsheet also considers the option available to FRS 102 preparers to adapt the format of the profit and loss account and balance sheet. FRS Factsheet 13 - The Going Concern Basis of Accounting for Small Companies and Micro-entities- This factsheet aims to assist directors of small companies and micro-entities on how to address going concern- both in terms of performing going concern assessments and in preparing financial statements disclosures about their conclusions on going concern.

Tips and pointers for the busy filing season  Important dates For the majority of Irish companies, the following timelines apply: For a financial year end date of 31 December, the 30 September is the most common Annual Return Date (ARD). Therefore, by Tuesday 25 November, 56 days from the ARD, the company’s Annual Return, financial statements and signed signature page should be electronically filed (only-no manual filing is permitted). Please note that not every 31 December year end has an ARD of 30 September so it is important to confirm the ARD and then it is 56 days from that date. Please click here for the Companies Registration Office information on peak filing. File early! We would encourage presenters to file early if at all possible. Do not leave filing till the last minute. The Companies Registration Office’s (CRO) position on timing of receipt of a document is when it has been received by the CRO and not when it has been sent by you or your agent. Therefore, if there are delays in the system which result in the documents being received after midnight on 25th November then the document is late even if it had been sent before midnight. Also, early filing will help to avoid problems with potential CRO systems and resource deficiencies. At a stakeholder meeting with the CRO on 3 September 2025 the CRO reported that it has a backlog of 20,000 B1’s to process. They estimate that this is a 6-week backlog. They anticipate that this will reduce by the beginning of peak filing season, but early filing may mitigate potential difficulties and delays. Please click for more companies office information on common errors on form B1. Other matters to keep in mind Please also check if there have been any changes in the company since the last annual return and that the forms have been filed to reflect these changes, and then update the B1 accordingly. Confirm that if you are claiming any exemptions such as audit exemption, abridgement or Section 357 Guarantee you are entitled to do so and check if there have been changes in the company size or the group thresholds. Remember also that the financial statements must be uploaded before the signature page is generated so anyone leaving it to the last day will have to make sure that the director and secretary are available to sign if there is no electronic filing agent , EFA appointed to the company. Please note that the Companies Registration Office (CRO) will not accept electronically signed documents. The signature page(s) must be physically signed i.e. “wet ink” and then scanned for submission. If you require help with CORE or have technical issues with filing your annual return, please contact the CRO Helpdesk support@cro-helpdesk.cloud.gov.ie. Agents who use software packages should contact their software vendor directly for information in relation to technical issues, such as upgrades of these systems. All other queries for Annual Returns can be directed to the dedicated mailbox CRO Annual Returns annualreturns@cro.ie Adverse consequences of late filing Late filing can have the following adverse consequences: Late filing fees Loss of audit exemption. The rules have changed since July 2025 .Click for a news item on the changes to audit exemption rules Possible application to district court for extension of time to file Involuntary strike off of the company Disqualification of director 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.    

Cróna Clohisey, Director of Members & Advocacy commented:  “Today’s Action Plan places a welcome emphasis on controlling what we can in a volatile global environment. It is encouraging to see the announcement of a ‘Red Tape Challenge’ to reduce regulation for SMEs. Combined with the existing SME Test, we hope to see reduced cost and regulatory burdens so businesses can spend more time innovating and creating jobs. Our research reinforces this urgency; 57% of SMEs surveyed by us this year identified regulatory compliance burdens as a key area in need of government support.  “The policy focus on examining options to boost the competitiveness of the R&D Tax Credit is crucial for ensuring that Ireland remains a top destination for innovation, attracting both domestic and international companies. The R&D tax credit regime critically requires enhancements for greater uptake and access for SMEs and we have called for these in the CCAB-I Pre-Budget Submission.   “The announcement of a National Artificial Intelligence Office reflects our longstanding view that AI is a powerful opportunity to reduce administrative burdens, enhance data driven decision making and bolster competitiveness. The NAIO will hopefully be a much-needed forum to shape the future landscape for business in Ireland. “While the direction of the Action Plan is welcome, as is a whole-of-Government commitment, delivery will be critical. The implementation framework with its broad timelines is a useful element of the plan, however businesses also need to see accountability and transparent implementation so that these policy objectives translate into progress on the ground.”  

