Following the publication of Corporation Tax – 2023 Payments and 2022 Returns by Revenue, the Minister for Finance, Michael McGrath TD, noted that corporation tax is now the second largest tax revenue stream for the State. Acknowledging that the high concentration of receipts among a small number of companies brings a significant amount of risk, the Minister noted steps taken by Government to mitigate this risk and protect the public finances into the future.  Highlights from the publication ‘Corporation Tax – 2023 Payments and 2022 Returns’ include:  Corporation tax receipts in 2023 were €23.8 billion (up 5.3 percent year on year), representing 27 percent of total tax receipts  85 percent of receipts were from large corporates with the top 10 corporation tax paying companies accounting for 52 percent of total net receipts (down from 57 percent in 2022)  Net receipts from smaller companies increased by €385 million compared with 2022, a growth of 9 percent  Manufacturing (38 percent), Finance & Insurance (15 percent) and ICT (17 percent) were the largest sectors where corporation tax was paid in 2023.    Commenting, Minister McGrath said:  “I welcome the publication of the Corporation Tax 2023 Payments and 2022 Returns report by the Revenue Commissioners.  This is an extremely valuable piece of work that highlights key trends in what is now the second largest tax revenue stream for the State. Last year we took in nearly €24 billion in corporation tax.  However, we must not forget that these receipts are highly concentrated with just a few firms paying the bulk of the tax. My Department has estimated that roughly half of the €24 billion could be windfall in nature. In addition, we have seen major changes in the corporation tax environment in recent years with the OECD BEPS process. Ireland has committed to the two pillar agreement and has fully implemented Pillar II and is fully engaged in negotiations on Pillar I.  What all this means is that we cannot afford to fund permanent increases in expenditure on the back of tax receipts that may be temporary in nature.  Government has taken steps to mitigate this risk. Government debt has fallen by around €15 billion from its peak of €236 billion during the pandemic and we are continuing to run strong Government surpluses.  I am currently bringing legislation through the Oireachtas that would establish two new long-term funds, the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.  The Future Ireland Fund will have a long term investment focus and has the potential to grow to €100 billion by 2035. It will be used in the coming decades to pay for extra costs we know will occur due to demographics and the climate and digital transitions.  The Infrastructure Climate and Nature Fund will be used to maintain our high levels of capital investment during an economic downturn. This will ensure that critical pieces of infrastructure are delivered and that employment is supported at a time when the economy needs it most.  I expect that this legislation will be passed by the summer and the two new funds will be established later this year.” 

Revenue has published its Annual Report for 2023. The report reflects another year of strong performance for Revenue as it collected a record amount of tax and duty, with gross receipts amounting to €127.9 billion.   2023 also saw a continuation of high voluntary compliance rates, at over 99 percent for large cases and 98 percent for medium cases. Timely compliance rates for all other cases in 2023 was 91 percent, up from 88 percent in 2022. In the same period, Revenue completed over 291,000 compliance interventions with a yield of €787 million and 85 tax avoidance cases with a yield of €16.5 million.  Revenue also published a number of other research and statistical papers on Corporation Tax, Income Tax, VAT together with a survey of PAYE customers in 2023 and an evaluation of Budget 2023 compliance measures.   Commenting on today’s publications Revenue Chairman, Niall Cody, said:  “Continued strong levels of timely and voluntary compliance rates confirm that the vast majority of taxpayers pay the right amount of tax at the right time. Given the exceptional disruption which individual taxpayers, businesses and agents have experienced over the past four years, this is an extremely positive reflection on their continued engagement with their tax compliance obligations, and the importance that society generally places on a strong culture of voluntary and timely tax compliance.   We acknowledge and thank all taxpayers and their representatives for their ongoing engagement and co-operation.”  Read the full report for more information. 

