As previously advised, Revenue is hosting webinars on 26 and 27 November 2024 to assist taxpayers making submissions to Revenue Technical Services (RTS). The purpose of the webinars is to enhance the quality of submissions made to RTS.   RTS operates across the various Revenue divisions and handles complex technical issues on which practitioners and taxpayers may need clarity. The webinars will include the following topics:  An overview of RTS, When/How to make a submission to RTS, RTS Query acceptance criteria, Communicating with RTS, and A Q&A session. Tickets for these free webinars can be reserved via Eventbrite. 

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. This confirms that on 31 October, the Secretary of State for Northern Ireland gave notification of the start of the democratic consent process on the Windsor Framework (WF). HMRC has also published more information, including a factsheet, on the new processes which commence from 31 March 2025 for moving business-to-business (B2B) parcels from Great Britain to Northern Ireland. WF democratic consent process This was triggered at the end of October and provides an opportunity for the Northern Ireland Assembly to decide whether or not certain European Union (EU) laws will continue to apply in Northern Ireland. Articles 5-10 WF are specifically impacted. The Northern Ireland Assembly EU Affairs team has put together an explainer on this democratic consent mechanism, the vote by the Northern Ireland Assembly on Articles 5-10, which is to take place by the end of 2024. You can access it here in addition to links to other useful resources. Moving B2B parcels from Great Britain to Northern Ireland On 19 September, the Government confirmed that the new arrangements under the WF for parcels and freight movements that were due to come into effect from 30 September 2024 were being delayed and that businesses should be fully prepared for them to commence from 31 March 2025. HMRC has now published a factsheet setting out key information and actions to prepare for the new arrangements and has also sent a more detailed email on the changes. A webinar is being also being hosted on 21 November which is now open for registration. You can also visit GOV.UK to:  find out how to apply for  UK Internal Market Scheme authorisation and the requirements you will need to meet, and read the statutory guidance for businesses sending parcels to Northern Ireland. For support with general trader queries, call HMRC’s Customs and International Trade Helpline number 0300 322 9434 or textphone 0300 200 3719.  Miscellaneous guidance updates and publications Transit newsletters — HMRC updates, Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS), Duties and import VAT on gifts Known error workarounds for the Customs Declaration Service (CDS) External temporary storage facilities 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, Customs Declaration Service error codes, Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS), and Preparing for the new safety and security declaration requirements.

President Michael D. Higgins has signed the Finance Bill 2024, and it has accordingly become law. Finance Act 2024 can be found on the Oireachtas website. 

In Irish news, Revenue has advised us of upcoming changes to its direct debit payment facility and the Department of Finance has published minutes of the recent Business Tax Stakeholder Forum. In UK news, the latest Finance Act has begun its journey through Parliament and read part 2 of our more detailed coverage of the 2024 Autumn Budget. In International news, we provide an update on VAT in the Digital Age. Ireland Revenue has advised us of upcoming changes to its direct debit payment facility. The Department of Finance has published the minutes of the meeting of the Business Tax Stakeholder Forum which took place on 18 October. UK 3. Finance Bill 2024/25 has been published and awaits second reading stage in the House of Commons. 4. Read part two of our detail Autumn Budget 2024 coverage examining Closing the Tax Gap, capital allowances, tax policy making and simplification, VAT and various duties, and miscellaneous measures and other taxes. International 5. Read our an update on VAT in the Digital Age. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.  

Chartered Accountants Ireland has today launched its new guide to Foreign Direct Investment (FDI) in Ireland at an event in conjunction with IDA Ireland in Dublin.  Over 100 attendees gathered in Chartered Accountants House to hear from a panel of: Cróna Clohisey, Director of Public Affairs Chartered Accountants Ireland Feargal O'Rourke, Chair, IDA Ireland Barry Doyle, President Chartered Accountants Ireland Ireland faces greater competition as a location for global FDI than ever before as we move into 2025, with other countries enhancing their offering at pace. While Ireland’s FDI policy has stood the country in good stead for decades, a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means Ireland’s inward investment model is now at a crucial inflection point. Commenting at the event, Cróna Clohisey, Director Public Affairs, Chartered Accountants Ireland said “Ireland’s record of attracting FDI has been the envy of other countries for decades and IDA Ireland has played a pivotal role. However, against a backdrop of heightened geopolitical uncertainty and intensifying global competition for inward investment, we cannot afford to be complacent about our offering. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.” Barry Doyle, President, Chartered Accountants Ireland said “We are all familiar with the advantages that Ireland holds in attracting FDI - EU membership, strategic location, young talented workforce and a stable business environment. Our members also represent a key competitive advantage, with Chartered Accountants playing a central role in supporting FDI the length and breadth of the country. “Competition has never been greater for the flow of FDI around the world, and with a new US administration taking office in a matter of weeks, there is an increased chance of disruption to the traditional flow of FDI globally. However, investors with a long term, sustainable outlook will look beyond short-term protectionism. Ireland as a safe and stable environment will continue to benefit greatly from FDI and we as Chartered Accountants will be there to lead and support such investments.”