Minister of State at the Department of Finance Robert Troy welcomed guests to a Chartered Accountants Ireland New York member chapter event hosted in collaboration with Enterprise Ireland’s Strategic Financial Leadership programme last night. The event was held at the Consulate General of Ireland New York, with Gerald Angley, the new Consul General and his team in attendance. The panel discussion event, titled “Strategic scaling: Empowering financial leaders for growth,” was attended by approximately 100 members from New York and surrounding regions and other guests. Attendees on the evening also heard from Daryl Regan, Programme Manager of Enterprise Ireland’s Strategic Finance Leadership programme as well as Chartered Accountants Ireland’s Global Member Manager Gillian Duffy. Introducing the event, Minister Troy highlighted the importance of Irish companies' contributions to the U.S. economy, noting Ireland as the 6th largest source of Foreign Direct Investment in the U.S. The Minister acknowledged the vital role of professional bodies like Chartered Accountants Ireland in supporting economic growth. He emphasised the need for CFOs to be strategic leaders and encouraged networking to build relationships that will drive future success and global engagement. He noted the vital role of member networks like the Chartered Accountants Ireland New York member chapter as a testament to global reach and ambition. The event was a panel discussion of Chartered Accountants Ireland members who are based in New York and the surrounding regions recounting their journeys and learnings. They gave advice on expanding businesses beyond Ireland; navigating the advantages and challenges of cultural differences when expanding overseas; dealing with payroll compliance and tax complexities; how their Chartered training has played a pivotal role in getting them to where they are today and embracing AI. Other advice was to think big, be aware of costs which can often be higher than in Ireland, have a strong structure and don’t be afraid to articulate your successes and wins. Also in attendance at the event were Shane Rogers FCA FCPA – President of CAW Network USA, and Institute Council member Conall McGonagle FCA FCPA – CFO and CAO of the Ireland Funds America. The Chartered Accountants Ireland New York member chapter would like to thank Enterprise Ireland, the IESE Business School, Minister Robert Troy, Gerald Angley, the Consulate General of Ireland New York and his team, as well as all the members of the chapter who contributed to the event. The panellists were: Alan Fagan FCA FCPA – Partner, CrossCountry Consulting (discussion moderator), Sharon Cunningham FCA FCPA – CEO & Co- Founder, Shorla Oncology, David Evans FCA FCPA – Chief Executive Pivotel Corporate Barry Flanagan FCA FCPA – Vice President Global Payroll, and You can view photos from the event here. You can learn more about overseas member networks here.    

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) in the UK supervises the 25 professional body supervisors in the legal and accountancy sectors including Chartered Accountants Ireland. OPBAS has done work in 2025 on assessing the quality of suspicious activity reports (SARs). In order to improve the quality of SARs it is actively working with the UKFIU to support training sessions on SAR quality. UKFIU has recently released a series of videos to support SAR submissions. We encourage our members and firms to view these six SARs Best Practice Videos, available on YouTube and accessible by clicking the links below 1. What is a SAR and why do I need to submit one? 2. Know your Glossary Codes 3. Reason for Suspicion 4. Best practice for completing the criminal / terrorist property section 5. Best practice for completing the prohibited act section 6. What happens after you submit a DAML or DATF? 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.  

Last week the Chancellor of the Exchequer, Rachel Reeves, announced in a You Tube video that the next UK Budget will take place on the later than anticipated date of Wednesday 26 November. As usual, the Institute will be reacting on the day to the Budget announcements and will issue a special newsletter to members. In recent months, the Chancellor remains under pressure to balance public finances, whilst trying to also boost economic growth and maintain the confidence of investors in financial markets. However, growth remains sluggish and inflation has been increasing. Economists therefore continue to say that further tax rises are needed. Speculation has been rife about what options the Chancellor has for tax rises, given that the Government pledged in its election manifesto not to increase taxes on working people. Last Monday also saw a reshuffle of some roles in Government including the appointment of Daniel Tomlinson MP to the role of Exchequer Secretary to the Treasury, after James Murray MP was moved into the role of Chief Secretary to the Treasury.