Revenue has updated the Tax and Duty Manual which provides guidance on the operation of Ireland’s bilateral Advance Pricing Agreement (APA) programme. The programme provides certainty to taxpayers regarding the process involved in applying for a bilateral APA and the ongoing reporting and administrative requirements once an APA has been entered into. The updated Guidelines take into account international best practice in relation to bilateral APAs as identified by the OECD Forum on Tax Administration (September 2022).  The main changes to the guidelines are as follows:  Including prospective years in an APA term in situations where most of the years proposed to be covered by an APA have passed by the time an agreement is reached between the competent authorities (Part 3.3).  Position to be adopted by a taxpayer in corporation tax returns filed in the period from when an APA application is submitted to Revenue until the APA is concluded (Part 4).  Electronic submission of APA applications (Part 4.2 and Part 8).  Timeframe for Revenue to make a decision in relation to the acceptance of an APA application into the APA programme (Part 4.2).  Annual reporting requirements (Part 4.5).  Timeframe for a taxpayer to notify Revenue in situations where it ceases to apply the terms of an APA (Part 4.5).  Amendment by a taxpayer, where necessary, of previously filed tax returns following the revision, revocation or cancellation of an APA (Part 5).  Relationship between transfer pricing audit and the APA process (Part 6). 

Over the course of several editions of Chartered Accountants Tax News in March and April, we summarised the proposals in HMRC’s consultation “Raising standards in the tax advice market – strengthening the regulatory framework and improving registration” and asked for your feedback. This week we’re issuing a final reminder to let us know your views, especially on the three options presented, mandatory membership of a professional body, a hybrid HMRC and industry enforcement model, or regulation by an independent statutory body. The Institute has condensed all the proposals in this consultation into one document and encourages members to send their feedback to us by close of business on Tuesday 7 May. Email tax@charteredaccountants.ie to let us know your views.  Members may also wish to respond to the consultation themselves (closing deadline is 29 May 2024). To facilitate this, HMRC has launched a consultation survey. Alternatively, you can email raisingstandardsconsultation@hmrc.gov.uk.  

Readers will be aware that last month HMRC announced a series of permanent changes to its helplines which were to begin from 8 April 2024. However, on 9 April, HMRC  announced that the changes were being halted while HMRC “considers how best to help taxpayers harness online services”. Chartered Accountants Ireland recently discussed this with HMRC at its most recent Representative Body Steering Group (“RBSG”) meeting, the highest-level forum meeting for the Professional Bodies. Read on for an update on that discussion and key messages for members.  At the RBSG meeting, HMRC staff made clear that quarters one and two of 2024/25 are likely to see a further decline in services whilst HMRC considers the way forward. A bespoke meeting is expected to take place next month with the Professional Bodies (including the Institute) to discuss further.  Last week HMRC’s Chief Executive and First Permanent Secretary Jim Harra appeared in front of the Treasury Select Committee to provide oral evidence on HMRC service levels. Mr Harra did not rule out returning to the proposed helpline changes but did say that HMRC is reviewing its strategy and that it should have ‘taken more time to go through the evaluation of last year’s trial and spent more time explaining how people would be supported’. Mr Harra also confirmed that from 1 April 2022 to the end of the current financial year, HMRC expects to have to reduce the size of its customer service group by about 5,000 staff but confirmed that there really is only one alternative plan, and that is to deploy more helpline resources. HMRC “currently do not have the funding to do that, but we are of course in discussions with Ministers, following the decision not to go ahead with these changes, about what we will do.”  The Institute and its NI Tax Committee is monitoring this issue and will be attending next month’s bespoke meeting. However, we are disappointed that a request for a bespoke meeting before the formal announcement was made by HMRC last month was rejected and only now is one being set up to discuss our concerns in more detail. Feedback on HMRC services can be sent at any time to the Institute.  The Administrative Burdens Advisory Board (“ABAB”) 2024 Tell ABAB annual survey on HMRC is also currently open until tomorrow 30 April 2024 to feedback on HMRC performance and tax compliance. The survey provides crucial insight on the big issues faced by small businesses in the tax system and is commissioned by the ABAB, an independent body who are passionate about listening to and understanding the needs of the small business community. Results from the survey will be published in a report, which is targeted for publication on GOV.UK in September 2024. 

