Five things you need to know about tax, 26 May 2023

In Irish news, Revenue issues a key clarification on the Code of Practice for Revenue Compliance Interventions and a new TDM has been published on foreign entity classification. In UK news, we want to hear your views on two consultations, and the 2022/23 P60 deadline is approaching. In International news, the European Commission has published its summary report on the recent BEFIT consultation.

 Ireland

1. Revenue is updating its policy around the “self-correction without penalty” provision within Chapter 2 of the Code of Practice for Revenue Compliance Interventions with immediate effect.
2. Revenue has published a new Tax and Duty Manual on the classification of foreign entities for Irish tax purposes.

   UK

3. The Institute is considering making submissions to HMRC on two consultations which are currently open and would welcome your views by 1pm on Monday 29 May 2023.
4. The 2022/23 P60 deadline is approaching.

   International

5. BEFIT summary report is published by the European Commission.

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