The European Commission has adopted an Implementing Regulation which aims to provide technical solutions to facilitate the automatic exchange of top-up tax information return between Member States under the Directive on Administrative Cooperation (DAC9). The objective of the regulation is to ensure taxpayers comply with their Pillar 2 Directive obligations, while minimising the administrative costs associated with tax compliance. 

The OECD has published a report titled Revenue Statistics in Asia and the Pacific 2025 which provides harmonised data on tax revenues for 37 economies in the region, including Niue for the first time. The report finds that on average tax revenues have increased which is mainly driven by higher VAT receipts.

The OECD has published an overview of the wide-ranging activities delivered last year by the OECD Centre for Tax Policy and Administration and the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) in supporting developing countries improving their tax systems. There has been increased demand by developing countries for supports offered by the OECD, which include policy analysis and design, tax administration, international collaboration, and multilateral and bilateral capacity building.

Revenue has updated the filing guidelines for DAC 2 – Common Reporting Standard (CRS) to confirm that the CRS XML Schema Version 3.0 and User Guide 4.0 recently published by the OECD will come into effect from 1st January 2027 and will be used for all filings from that date onwards. The guidelines have also been updated to include a link to CRS Schema information under Annex 3 of Standard for Automatic Exchange of Financial Account Information in Tax Matters.

The Revenue Economic Research Unit has  published a news update regarding a survey it is conducting of taxpayers who interact with Revenue’s customs services. This short online survey is being carried out with a view to understanding customs issues encountered by taxpayers and to assist in improving the quality of the services provided by Revenue. Revenue has confirmed that the survey is not connected with a taxpayer’s customs affairs. Taxpayers who have been selected to complete the survey will receive an email invitation to complete it before 18 July 2025.

The Central Statistics Office (CSO) has published the Annual National Accounts 2024 which confirms that Gross National Income (GNI*), a key deglobalised measure of Ireland’s economic performance, increased by 4.8 percent last year. GDP grew by 2.6 percent, primarily driven by growth in sectors dominated by domestic activity. In 2024, Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government and investment spending, rose by 1.8 precent. Total exports grew by 8.6 percent, which was driven by an increase in services exports of 10.9 percent. Total imports grew by 2.7 percent last year.  Commenting on the publication, Minister for Finance Paschal Donohoe T.D. said: “I welcome today’s data which confirm robust growth in the domestic economy last year. Inflation eased considerably throughout 2024, which boosted real incomes. As a result, consumer spending grew solidly by just under 3 per cent, supported by strong growth in employment. Overall, Modified Domestic Demand (MDD) increased by 1.8 per cent in 2024, while GNI* increased by almost 5 per cent. From a policy perspective, we need to continue to calibrate economic and budgetary policies that recognise the changed external backdrop. In particular, this means focusing on boosting the competitiveness of the economy and continuing to build up our fiscal buffers. The government will set out its updated strategy in the Summer Economic Statement later this month”.

Last week, the Minister for Social Protection, Dara Calleary T.D. launched a major national awareness campaign for the new Automatic Enrolment Retirement Savings System, called ‘My Future Fund’. In addition to the campaign, information resources are also available including a dedicated online hub and information videos. The available resources provide details on how auto enrolment will work, who will be auto enrolled, contribution rates and relevant information for employers and employee. Announcing the launch of the campaign, Minister Calleary said: “I believe that My Future Fund will transform how people save for their retirement. This landmark policy will help hundreds of thousands of hardworking people in Ireland put money aside for their life after work. Auto Enrolment has been talked about for decades. I am delighted that this is finally happening. My Future Fund will mean that two-out-of-three private sector employees who currently have no supplementary pension will get to enjoy a greater sense of wellbeing and financial freedom in the future."

Revenue issued a news update last week confirming its continued commitment to the Small Company Administrative Rescue Process (SCARP). In the update, Revenue outlined its role and responsibilities in the process and emphasized that its primary objective is to work constructively with financially distressed companies, while ensuring that public interest safeguards remain in place. Restructuring under SCARP can facilitate certain businesses which may be facing difficulties in repaying their debt obligations and were once viable to help them restart trading, thereby saving the business and jobs. Revenue outlines in the news item that for directors acting in good faith, SCARP remains a valuable and supported option to restructure a viable business. Under the Companies Act 2021, Revenue has a structured opt‑out right which is considered a legal safeguard to ensure the integrity of the SCARP process is not misused to evade tax liabilities. Since SCARP was introduced in December 2021, Revenue confirmed that there have been 99 applications for SCARP during which Revenue has exercised the opt-out in 19 cases.   Revenue confirmed that it will only exercise its opt-out right under clearly defined circumstances as follows: Where Revenue cannot quantify the debt due as a result of outstanding returns or other relevant information, an ongoing audit or intervention, or an active tax appeal, or Where the company or directors has a track record of non or poor compliance. A dedicated SCARP team has been established by Revenue to streamline communications and support viable outcomes.