Last week HMRC picked up a new VAT email scam associated with a QR code. HMRC has posted about this on its social and digital media channels to issue a warning. Essentially HMRC became aware of a small number of cases where the paper bank details variations form (VAT484) has been wrongly used in an attempt to gain access to a business’s VAT repayments.   According to HMRC, action is being taken to address any cases identified to date, including writing to businesses to confirm changes made to their details since January 2024, and putting in place solutions to minimise any further instances. The warnings issued last week are available here:-  X - https://twitter.com/i/status/1782803752388342084; and  Facebook - https://fb.watch/rDBLKlAsfd/.  Anyone receiving any type of phishing attempt should report this to HMRC. 

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available and from tomorrow 30 April 2024 we remind you that the next stage in the UK’s Border Target Operating Model commences. HMRC has also provided a new portal which can be used to test the new computerised transit system (“NCTS”) which commences from July 2024.  Next stage in BTOM commences from tomorrow  From tomorrow 30 April 2024, to import live animals or animal products from non-EU countries into Great Britain, you’ll need to:-  find the BTOM risk category for the commodity you’re importing; and  follow the sanitary and phytosanitary rules for that import risk category.  The BTOM categorises live animals, germinal products, products of animal origin and animal by-products as high risk, medium risk, or low risk. Each category has different requirements.  NCTS portal  The new computerised transit system (“NCTS”) phase 5 web portal is expected to be available from July 2024. In preparation for this, HMRC has launched an online service which can be used to test the new portal. Note that any declarations or notifications completed in the service are for test purposes only and will not be submitted to HMRC.  If you are a UK trader, you should use the NCTS to submit electronic transit declarations. The Common Transit procedure can be used for movements between the UK, the EU, and other common transit countries. You must use the system if you’re a trader and want to move goods under the Common Transit Convention. You can keep up to date with news affecting NCTS users by reading the transit newsletters.  Miscellaneous updated guidance etc.   Recently updated guidance, and publications relevant to EU exit are set out below:-  Customs Importer and Exporter Population 2023;  Customs importer and exporter population 2023: methodology notes;  Customs UK Importer and Exporter Population - business count data tables 2023;  Manage your import duties and VAT accounts;  Importing SPS controlled goods that interact with ALVS;  Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS);  Customs Declaration Completion Requirements for The Northern Ireland Protocol;  Part 1 Tariff Supplement for CDS Volume 3 for the Northern Ireland Protocol; and  Part 2 CDS Declaration Completion Requirements for The Northern Ireland Protocol. 

By realising the full potential of consistent networking, accountants can achieve personal and professional growth. Jean Evans explains why Consistency matters when you start networking. Working out what networks provide a consistent platform with which to engage is a crucial part of the magic sauce to leveraging and getting strategic with your networking efforts. Consistency is crucial for successful networking for several reasons: 1. Consistency builds trust Consistency helps establish trust and reliability among your network connections. When you consistently show up, deliver on promises, and maintain a certain level of professionalism, others are more likely to trust you and be willing to engage with you further. 2. Consistency keeps you relevant Regular interaction with your network helps you stay top-of-mind. If people consistently see your updates, contributions, or engagement within the network, they are more likely to think of you when opportunities arise. 3. Consistency demonstrates commitment Consistency demonstrates your commitment to your network connections, that you value the relationship and are willing to invest time and effort into maintaining it. This can lead to stronger and more meaningful connections over time. 4. Consistency builds credibility Consistency in networking activities, such as attending events, sharing valuable insights, or offering assistance, helps to build credibility. When others consistently see your expertise and willingness to help, they are more likely to view you as a credible and knowledgeable resource in your field. 5. Consistency expands opportunities Consistently engaging with your network expands your opportunities for new connections, collaborations, and career advancements. Regularly networking and nurturing relationships increase the likelihood of coming across new opportunities and being referred for relevant ones. 6. Consistency creates reciprocity Consistent networking efforts often lead to a culture of reciprocity within your network. When you consistently support and provide value to others, they are more likely to reciprocate by offering their support, advice, or opportunities when needed. 7. Consistency makes you adaptable Networking is not just about what you can get from others but also about what you can offer. Consistently engaging with your network allows you to adapt to changes in your industry or profession and remain relevant. It also opens opportunities for learning from others and gaining new perspectives. Reap the benefits Overall, networking consistency helps foster strong relationships, build credibility, and create opportunities for personal and professional growth. You can reap the benefits of a strong and supportive professional community by consistently investing time and effort into nurturing your network connections. Jean Evans is a Networking Architect and founder of NetworkMe

