The OECD has published its consolidated report on Amount B  as part of the Two Pillar Solution. This consolidated report includes all publications on Amount B by the Inclusive Framework in 2024.

The delegation from the Commission’s Tax Matters subcommittee, concluded its mission to Finland and Estonia. Regina Doherty, MEP and leader of the delegation, stated that is time to review the EU’s legal framework in the area of taxation to identify remedies which can reduce the administrative and regulatory burden on EU companies.

The Institute, under the auspices of the CCAB-I, made representations on behalf of members at last week’s meeting of the Tax Administration Liaison Committee (TALC) Collections sub-committee. Among the issues discussed, Revenue provided an update on the new agent e-Linking process, advised of the withdrawal of the facility to file draft financial statements under any circumstances, and confirmed that agents will be copied on final demand notices issuing to their clients. Revenue also confirmed that issues with the 2024 Form 11, for taxpayers claiming the Residential Premises Rental Income Relief, will be fixed later this month . Minutes of the meeting will be available in due course. New Agent e-Linking Revenue confirmed that its new agent e-linking system will be available from 25 March 2025. Under the new system, where a taxpayer has an online registration in ROS or myAccount, the agent will no longer be required to generate a client consent letter. Instead, upon submission of the agent-client link request by the agent, the taxpayer will receive an approval notification in their ROS/MyEnquiries inbox. The agent will be notified when the taxpayer has approved the link. Revenue will issue a letter to agents outlining the new e-linking system containing a QR code for access to further guidance. A letter is also to issue to ROS taxpayers. iXBRL In certain limited circumstance Revenue accept, by concession, the filing of draft iXBRL financial statements. Revenue has advised that it intends to withdraw this concession, and the upload of draft financial statements will not be permitted under any circumstances, from the end of May 2025. Final accounts with full tagging of directors’ and auditors’ reports are required. Debt Management Services A new notification system for the issue of final demand notices to agents will go live by the end of March 2025. By end of day each Monday an agent will receive a listing of their taxpayers who have been issued with a final demand notice that week. The notification will be sent as a priority email to the agent’s ROS Inbox. ROS issues Revenue is aware of issues with the ROS Form 11 calculation of Residential Premises Rental Income Relief (RPRIR) including PRSI. A fix for RPRIP in the Form 11 will be released on 24 March 2025. Revenue will correct any submissions that are made before 24 March. If the matter is urgent Revenue can be contacted for a manual fix. Practitioners outlined the frustrations and concerns of advisors and taxpayers regarding the perceived unreliability of ROS and the accuracy of its calculations. Revenue, acknowledging the negative impact of multiple releases and ROS downtime on taxpayers and their agents, has confirmed that there will be a single CT1 release in April 2025. The main ROS release is scheduled for 6 September 2025, with the proposed release on 22 September 2025 cancelled to avoid issues around the corporate tax filing deadline. Modernisation Revenue provided an update on its bank payments modernisation project. With fixed direct debits (FDD) for PREM no longer being a payment option, Revenue advised that there are still 3,000 taxpayers who have not switched from FDD. Next month will be the first month that FDD will not apply to VAT payments. FDD only applies to those that file VAT returns annually. Revenue expects to see the transition complete by December. The review of simplified VAT filings continues as a separate project.  

The OECD Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors has been published. This report sets out recent developments in international tax co-operation and tax transparency, as well as updates on initiatives to enhance tax certainty, and tax administration.

Today (26 February), the European Commission published its anticipated omnibus simplification package, which aims to reduce reporting burdens for companies, particularly SMEs. The package includes simplifications in sustainability reporting (CSRD), sustainability due diligence (CSDDD), and sustainable activity taxonomy (EU Taxonomy). The omnibus represents a dramatic change to several key pillars of the EU Green Deal, the key policy initiative in the path towards net zero by 2050. While we very much support simplification efforts to enhance the competitiveness of the EU’s single market, preserving regulatory certainty, clarity and stability for business is of utmost importance and is also key to remaining competitive.   As the largest professional body on the island of Ireland, representing over 39,000 members and educating over 6,600 students, the Institute has worked closely with members and member firms to equip them with the expertise and skills to prepare for and implement the CSRD both from a reporting and assurance perspective. Many of these have invested significant resources to upskill and meet existing requirements, and the changes proposed today may require several to pivot and understand new ones. Chartered Accountants Ireland is reviewing today’s omnibus simplification package with stakeholders to assess how we best continue to support businesses whatever size and whatever stage of the process they are at, to meet the standards, and how we train the accountants of the future to meet ESG-related legal requirements.  European Commission news release Commission simplifies rules on sustainability and EU investments