Increased global competition one of several challenges to FDI model Addressing infrastructural deficit critical to ensuring continued FDI growth Chartered Accountants Ireland launches FDI guide, highlighting critical role its members play in supporting investment   Ireland faces greater competition as a location for global Foreign Direct Investment (FDI) than ever before as we move into 2025, with other countries enhancing their offering at pace. While Ireland’s FDI policy has stood the country in good stead for decades, a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means Ireland’s inward investment model is now at a crucial inflection point, according to Chartered Accountants Ireland.  The Institute, the largest professional body on the island of Ireland, representing over 38,400 members, has today launched its new guide to FDI in Ireland at an event in conjunction with IDA Ireland in Dublin.   Cróna Clohisey, Director Public Affairs, Chartered Accountants Ireland said  “Ireland’s record of attracting FDI has been the envy of other countries for decades and IDA Ireland has played a pivotal role. However, against a backdrop of heightened geopolitical uncertainty and intensifying global competition for inward investment, we cannot afford to be complacent about our offering. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.” Barry Doyle, President, Chartered Accountants Ireland said  “We are all familiar with the advantages that Ireland holds in attracting FDI - EU membership, strategic location, young talented workforce and a stable business environment. Our members also represent a key competitive advantage, with Chartered Accountants playing a central role in supporting FDI the length and breadth of the country. “Competition has never been greater for the flow of FDI around the world, and with a new US administration taking office in a matter of weeks, there is an increased chance of disruption to the traditional flow of FDI globally. However, investors with a long term, sustainable outlook will look beyond short-term protectionism. Ireland as a safe and stable environment will continue to benefit greatly from FDI and we as Chartered Accountants will be there to lead and support such investments.”    

The transformation of tax administration will be the theme of the OECD Forum on Tax Administration Plenary 2024 event. The event will gather together Commissioners from advanced and emerging tax administrations and representatives from international organisations and regional tax administration bodies. It takes place later this week in Athens, Greece from 13 - 15 November 2024.

The European Commission has welcomed the general approach announced by the Council regarding the Commission's proposals on VAT in the Digital Age. The new rules, intended to make the EU VAT system more business-friendly and more resilient to fraud, aim to address challenges arising from the platform economy and to level the playing field for all providers of short-term accommodation and transport services. The package introduces three key measures: Uniform real-time digital reporting for VAT purposes using e-invoicing for cross-border transactions, Platform operators in the passenger transport and short-term accommodation sectors will become responsible for collecting and remitting VAT to tax authorities, where the underlying supplier does not charge VAT, and     A single VAT registration system for businesses selling to consumers across the EU. The UK intends to consult on e-invoicing in early 2025.

Revenue has revised the Tax and Duty Manual which provides guidance on obligations to file a stamp duty return. The updated manual includes the full range of stamp duty reliefs and exemptions provided for in Chapter 1 of Part 7 of the SDCA 1999.   The guidance also makes reference to the new Tax and Duty Manual which lists miscellaneous Acts which contain stamp duty exemptions. 

Revenue has updated the Tax and Duty Manual which provides guidance on payments made without deduction of income tax to reflect the increase of 0.1 percent to all PRSI rates effective from 1 October 2024. 

The Parliamentary Budget Office has published a note explaining the EU State Aid Rules and how they operate in Ireland. State Aid refers to the use of financial resources, such as tax relief, provided on a selective basis by public bodies to businesses or industries in a way that gives them an unfair advantage or disrupts trade within the EU.   This publication provides a high-level overview of:  EU State Aid rules and their application in Ireland, De Minimis Aid, and The General Block Exemption Regulation (GBER).

Finance Bill 2024/25 was published last week on 7 November. Explanatory notes to the Bill were also published. The Bill’s first reading in the House of Commons took place last week; second reading has not yet been scheduled.