Last week, members of the Institute’s Tax and Public Policy team met with senior representatives from the Department of Finance and the Department of Agriculture, Environment and Rural Affairs in Northern Ireland in our continued effort to highlight the disproportionate impact that the April 2026 restrictions to the Inheritance Tax (IHT) reliefs, agricultural property relief and business property relief, will have in Northern Ireland (NI). The meeting followed on from a recent letter from the Minister of Finance in response to the Institute having previously shared with local government its April 2025 letter to the Exchequer Secretary to the Treasury (XST) on this issue. The Institute continues to call on the UK Government to introduce a special derogation for the region from these changes and will be making further representations on this key issue for the agricultural and family owned business sectors in NI ahead of the Autumn Budget on 26 November. During the meeting it was clear that local government shares our concerns in relation to this. Government representatives also outlined the wide range of work being undertaken locally to discuss this, particularly by the Minister of Finance, with Westminster. This includes direct engagement with the Chancellor of the Exchequer at a meeting last month in Stormont Castle. At present, HM Treasury continues to insist in discussions and in the policy paper published with the draft legislation on L-day in July that their data shows these changes will have minimal impact. They are also resisting all representations on how the draft legislation could be mitigated. The Institute set out a range of mitigations in its letter to the XST earlier this year to reduce the impact on genuine farming activity and the family owned business sector. During the meeting, the Institute also took the opportunity to highlight its recently launched refreshed campaign for a lower rate of corporation tax in NI as outlined in the position paper “Enhancing Our Competitiveness”, which was launched in June.

This week the first of two CPD webinars, which will look at Making Tax Digital (MTD) for income tax from different angles, will take place. More details on each are available below. Once again, we encourage members with clients affected to book onto both of these webinars. HMRC has also recently launched a new software choices page. CPD webinars Tim Palmer’s two hour CPD webinar takes place later this week on Thursday 11 September and is still open for booking. This webinar will deal with the detail of the technical rules and practicalities of MTD. Planning opportunities will also be considered. Next week at 1pm on Tuesday 16 September, HMRC are delivering a 1 hour webinar which will mainly focus on key readiness tips for agents and taxpayers. Spaces are still available to book. The detailed agenda for Tim Palmer’s webinar is as follows: The requirements of MTD for income tax, Which self-employed individuals and landlords will be mandated to comply, The turnover test, Digital record-keeping, The submission of quarterly updates, including what must be submitted, The election to use calendar quarters instead of fiscal quarters, Traders with turnover below the VAT threshold, The submission of the final declaration, Planning opportunities, The software decision, Practical case studies, The transitional rule, Pre-populated income, The impact on the construction industry, and A general overview of MTD for income tax. The HMRC led webinar on 16 September will be delivered by Sam Wood BSc ACA. Sam works with agents within HMRC’s MTD programme and has a background in accounting and digital transformation. Sam is responsible for Cross Cutting Stakeholder Engagement, Policy and Strategy at HMRC and is a Chartered Accountant and a member of ICAEW with wide experience of MTD from its inception. Software choices page The software decision is a vital one for both agents and taxpayers affected by MTD for income tax. In recognition of this, HMRC has been working in recent months to enhance the support available to users selecting MTD for income tax compatible software. A new and improved software choices tool (which HMRC refers to as a ‘MVP’ (Minimum Viable Product)) was launched over the summer to help users find the right product for their needs. This new tool builds on the existing software choices guidance page, which has also been significantly updated. According to HMRC, it reflects extensive user research and close collaboration with external delivery partners and stakeholders, to ensure it is shaped by real user needs and experiences. Importantly, it is designed to be intuitive and accessible and should be of assistance in helping all taxpayers (including those without an appointed agent) navigate their options. However, HMRC is reminding users that this is an early iteration of the tool. The aim overall is to empower more users to take the next step in their MTD journey independently.

