Five things you need to know about tax, Friday 4 August 2023

In Irish news, Revenue has updated its website to include information on the new enhanced reporting requirements for employers and has provided a note regarding the tax treatment of GMS income of GPs in certain circumstances. In UK news, HMRC recently published its 2022/23 annual report, and has estimated error and fraud in R&D as it publishes its approach to R&D compliance. In International news, OECD research suggests a modest recovery in tax revenues in the Asia-Pacific region post-pandemic. TaxNews will be taking a seasonal break for the next few weeks, returning 4 September 2023.

 Ireland

1. Revenue updated its website to set out information on the new enhanced reporting requirements for employers to report details of non-taxable small benefits, travel and subsistence and remote working allowances paid to employees and directors from 1 January 2024.
2. Revenue has provided us with a note in relation to the tax treatment of GMS (General Medical Services) income of GPs in circumstances where GMS payments have been mandated to a medical practice by a GP that is an employee of, or partner in, the practice.

   UK

3. HMRC has published its annual report and accounts for the year ended 31 March 2023 together with the HMRC Charter annual report 2022/23.
4. HMRC estimates error and fraud in R&D and publishes approach to R&D compliance.

   International

5. OECD research observes modest recovery in Asia-Pacific tax revenues.

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