Revenue has released a teaching module on its website to provide an opportunity to introduce tax to Transition Year students. Revenue has provided the resources teachers need to support delivery of this module in the classroom and for students’ exploration of tax. The module consists of eight units encompassing income tax, VAT, USC, PRSI, customs and the shadow economy.

Revenue has updated the Tax and Duty Manual which provides guidance on employer provided vehicles. The updated manual: outlines the current cash equivalent calculation (paragraph 4.1), reflects the extension of the temporary reduction to OMV under Finance Act (No. 2) 2023 (paragraph 4.1.3), reflects the extension of relief available in respect of battery electric vehicles to 2027 (paragraph 6.3), illustrates the combined effect of the temporary reduction to OMV and relief available in respect of battery electric vehicles (paragraph 6.3.1), includes a table showing the business mileage applicable from 1 January 2023 (Appendix A).

Revenue has updated the Tax and Duty Manual regarding the appointment of experts to assist in audits of the Research & Development (R&D) Corporation Tax Credit. The updated guidance reflects the start of the new independent expert panel on 8 August 2024. In addition, in section 3, it provides that where a 'pre-meeting' is held between Revenue and the independent expert, the company may choose to be present or represented at that pre-meeting. Further information is available in eBrief No.212/24.

Revenue has published a new Tax and Duty Manual to provide guidance on the new Residential Premises Rental Income Relief (RPRIR) contained in section 480C TCA 1997.  The relief applies to rental income in the tax years 2024-2027 inclusive. The manual outlines who can claim the relief, how much relief can be claimed, how joint ownership is addressed, and the clawback of the relief in certain circumstances.

Revenue has updated the Tax and Duty Manual which provides guidance on accessing and registering for MyEnquiries. The updated manual includes new guidance on the priority email address feature in ROS (paragraph 3.3.3). As previously reported, Revenue is now providing a facility in MyEnquiries for users to mark a designated email address as the priority email address for sending Revenue-initiated queries. This feature enables users with multiple email addresses to identify one address as the priority email for Revenue-initiated MyEnquiry correspondence.

Revenue has published a new Tax and Duty Manual which provides guidance in relation to the stamp duty repayment provisions contained in the Stamp Duties Consolidation Act (SDCA) 1999. Where an entitlement to a repayment of stamp duty arises under SDCA 1999, Revenue will repay the Stamp Duty only where the general requirements of section 159A SDCA 1999 are also met, with interest on the repayment payable in accordance with section 159B SDCA 1999.

The 2023 ROS Form 11 has been available since 1 January 2024 and has been updated on an ongoing basis. Accordingly, Revenue has updated the Tax and Duty Manual which provides guidance on the income tax return 2023 ROS From 11. The changes are as follows: information about the applicable time limits for making elections for the chosen basis of assessment (paragraph 2),   ·new question whether the Sales/Receipts/Turnover figure provided is inclusive of VAT (paragraph 3.2), updates on the Irish Rental Income panel concerning pre-letting expenditure on vacant properties, capital allowance claims and the De Minimis Regulation, and prefilling of Non-Resident Landlord Withholding Tax filing notification data (paragraph 4), update guidance on allowable deductions incurred in employment to remind filers to input the relevant percentage of the costs incurred – which is 30% of the broadband and/or utility cost, not the full amount incurred (paragraph 6.2), updates on social welfare payments (paragraph 6.3 and appendix 2) to advise that the prefilled amounts were corrected in April and July 2024. Revenue reviewed returns filed up to those dates and contacted the taxpayers affected, updated figure showing questions and validations for ‘lump sums from relevant (foreign) pension arrangements’ (paragraph 7.1), an update on the tax charge on UK deposit interest in excess of the standard rate band (which is 40%) (paragraph 7.2), an update to Irish Other Income panel relating to proceeds from the sale of patent rights for capital sums (paragraph 8.1), updates to the tax credits panel (paragraph 8) to reflect some changes to the EII question, information about the Mortgage Interest Tax Credit, and an update to the Rent Tax Credit values and text, an update to the wording of the Capital Acquisitions panel to confirm when an IT38 is required to be filed and updates on assessments issued (paragraph 12), and a new appendix with feedback to assist filing and reduce follow-up contact with Revenue. Readers are reminded that, when preparing the return using the Return Preparation Facility (RPF), it will time out and unsaved work will be lost if the return is inactive for 30 minutes.  Filers are advised to save regularly to avoid timeout and progressing panels in the return to reset the timer.