Last week we shared details of three technical consultations which were launched on ‘L-day’ in July that the Institute will be responding to. There’s still time to share your feedback on these consultations, two of which are of particular relevance to tax agents. Share your views by close of business on Friday 12 September by emailing tax@charteredaccountants.ie.

In this week’s detailed miscellaneous updates which you can read more about below, HMRC has sent an update on employee car ownership scheme changes and the latest bi-monthly Employer Bulletin was published recently. In other news this week: Last month HMRC published its internal manual on the administration of the Multinational Top-up Tax and the Domestic Top-up Tax under the UK’s Pillar Two rules,  The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and Check HMRC’s online services availability page for details of planned downtime and the online services affected. Update on employee car ownership scheme changes and Euro 6e emissions standard As part of L-day on Monday 21 July the Government published draft legislation on changes to employee car ownership schemes. The decision has since been taken to delay implementation six months to 6 October 2026. The draft legislation on this remains open for technical consultation prior to final legislation being brought forward at the next Finance Bill. The relevant publications are as follows: Written statements - Written questions, answers and statements - UK Parliament, and Finance Bill 2025/26. In addition, the Government will be consulting in due course on introducing the Euro 6e emissions standard for cars and vans from April 2026. This standard will introduce more stringent real-world testing for plug-in hybrid electric vehicles (PHEVs) which in turn will lead to higher official CO₂ emission ratings and thus higher benefits in kind (BIKs). However, it was also announced on L-day that the Government does not intend for this to apply to BIKs until April 2028, in order to avoid significant increases for PHEV company cars. Further details are awaited on how this will work, however the overall intention is to ensure that BIK charges will be based on current emissions standards until April 2028, rather than the new Euro 6e standard.  Latest Employer Bulletin The August edition of HMRC’s Employer Bulletin includes articles on: 2024/25 P11D and P11D(b) forms, PAYE settlement agreements: calculations and payments, Disputed PAYE charges, Preparing businesses for the vaping products duty and the vaping duty stamps scheme, and Implementation of the Employment Rights Bill.

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. DEFRA has also sent an email setting out details of locations which are no longer valid points of entry for plant health imports into Northern Ireland. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Designated export place (DEP) codes for Data Element 5/23 of the Customs Declaration Service, Report a problem using the Customs Declaration Service, CDS Declaration Completion Instructions for Imports, CDS Declaration Completion Instructions for Exports, Short shipments at temporary storage locations, Appendix 1: DE 1/10: Requested and Previous Procedure Codes, Appendix 1: DE 1/10: Requested and Previous Procedure Codes, Requested Procedure 10: Permanent Export or Dispatch, Requested Procedure 11: Inward Processing Prior Export Equivalence, Requested Procedure 21: Temporary Export under Outward Processing, Requested Procedure 22: Temporary Export or Dispatch under Outward Processing if not covered by Procedure 21, Requested Procedure 23: Temporary export for return of goods in the unaltered state (Returned Goods Relief), and Requested Procedure 31: Re-export or Dispatch of non-Union goods following a Special Procedure.  