After a decade of little change, the tax regime for research and development in the UK has undergone a ‘credit style’ revamp, writes Liam McHenry  New research and development (R&D) rules for businesses in the UK with an accounting period beginning on or after 1 April 2024 have commenced. These entities are within the remit of the newly merged, research and development expenditure credit (REDC) expenditure scheme – with the exception of “highly R&D-intensive companies”. Companies with over 30 percent of their yearly expenditure qualifying for R&D tax relief can still claim under a restricted version of the SME scheme. Given this high bar, however, it is likely that only small technology start-ups will qualify.  For everyone else, the new rate will provide a benefit worth about 15p per £1 of qualifying expenditure, so not all is lost for those exiting the SME scheme, as a generous tax incentive remains for potential claimants. Reduced complexity? The stated aim of the merged scheme is to reduce complexity for claimants and their advisors. With two schemes remaining post-merger, however, the new scheme is actually more complex than its predecessor.  Subcontracted expenditure had previously been excluded under the RDEC scheme in any meaningful way. Under the new merged scheme, a new system has been put in place with the aim of rewarding whichever party decides to undertake the R&D activity. This adds a new dimension to determining the eligibility of qualifying R&D expenditure insofar as a subcontractor will now need to determine whether they believe their customer knew in advance that a project would require R&D activity. The theory is that this approach will remove the potential for both parties to claim on the same project, but it is easy to see how ambiguity might arise. When agreeing the terms of contracts with customers, claimants must pay additional attention to any clauses relating to intellectual property (IP) generation and whether they indicate that R&D will be required. Taking care at this stage could help claimants identify and preserve their right to claim the corresponding tax relief. Overseas expenditure A restriction on overseas expenditure was also introduced on 1 April 2024. Unless there is a compelling reason why the expenditure could not reasonably have been incurred in the UK, it will not be eligible for inclusion in the claim. However, recognising the unique position of Northern Ireland and its significant integration with the neighbouring Republic of Ireland, claimants can bypass this new restriction. By doing so, they could gain up to a maximum additional benefit of £250,000 every three years. This may require some additional administration, but it is still a welcome reprieve from the restriction, which would have been costly. Increased scrutiny This article offers a summary of the main rule changes coming into effect this month. In reality, there are more of which claimants should be aware. His Majesty's Revenue & Customs (HMRC) has dramatically increased its compliance efforts, with recent revelations from the Public Affairs Committee indicating that upwards of 20 percent of new R&D claims are now under scrutiny. While this fact alone should not be a major concern, it is worth noting that this increased scrutiny often comes with an aggressive stance, beginning with the assumption that R&D claims should be disallowed. The experience of one claimant to another can dramatically vary depending on which caseworker is allocated to the enquiry. Regardless, opening an enquiry can be a prolonged process before a conclusion can be reached. In the event of an unsuccessful enquiry defence, HMRC will be obligated to consider whether any penalties should be levied, depending on whether they determine that the claim was prepared carelessly. In addition, depending on the level of disclosure provided in previous claims made in recent years, HMRC can (and is actively encouraged to) look into these previous claims beyond the normal enquiry window. Planning ahead The implementation of the new R&D tax rules marks a significant shift for businesses heavily reliant on R&D activities for growth and innovation. As businesses adapt to the new regime, strategic planning and collaboration with tax advisors will be essential in maximising the benefits. Liam McHenry is Director of Tax at Grant Thornton