Revenue has updated the Tax and Duty Manual which provides guidance on the relief for key employees engaged in Research and Development activities to reflect the provisions of section 766C TCA 1997.  From 1 January 2023, a key employee may avail of a reduction in their income tax liability as a result of the surrender by their employer company of some or all of the research and development corporation tax credit to which that company was entitled under section 766C. The manual has been updated to reflect how section 766C interacts with this relief while examples have been refreshed for the 2023 and 2024 years of assessment.

Minister for Finance, Jack Chambers TD, has published a second feedback statement on the development of a participation exemption for foreign dividends to the Irish corporate tax system. Currently most EU and OECD member states adopt a predominantly territorial approach exempting foreign dividends from domestic tax, sometimes complemented by an exemption for foreign branch profits. Ireland differs by operating a worldwide corporate tax regime on all profits, both domestic and foreign source, of a resident entity with double taxation relief for foreign tax paid on foreign source profits. Government committed to the introduction of the participation exemption in Budget 2024, to come into effect from 1 January 2025. Earlier this year the Institute, under the auspices of the CCAB-I, responded to the Department of Finance’s feedback statement on the Strawman proposal for a participation exemption for foreign dividends. This second feedback statement seeks to build on the feedback received from stakeholders. It contains potential draft approaches to key elements of the legislation as well as information on some consequential amendments that may be introduced in conjunction with the participation exemption for foreign dividends. On publication of second feedback statement, Minister Chambers stated: "The introduction of a participation exemption will deliver on the commitment to simplify the Irish corporate tax system. This demonstrates Ireland’s continued desire to promote a business environment that remains best in class. We are in a period of unprecedented change in the international taxation landscape, and enhancement of Ireland’s tax system will provide stakeholders with the certainty and simplicity needed to continue to prosper in Ireland. The publication of the second feedback statement builds on the valuable insight received from stakeholders in response to the initial feedback statement which included a strawman proposal. I look forward to receiving additional stakeholder insight and bringing forward legislation to deliver on this commitment in Finance Bill 2024.”

As of yesterday, 1 September, Chartered Accountants Ireland and CPA Ireland began to operate as one Institute under the Chartered Accountants Ireland brand.  Members of the two Irish-based accountancy bodies first voted on an amalgamation proposal in February 2024 with a majority of members voting in favour of uniting the two organisations to create a single Institute to better represent the interests of its members, the accountancy profession in Ireland, and the wider public.  From 1 September, CPA Ireland members, students, staff and services have been incorporated into those of Chartered Accountants Ireland creating the largest professional body on the island of Ireland. This follows a comprehensive process of engagement between representatives from both organisations as to the legal, regulatory and staffing requirements of the move.  In a statement, Chartered Accountants Ireland President Barry Doyle said: “Today Chartered Accountants Ireland welcomes new members, students, and staff to the Institute. This is the culmination of close member engagement and strong collaboration between both Institutes towards a shared vision for the future of the profession.  “I want to thank members for their support and feedback which has laid the foundations for a new chapter in our history, and I look forward to working closely with all members in the coming months.”

Today, Chartered Accountants Ireland and CPA Ireland commenced operations as one Institute under Chartered Accountants Ireland. CPA Ireland members, students, staff and services have been incorporated into those of Chartered Accountants Ireland creating the largest professional body on the island of Ireland.  Chartered Accountants Ireland President Barry Doyle said:  “Today Chartered Accountants Ireland welcomes new members, students, and staff to the Institute. This is the culmination of close member engagement and strong collaboration between both Institutes towards a shared vision for the future of the profession.   “I want to thank members for their support and feedback which has laid the foundations for a new chapter in our history, and I look forward to working closely with all members in the coming months.”  Together, as one Institute:   Chartered Accountants Ireland is now the largest professional body on the island of Ireland, giving a strong and effective voice on key issues of relevance for the profession like business supports, taxation policy, and childcare to over 38,400 members working in business, practice, and the public sector.    Chartered Accountants Ireland offers an even more powerful qualification with dual designation, combining the recognition and strengths of both qualifications, benefiting members at home and abroad. This means that members can now use ACA or CPA, while those who are Fellows can use FCPA or FCA. As a member of Chartered Accountants Ireland, you may have access to membership of other leading professional accountancy bodies in economies around the world. Learn more.    Chartered Accountants Ireland educates 6,600 students, the next generation of ACAs, as well as now having even wider and deeper relationships with second and third level institutions across the island of Ireland.    Chartered Accountants Ireland is now the only Irish-based accountancy body on the island of Ireland, greatly enhancing our ability to promote the career and the qualification on this island, highlighting the attractiveness of the profession for the next generation.  Chartered Accountants Ireland now has a stronger financial base as a result of an increased membership base, and we look forward to delivering enhanced services and supports for all our members.    Chartered Accountants Ireland will augment our existing range of professional development resources such as events, courses and specialist qualifications. With the addition of the Skillnet training network, members can access an even wider variety of topics in accountancy, law, tax and strategic personal development.    If you are a new member since 1 September 2024, you can access more detailed information on services here.    You can continue to book your events, and when the time comes, pay your subscription, on the CPA Ireland website using your current CPA member number and password. Once the new IT systems are in place in support of the amalgamation, you will receive notification, information, and support in accessing it.    We encourage all members to keep up to date with all Chartered Accountants Ireland activity and news via our website, and our social channels.  