Welcome to the latest edition of Technical Roundup, our first edition after the summer break. This edition contains updates from 1 July to date. In developments since the last edition, Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 resulting in a change to the current audit exemption regime, and the Minister has also signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025 which transposes the ‘stop the clock’ EU Directive  and corrects other anomalies. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has published its Feedback Statement on its response to the IASB’s Exposure Draft Provisions – Targeted Improvements. The Feedback Statement sets out the feedback received from stakeholders and explains how this input was used to inform their final comment letter. EFRAG has also updated its EU Endorsement Status Report, which includes some recently endorsed IASB and IFRS documents. The Financial Reporting Council (FRC) has proposed some narrow scope amendments to FRS 102 in its Exposure Draft FRED 87. This proposes changes to the prescribed formats for balance sheets where an entity applying FRS 102 uses the option to adapt the presentation format. FRED 87 remains open for public comment until 10 October 2025. The IFRS Foundation Conference 2025 took place on 23 and 24 June with the theme of ‘Knowledge in Practice’. In June, the International Accounting Standards Board launched its review of IFRS 16 Leases. The initial stage of this review involves a Request for Information, which is open for comment until 15 October 2025. EFRAG and the UK Endorsement Board have both published drafts of their comment letters. The IFRS Foundation has developed stand-alone modules for each section of the IFRS for SMEs with the second of the updated modules now available. Free CPD- learn about the upcoming changes to FRS 102 Please join us for some free CPD at our events in Belfast on 15th October and Dublin on 16th October, registrations can be made through these links. The focus of these sessions is the upcoming changes to FRS 102, which are effective from 1 January 2026. These changes will result in many FRS 102 preparers changing the way in which they measure and recognise leases and income, and these events will look at some examples of how accounting for these may change after 1 January 2026. Auditing and Assurance A new guidance Document TR 02/2025 Reporting under The Central Bank and Financial Services Authority of Ireland Act 2004 has been issued. This replaces two previously published documents: (1) Miscellaneous Technical Statement M46 which was issued in 2006 to provide guidance on the statutory duty on auditors to make an annual confirmation to the Financial Regulator as to whether there are matters to report in addition to, and including, any reports already submitted to them. (2) TA 05/2016 Update for auditors regarding prescribed enactments for the purposes of section 27B of the Central Bank Act 1997 which was a supplementary piece of guidance. All guidance can be found on the Institute’s Technical Hub. The FRC has published a Practice Note Exposure Draft – Guidance for audits of smaller and/or less complex entities to help auditors deliver more proportionate audits of small and medium-sized enterprises (SMEs). The consultation period is open until 17 October. The FRC has published a consultation on proposed amendments to the PIE auditor Registration Regulations in the UK. The consultation period is open until 2 October. IAASA has issued its Insights Podcast Episode #3: Understanding the Annual Audit Programme and Activity Report. The FRC has published its first guidance on the use of artificial intelligence (AI) in audit.  This new guidance outlines a rational approach to implementing a hypothetical AI-enabled tool designed to support innovation across the profession. On 18 July 2025, the FRC has published version 2.1 of Technical Actuarial Standard 300: Pensions (TAS 300). The FRC has issued a podcast ‘In Conversation: What’s the difference between statutory audit and assurance?’ hosted by Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs. Sustainability The European Securities and Markets Authority (ESMA) has issued a thematic note on sustainability-related claims used in non-regulatory communications. The International Sustainability Standards Board (ISSB) has published two exposure drafts proposing amendments to the SASB Standards and consequential amendments to the Industry-based Guidance on Implementing IFRS S2. In an interesting and thought provoking article published by the IFRS Foundation, Jenny Bofinger-Schuster, member of the International Sustainability Standards Board (ISSB) looks at some of the deeper insights on the topic of disclosure of information about anticipated financial effects  of sustainability-related risks and opportunities in a company’s financial statements. The European Commission has adopted a set of measures to simplify the application of EU Taxonomy which will reduce the administrative burden for EU companies while preserving core climate and environmental goals. ESMA and the European Environment Agency recently signed a Memorandum of Understanding to reinforce their collaboration in the area of sustainable finance. The International Auditing and Assurance Standards Board is hosting a three-part webinar series in October to assist sustainability assurance practitioners and professional organizations as they adopt, implement, or apply International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements (ISSA 5000). European Sustainability Reporting Standards On 31 July, the European Financial Reporting Advisory Group (EFRAG) launched a 60-day public consultation on the revised and simplified European Sustainability Reporting