Revenue has recently updated its Guide to Exchange of Information to reflect new exchange relationships which commenced in 2024 and 2025 to date

Revenue has updated its guidance on Revenue Procedures for Personal Insolvency Caseworking. The updates relate to the following: The Collector General’s Personal Insolvency unit. The collection of dividends due for a Debt Settlement Arrangement (DSA) or Personal Insolvency Arrangement (PIA). The minimum information requirements needed before Revenue will consider a DSA. Information on Capital Acquisitions Tax.

The Tax and Duty Manual covering the EU Minimum Taxation Directive has been updated to reflect Finance Act 2024. The changes include the following: The application of rules relating to deferred tax and the approaches which a constituent entity may use to track deferred tax. These include details on an order of utilisation rule in relation to a loss deferred tax asset. The allocation of certain covered taxes to a constituent entity that is a hybrid entity or a reverse hybrid entity, and to allow for an election to exclude the allocation of certain deferred tax expenses and benefits to a jurisdiction. Updates with respect to the transitional CbCR safe harbour, including anti-avoidance provisions with respect to “hybrid arbitrage arrangements”. Rules to be used by eligible groups for non-material constituent entities to be applied under the “Simplified Calculations Safe Harbour”. Standalone investment undertakings, as defined, shall not be chargeable to the domestic top-up tax. The domestic top-up tax liability in respect of a securitisation entity can be imposed on another constituent entity of the multinational group or, in certain circumstances, on the securitisation entity itself. Clarifications on the operation of the provision relating to the calculation of domestic top-up tax. Other amendments have been reflected throughout the manual to ensure that the Pillar Two legislation operates as intended. The appendix has been updated to reflect all relevant references.

Revenue has updated its guidelines on Capital Acquisitions Tax Collection and Enforcement to include additional information and guidance. A new table has been included outlining the current capital acquisitions tax (CAT) thresholds and further details on CAT online payment options have been included in the appendix. The manual reflects the increase in the flat-rate addition for farmers from 4.8 percent to 5.1 percent with effect from 1 January 2025 and the separate interest rates applying where phased payment arrangements are entered into in relation to agricultural and or business property. References to a voluntary judgment mortgage have been removed from the manual.

Revenue has updated its guidance on Employer Provided Vehicles to reflect Finance Act 2024. A benefit-in-kind (BIK) exemption is available for the installation of a battery electric vehicle home charger by an employer at a director or an employee’s private residence. Certain conditions must be satisfied to avail of this exemption, including a condition that the employer must retain ownership of the charging facility. Any amounts paid by the employer for the maintenance of the qualifying charging facility will also be exempt provided all the conditions are met. Finance Act 2024 provides for the following temporary measures, to be used when calculating the BIK amount on employer provided vehicles, to be extended to apply for the tax year 2025: A reduction of €10,000 to the original market value (OMV) for all vans, electric vehicles and certain cars, and A reduction of 4,000 kilometres to the highest mileage band, reducing it from 52,001 kilometres to 48,001 kilometres. The manual includes refreshed and updated examples which aim to provide additional guidance.

The deadline for filing the annual share scheme returns for 2024 due by employers and trustees operating share schemes is 31 March 2025. The relevant forms include Form ESA, Form RSS1, Form KEEP1, Form ESS1, Form SRSO1 and Form ESOT1. New versions of the forms are now available which incorporate changes relating to accessibility details, penalties, and the number of line entries. The new forms and information on the filing obligations are available on Revenue’s share reporting obligations webpage.

The Council has taken a significant step towards simplifying tax procedures and reducing administrative burdens on businesses by its adoption of a new legislative package on electronic VAT Exemption Certificates. The electronic VAT Exemption Certificate will be mandatory from 30 June 2032.