In this week’s Sustainability/ESG bulletin, read how costs remain both a driver and an obstacle in SMEs taking action on sustainability. Also covered is Ireland’s B- in climate performance, sustainability in the Ireland For Finance Progress Report, funding available in Northern Ireland for SMEs and Women in Business, the All-Ireland Sustainability Awards, Earth Overshoot Day and reports into the effectiveness of climate policies and board-level climate knowledge, as well as the usual resources, articles and upcoming events. Ireland Costs still primary driver and obstacle to SMEs sustainability action A survey commissioned by Uisce Éireann which published this week has found that cost remains both the primary driver and obstacle in SMEs taking sustainability action. Read more here. The Chartered Accountants Ireland SME and SMP Sustainability Workshop Chartered Accountants Ireland is running an online workshop for SMEs and small/medium accounting practices (SMPs) who want to get ahead of the sustainability curve. The interactive half-day session will cover the impact of ESG policies and trends on business. Also covered will be the impact of CSRD, the steps to create a sustainability small practice, opportunities to advise on ESG now and in the future, and sources of sustainable finance available. If you run or advise an SME, join us on Friday 13 September from 9.30am. ‘B-’  grade for Irish Government’s climate progress Ireland has received a ‘B-’ from leading Irish academics for its progress on the climate and environmental commitments in its Programme for Government. The grade, an improvement on last year’s C+, was given as part of a project commissioned by the Friends of the Earth Ireland. In awarding the Government the B- grade, the report acknowledged that Ireland has ‘turned a corner’ away from its ‘climate laggard’ origins, but that momentum will have to accelerate over successive governments to make Ireland a genuinely sustainable economy. Non-Domestic Electricity Consumption figures released Figures released by the Central Statistics Office (CSO) show that restaurants/public houses consumed more than twice the electricity per square metre of offices in 2023. The figures included in the Non-Domestic Electricity Consumption by Building Energy Ratings 2023, show that the next highest consumption was by retail, followed by offices, primary health care, and community/day centres. A revised and updated Sustainable Finance Roadmap A ‘revised and updated Sustainable Finance Roadmap’ is among the achievements noted in the 2023 progress report of the Ireland for Finance strategy. The Progress Report 2023, which published this week, provides an update on the 12 measures that were due for reporting last year under the Ireland for Finance strategy. This strategy first published in 2019 and aims to further establish Ireland’s position as a global location of choice for companies operating in the financial sector. The five core themes of the strategy are fintech, sustainable finance, diversity and talent, regionalisation and promotion, and operating environment. Online Survey for the next National Strategy for Women and Girls The Department of Children, Equality, Disability, Integration and Youth has issued an Online Survey as part of its development of the next National Strategy for Women and Girls. This new strategy will expand on the progress made to date and aims to help advance the rights of women and girls. The survey will be open until 30 September, after which the Department will begin a series of in-person consultations to further inform the strategy’s development. Participants can submit their own views (anonymised) or those of an organisation they represent. Separately, figures recently published by Central Statistics Office (CSO) how that Q2 2024 saw the highest participation rate for females since the series began in 1998, with females representing 61.4% of the labour force, up from 61% in the same quarter in 2023. Northern Ireland/UK news Funding and training available A new programme has launched in Northern Ireland to support SMEs taking climate action and reducing their CO2 emissions. Developed by Business in the Community Northern Ireland (BITC) and partially funded by the British Business Bank, the programme will help participating businesses to build capacity, assist with net-zero planning, and increase levels of reporting and capacity-building to enable delivery of immediate and long-term climate action. More details. Applications are also open for the Women in Business ‘Explore It’ programme for women at the pre-start (idea stage) or early stage of trading in their business. Training will address a wide range of business start-up issues and help to build confidence and grow business skills. The application deadline is midday on Friday 11 October 2024. All-Ireland Sustainability Awards open Applications are open for the All-Ireland Sustainability Awards, which celebrate organisations that have excelled in improving their environmental, social, and financial performance to create a more sustainable future and drive a greener economy.  