Standards (ESRS). This consultation is a major step and follows on from the European Commission’s Omnibus proposal which seeks to make reporting under the CSRD more manageable, while maintaining alignment with the European Green Deal. The public consultation remains open until 29 September and some of the notable goals achieved in the revised draft standard include; Mandatory datapoints (which need to be reported if material) have been reduced by 57% The full set of disclosures (both mandatory and voluntary) have been reduced by 68% The overall length of the standards has been shortened by over 55% VSME Over the Summer, the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) was recommended for voluntary use by the European Commission. While the use of this standard is not mandatory, the Commission believes that its use may be beneficial for SMEs, particularly those who are in the value chain of companies who report- or will report - under the CSRD. UK Sustainability Reporting Standards Over the Summer the UK government launched three separate consultations which aim to develop the sustainability reporting framework in the UK. These consultations address the following; UK Sustainability Reporting Standards Assurance of sustainability reporting Climate-related transition plan requirements European Union (Corporate Sustainability Reporting) Regulations 2025 In July, the Minister for Enterprise, Tourism and Employment signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025. The purpose of this Statutory Instrument (S.I.) is to transpose the ‘stop the clock’ EU Directive into Irish law and to amend the anomalies that were present in previous S.I.s relating to the transposition of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. For more information on this please refer to our news item. Reports issued in July/August 2025 IAASA has published its 2024 Annual Report.   The Corporate Enforcement Authority (CEA) has published its Annual Report for 2024. A new report has been published showing the progress made on the recommendations from the Independent Review of Charity Regulation in Northern Ireland. The Charities Regulator has published its 2024 annual report. The UK Companies House has issued its annual business plan which outlines their priority commitments for the year ahead. The Competition and Consumer Protection Commission’s (CCPC) Annual Report for 2024 was published in July 2025. Anti-Money Laundering & Sanctions Chartered Accountants Ireland has introduced an Annual Return for those firms supervised for AML purposes pursuant to the Anti-Money Laundering Supervision Regulations - TCSPs and Bookkeepers. Readers can find out more by clicking to read a news item on the new Annual Return from our colleagues in Professional Standards. AMLA, the EU’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism has published its Annual Work Programme (AWP) for 2025. The Europe Banking Authority (EBA) published its 2025 Opinion on money laundering and terrorist financing (ML/TF) risks affecting the EU’s financial sector in July 2025. Click link for the full EBA report. On July 30, 2025, HM Treasury in the UK issued a consultation response on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The response contains a summary of the UK Government’s feedback and next steps setting out the areas where it intends to make changes to the MLRs. Readers can access the consultation response on MLRs here. In Sept 2025 the UK Government issued a draft statutory instrument (SI) and policy note on the proposed amendments to the MLRs. It seeks review of the practical operability, clarity, and effectiveness of the SI and welcomes feedback on errors, ambiguities, or unintended consequences by 30 September 2025. In sanctions news, on 18 July 2025 the EU adopted its 18th package of sanctions against Russia. In August 2025 the EU Sanctions Helpdesk issued a guide on ownership and control. It details the rules about a Listed Person owning or controlling an entity, what ‘ownership’ of an entity and ‘control’ of an entity means and there is also some discussion of firewalls about which see more on our Technical Hub sanctions pages. Central Bank of Ireland (CBI) The Central Bank of Ireland updated and republished the Cross Industry Guidance on Operational Resilience in July 2025. The guidance is updated to align with the Digital Operational Resilience Regulation and Directive (DORA). Click link for the Guidance document. Credit Union Lending Regulation Changes The CBI announced planned targeted changes to credit union lending regulations on 14 August 2025. This will allow the sector increased scope to provide house and business lending to members following changes in lending limits. The announcement of these changes came about following an evidence-based review and public consultation process regarding proposed changes to the lending regulations for credit unions set out in Part 4 of the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016. In addition, the CBI consulted with the Minister for Finance and various stakeholders including the Credit Union Advisory Committee (CUAC) and credit union bodies regarding the draft amending regulations. The final changes to these lending regulations will come into effect on 30 September 2025. CBI AML/CFT Sector Specific Risk Evaluation Questionnaires The CBI is adapting its supervisory approach for AML/CFT risk in the context of Financial Action Task Force (FATF) standards, the new EU AML Framework, and future data requests from the EU Anti-Money Laundering Authority (AMLA). This is resulting in a phased implementation of sector specific AML/CFT Risk Evaluation Questionnaires (‘REQs’), which was recently announced by the CBI. Initial implementation will apply to