Last week, President Trump signed the Executive Order ‘Extending the Modification of the Reciprocal Tariff Rates’ which effectively extended the suspension of ‘reciprocal tariffs’ on EU imports until 1 August 2025. These ‘reciprocal tariffs’ were originally announced by President Trump in April this year and had been suspended until 9 July 2025.  Following the announcement of this further suspension, the US President sent a letter to European Commission President Ursula von der Leyen announcing that a 30 percent tariff would be imposed on imports from the EU on 1 August 2025. In a statement following the announcement, the Tánaiste, Minister for Foreign Affairs and Trade and Minister for Defence, Simon Harris T.D. said: “There is no necessity to escalate the situation or to further increase the additional tariffs which have been imposed on the EU. The Government strongly supports the efforts by the European Commission to reach a mutually beneficial agreement with the US. The EU is at the negotiating table and will remain there. Now is the time to redouble our efforts and to seek to achieve positive results in the time available. The EU will remain united and focused as negotiations continue between now and 1 August.”

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 most recently published 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: Check when you can account for import VAT on your VAT Return, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020, Reference documents for The Customs (Reliefs from a Liability to Import Duty and Miscellaneous Amendments) (EU Exit) Regulations 2020, Reference document for authorised use: eligible goods and authorised uses, Customs, VAT and excise UK transition legislation from 1 January 2021, Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020, Reference Documents for The Customs Tariff (Suspension of Import Duty Rates) (EU Exit) Regulations 2020, Reference Document for The Customs (Origin of Chargeable Goods) (EU Exit) Regulations 2020, Reference Document for The Customs Tariff (Establishment) (EU Exit) Regulations 2020, and Export goods from the UK: step by step.  

In this week’s detailed miscellaneous updates, which you can read more about below, HMRC has launched a new dedicated bereavement service helpline and the UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard have been laid before Parliament. In other news this week: As Wimbledon’s strawberries and cream season comes to an end, the VAT debate over Marks and Spencer’s limited-edition strawberries and cream sandwich, inspired by the Japanese "fruit sando", continues to rumble on – will the taxman grab a bite? The scammers are out in force in recent week’s: HMRC’s latest Press Release on scams is warning of winter fuel scams, and After the announcement of the loss of £ 47 million as a result of successful taxpayer phishing scams, HMRC’s action against the fraudsters continues with the announcement of arrests in Romania, 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 finally, Check HMRC’s online services availability page for details of planned downtime and the online services affected. New dedicated bereavement service helpline Bereaved taxpayers or their representatives are now able to report a death and settle the deceased’s tax affairs by calling HMRC’s new dedicated bereavement service helpline on‌‌‌ ‌‌0300‌‌‌ ‌‌322‌‌‌ ‌‌9620. Interactive Voice Response messages will direct taxpayers who ring this new number to PAYE, Self-Assessment, or Child Benefit depending on the service they need. This aims to get taxpayers/their agents to the right place first time around and will allow them to talk to someone about several matters during the same call. Crypto-assets reporting framework and updated Common Reporting Standard The UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard (CRS2.0) have recently been laid before Parliament. Both will come into effect from 1 January 2026. In summary, these regulations will impact on a range of financial services businesses such as banks, asset managers and insurance companies and will also bring e-money providers and crypto-asset service providers into scope for the first time. Under both, there will be a £300 penalty per account for failure to collect a self-certification or to apply due diligence, and a £100 penalty per account for incorrect reporting. The regulations also introduce a penalty for customers of institutions who fail to provide a self-certification when requested of up to £300. HMRC has launched a Press Release highlighting these changes.

The Institute is pleased to advise that the link for booking the HMRC led webinar on Making Tax Digital (MTD) for income tax, which we covered in last week’s Chartered Accountants Tax News, is now open for booking. The webinar will take place on Tuesday 16 September 2025 from 1-2pm. HMRC has also recently launched its MTD comms campaign page ‘Making Tax Digital for Income Tax - HMRC guide.’ HMRC is holding two ‘Talking Points’ webinars this week on MTD for income tax which you can book at the below links: How to get ready for MTD if you are an agent, and Client authorisation and enrolment. The guidance on choosing more than one agent has also been updated: Use Making Tax Digital for Income Tax.