Applicants can submit multiple projects across various categories, which include Tech for Good, Sustainable Tourism, Green Marketing, and Net-Zero Initiatives. The Awards are free to enter and the deadline for entry is 1pm on Friday 6 September. Calls for lobbying to be included in companies’ climate reports The University of Oxford’s Smith School of Enterprise and the Environment, in association with the non-governmental Exponential Roadmap Initiative have stated that current climate standards must be expanded to include a company’s broader influence on climate action in order  to deliver net zero. The report further states that current reporting standards fail to incentivise broader climate action and can even discourage it. Calls for a just transition and investor action in the mining industry The London School of Economics’ Grantham Research Institute on Climate Change and the Environment has published a report setting out the importance of a just transition in the mining sector and presenting a framework for investor action. Included in the report’s eight recommendations is a call for investors to “deepen their engagement efforts” with mining companies and state-owned enterprises around a just transition, and to inform governments of their expectations for just transition policies. World news Earth Overshoot Day – 1 August 2024 Earth Overshoot Day fell on 1 August this year. This is the date on which humanity’s demand on nature’s resources surpasses Earth’s capacity to regenerate them for the given year. The date is calculated by the international sustainability organisation Global Footprint Network. For the remainder of this year humanity lives on overuse, further depleting the biosphere, and increasing pressure on the planet. Heat-related impacts study A new modelling study in the Lancet using data on 854 European cities has found that heat-related deaths could triple in Europe by 2100 under current climate policies, as climate change expected to exacerbate heat-related morbidity and mortality presents unprecedented challenges to public health systems. Effectiveness of climate policies A new study on climate policies has found that just 63 policies were effective at reducing emissions. The study, which examined 1,500 climate policies implemented over the past 25 years, found that ‘effective but rarely studied’ policy combinations highlight the important role of price-based instruments in well-designed policy mixes and the policy efforts necessary for closing the emissions gap. Board-level climate knowledge A study by ESG-rating-provider MSCI has found that investors’ assessments of how prepared a company is to deal with climate-related financial risks is being made difficult by a lack of stringent criteria setting out exactly what it means if corporate board members claim to have climate expertise. The study also found that few boards had multiple climate experts, and 65% had no climate experts at all. ‘Accounting for a Better World’ The International Federation of Accountants (IFAC) has published an article on the pivotal position it says accountants occupy in driving sustainable business practices. Accounting for a Better World: Insights from IFAC’s Professional Accountants in Business Advisory Group outlines multiple opportunities where professional accountants can have an impact. These include ensuring sustainability and excellence as a CFO, driving integrated thinking through strong corporate governance, harnessing the transformative opportunities of AI,  and nature-related accounting and financial disclosure. Sustainability Reporting and Assurance Diplomas starting 26 September With the mandatory corporate Sustainability Reporting and Assurance in the EU starting this year, Chartered Accountants Ireland’s Sustainability Diplomas are back for the Autumn Schedule of our Professional Development courses. Starting on 26 September 2024, the Diplomas are: Diploma in Sustainability Reporting, designed for chartered accountants and others leading the implementation of the new European Sustainability Reporting Standards (ESRS).    Diploma in Auditing and Assuring Sustainability Reporting, tailored for Chartered Accountants and others seeking to conduct sustainability assurance and become licensed as Sustainability Assurance Service Providers (SASPs). Articles Ireland’s nature in focus - Valiant efforts give cause for hope (Irish Times)   The new EU deforestation regulations businesses should know about (Accountancy Ireland – Briefly)   The uninsurable world: rethinking how to cover for climate damage (Financial Times)   Fighting Greenwashing: The Role of Strong Corporate Governance in Reliable High-Quality Sustainability Information (IFAC)   The case for standardised social impact reporting measurements (CPA Australia)   Frame climate policies as economic not environmental benefits (New York Times)   Accountants key to accelerating energy transition (ICAEW Insights)   Cost- and climate-conscious companies are swapping business class for economy as they return to air travel (The Times)   Northern Ireland Shoppers Confused About Product Sustainability (Business Eye)   BlackRock’s support for ESG measures falls to new low (Financial Times)   EU faces lawsuits over emissions rules, 'green' label for planes (RTÉ) Did you know? The number of plastic bags found on UK beaches has dropped by an average of 80%,  according to the charity which runs the Great British