credit, payment, and electronic money institutions. Revised REQ templates have been published for these sectors. The REQ reporting requirements apply to Regulated Financial Service Providers (RFSPs), which are subject to supervision by the CBI. This change is being highlighted for Institute members who work in RFSPs. News on the Charities sector Click for the press release on the Charities Regulators 2024 Report. The report includes details on statutory investigations and actions and the new tool to shine light on compliance status for charities. The Charities Regulator recently issued their third e-zine for 2025 It includes details of publication of their new Statement of Strategy 2024-2027. The Strategy outlines the Regulator’s Strategic Objectives and Indicators being the regulatory approach, the Register, Stakeholder Engagement and Organisational Capability. Other interesting items in the e -zine include how to carry out a board appraisal and dates are confirmed for Charity Trustees’ Week 2025 which is from Monday, 10 November to Friday 14 November 2025. A recently published article from the Charity Commission for Northern Ireland highlights some reflections from the Charity SORP-making body on the responses it received from the recent consultation on the proposed amendments to the Charity SORP. While the final version of the SORP is not yet available, the article sets out some of the feedback received from the almost 150 responses to the consultation. New or proposed legislation Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024.  This provision relates to a change to the current audit exemption regime, whereby small and micro sized companies will not, in future, automatically lose the privilege of audit exemption on a first occasion, in a five-year period, of late filing of an annual return with the Companies Registration Office.  Please see the press release here. The UK Government has passed the Protection and Disclosure of Personal Information (Amendment) Regulations 2025 which extends the types of personal information an individual can request that Companies House makes unavailable (including signature, date of birth, residential address) on the public register. The UK Parliament published a draft of the Companies (Directors’ Report) (Payment Reporting) Regulations 2025 (“Regulations”). It has also published a draft explanatory memorandum. The purpose of the draft Regulations is stated to be to make changes to reporting requirements to require large companies to report information about their payment practices and performance within directors’ reports. Click for an Institute news item with further information. Artificial Intelligence & Cyber The EU Agency for Cybersecurity (ENISA) published guidance on the skills and roles for the cybersecurity professionals needed to meet NIS2 legal requirements.  Click link for the Guidance document. The Joint Committee on Artificial Intelligence established by the Oireachtas held its first public meeting in June 2025. IBEC have recently launched their new AI Hub as part of their campaign to reinforce their role as a trusted partner to policymakers, influencers, regulators, and members on their AI journey. Other News   The Companies Registration Office has recommenced the involuntary strike-off process in mid-August 2025. Approximately 35,000 companies are facing involuntary strike-off due to a failure to file annual returns. The backlog is because the process was paused during Covid-19 and was again paused in 2024. It will take some time to work through the backlog, but companies with the most annual returns outstanding will be dealt with in the first instance. The Housing Agency is holding evening information meetings around the country for stakeholders, including residents, owners, and directors of Owner Management Companies (OMCs).  The meetings will take place in Carrick on Shannon, Galway, Dublin, Limerick and Cork. They will cover challenges faced by OMCs and managed estates, roles and responsibilities and resources available. The case of Downtul Limited (in liquidation) contains an extensive examination of the grounds for restricting a director under section 819 of Companies Act 2014. Click here to read the Institute’s recent news item on the Starbucks case. The respondents were found to have discharged the burden of showing they acted honestly but because they had not acted responsibly this was enough to trigger the operation of the restriction provisions. The directors were restricted for 5 years. The Institute made a representation to the Department of Public Expenditure, Infrastructure, Public Service and Digitalisation to raise concerns expressed by members regarding the Statement on Internal Control (SIC) – a key requirement under the Code of Practice for the Governance of State Bodies. IAASA has issued its Work Programme draft 2026-2028.  While the date for response to the consultation has passed readers may still find the draft programme of interest. Readers may find interesting the Irish Revenue Commissioners e brief on Taxation of Partnerships dated July 2025. In addition to providing guidance on the taxation of partnerships, it describes the background to partnerships, the 3 types of partnership available under Irish law, the main types of partners and gives some information on joint and several liability. The Pensions Authority Supervision of pensions 2025 – 2029 conference will be held on Wednesday 17 September 2025 in the Round Room at the Mansion House, Dublin 2. It issued the Pensions Authority statement of strategy 2025 to 2029 in July 2025. Readers can find out more details and about the objectives in the press release issued on 10 July 2025.     This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.