Beach Clean each September. The charity reportedly credits the reduction to charges on single-use carrier bags, and has stated it hopes for similar bans on other plastic items will result in cleaner beaches in the future. Podcasts The Guardian – Science Weekly - What’s happened to all the butterflies? (18 minutes) Upcoming Events Ireland’s third SDG (Sustainable Development Goals) Week will take place this year from 20 – 29 September. Last year, almost 200 events were held across Ireland, with 5,000 events taking place across Europe for the wider European Sustainable Development Week (ESDW). The SDGs work towards ambitions such as an end to poverty, access to decent work, sustainable consumption, protection of nature, better health and wellbeing, universal access to education, gender equality, climate action, and peaceful societies. A4S (Accounting for Sustainability) Pensions Deep Dive: Using a narrative scenario approach for asset allocation Mirko Cardinale, Head of Investment Strategy, USS Investment Management, will share insights on using a narrative scenario approach within investment decision-making processes, and how this affected USS's thematic investment outlook and strategic asset allocation review. There will also be a Q&A discussion on the practical implementation of narrative scenarios to support the asset allocation process. In person/virtual: 5 September, 16.00–17.30 BST A4S (Accounting for Sustainability) Sustainability in Action Webinar: Net zero – Scope 3 for the real economy Register for this webinar to receive practical advice for measuring and reducing your scope 3 emissions and find out about the pivotal role that finance teams can play in addressing scope 3 emissions. Practical examples shared during the webinar will help you translate the experience and learnings of others to your work. In person, 10 September, 16:00 BST Premier Publishing & Events, Northern Ireland Sustainability Summitl The 2024 Northern Ireland Sustainability Summit is being held in the TEC, Belfast on the 12 of September with an impressive line-up of Sustainability leaders, academics and government agencies who will engage in a stimulating blend of keynote addresses and debates. The theme is ‘Creating an Innovative and Sustainable Manufacturing & Supply Chain Ecosystem’ In person, Titanic Exhibition Centre Belfast, Sept 12th Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.  Chartered Accountants Ireland, Advance your knowledge on the Corporate Sustainability Reporting Directive Join Dee Moran, Professional Accountancy Lead, and Mike O’Halloran, Technical Manager, both from Chartered Accountants Ireland to understand more about the Directive, the transposition into Irish law and what it might mean for your organisation. Virtual, Chartered Accountant House, 18 September, 10.00 – 11.00 (Free) Chartered Accountants Ireland, Advance your knowledge about the European Sustainability Reporting Standards In the second of our series on EU sustainability reporting, join Mike O’Halloran, Chartered Accountants Ireland and guest to understand more about the requirements of the CSRD, the content and disclosures included in the first set of ESRSs and what undertakings should do to prepare for implementation. Virtual, Chartered Accountant House, 25 September, 10.00 – 11.30 (Free) EPA, Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September Dublin Chamber, The Sustainability Academy Dublin Chamber is running its Sustainability Academy again this year with workshops offering a unique opportunity to gain a comprehensive and well-rounded understanding of sustainability. This course fee includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Virtual, starting 27 September ESG Summit Europe, ESG Summit Europe 2024 In person, Madrid, October 1-2  ICAEW, Annual Conference 2024 Discover forward-looking insights on the economy, with a particular focus on sustainability, leadership, and technology designed to help you navigate a rapidly evolving external environment, drive business growth and discuss how to build a better, more resilient economic future. In person, Convene, London UK, 4 October, 08:00 - 17:00 BST    Environment Ireland, Environment Conference Environment Ireland® is Ireland’s major environmental policy and management conference. Now in its 20th year, this important event features a range of focused sessions highlighting the pressing issues facing the environment in Ireland and further afield. In person, Croke Park, 17 October Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 24 October, 08:30 – 12.00, Virtual IAFA & IAASA  Integrating Sustainability Reporting and Assurance into Accounting Education Conference The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. It will explore: Challenges and opportunities facing accounting education in the context of sustainability reporting and assurance, Corporate Sustainability Reporting Directive (CSRD) and its implications for accounting education, Future skills for sustainability reporting and assurance, Strategies for enhancing accounting education and student skills development. In person, 1 November, Maynooth University Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 25 September, 14:00-15.30 Zoom If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.