Recent comments by the CEO of America’s biggest bank suggest AGMs are losing power and relevance. David W Duffy delves into the details Annual general meetings (AGMs) are crucial in corporate governance. They are a legal necessity and provide a valuable opportunity for shareholders to speak to leaders. These days, however, criticism is surfacing in some companies that AGMs are becoming a nuisance. Activist pressure So, what exactly is turning the tide on AGMs and their perceived value? In short, the activist pressure exerted recently at some very high profile AGMs.  At Disney’s most recent AGM in early April, for example, shareholders were encouraged to vote in favour of a proposal that would see the entertainment giant pay for services for people choosing to detransition. The Disney proposition had no material impact on the company’s strategy, and JPMorgan Chase Chief Executive Jamie Dimon took issue.  According to Fortune, Dimon claimed that AGMs were falling victim to “spiralling frivolousness”, dominated by lobbyists, activists and interest groups, which bear little relation to the company’s strategic direction.  There’s no “right or wrong” for a statement like this; it is really just a measure of whether or not other corporate leaders agree.  The leaders of some companies could easily agree with Dimon, especially those at the helm of companies whose AGMs are rife with debate. In companies where AGMs are quieter – sometimes to the point of formality – leaders may not need to worry. Importantly, board members and other stakeholders must remember that anything is possible at an AGM. They could, for example: serve as a hotbed for debate; become a forum for topics considered politically charged (anything from geopolitics to religion to social issues to climate change); feature shareholder proposals put forward solely to make a point, win support or express anger; or seem like a waste of time to corporate leaders because of all the above.  None of this is a given, however. It is far more likely in bigger, global companies – household names consumers feel are so big that their impact stretches beyond their mission statement. In these scenarios, stakeholders generally want the company to take a stance on every political issue, and shareholder proposals at AGMs are part of this. Are AGMs fit for purpose? The threat of any of the above scenarios may mean that some companies’ AGMs are not fit for purpose. It depends on the goals of the people who attend. Companies can’t just get rid of AGMs, however.  AGMs are a cornerstone of business. They often serve as the one opportunity many small shareholders have to speak to the company’s leaders – and, by law, this chance must always be available.  An organisation considering changing its AGM must first examine its articles of association. These are usually where AGM rules like voting procedures and scheduling are found. Beyond this, there may be wiggle room. AGM options It is advisable that leaders and participants accept that the AGM will be active, full of differing opinions and multiple proposals that go nowhere, making it feel like a distraction. If you approach the situation with this prepared mindset, you might find it easier to register the elements of impactful processes beneath the noise.  It’s also advisable to get proactive about issues. You may be better prepared if you anticipate the problems that shareholders are likely to raise and discuss them at the executive and board levels. In the process, you could gain critical insights that shape your understanding of shareholder opinions and frame a more robust conversation. However, if an organisation still wants to change their AGM – and the articles of association allow it – boards can change things like length, the requirement for in-person attendance and the time balance between corporate leaders and shareholders. It must be noted, though, that if a board changes any of these elements, it may appear to be attempting to be creating barriers to debate and shareholders might not respond well. The bright side Many companies have seen their AGMs dominated by activist noise in recent years. While this issue can be addressed by making changes, the bottom line is that the AGM as a concept is here to stay. Organisations should view the “noise” as an invitation to develop relationship management skills and stay on top of emerging trends. These are hugely important for good corporate leaders, and a busy AGM could be the time to flex those muscles. David W Duffy is a founder of the Corporate Governance Institute

  In this week’s Sustainability/ESG bulletin, read about a public consultation on strategic risks facing Ireland, as well as a report into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. Also covered is ISIF’s commitment of €278 million to climate investments, the £150k grant support now available in Northern Ireland for energy efficient equipment, and the usual policy updates from Europe, articles, resources and upcoming events.    IRELAND Public consultation on strategic risks facing Ireland The Government has launched a public consultation on the "National Risk Assessment 2024 – Overview of Strategic Risks”, covering strategic risks facing Ireland over the short, medium and long term. The finalised list will span five categories: geopolitical, economic, societal, environmental, and technological risk and include areas like the future direction of the EU, inflation, infrastructure deficits, housing and demographic change.  Deadline for submissions is Friday, 17 May 2024. New low-cost Home Energy Upgrade Loan Scheme The Government has launched a new low-cost Home Energy Upgrade Loan Scheme that aims to support homeowners to invest in energy efficiency. The €500 million Scheme is the first of its kind for both Ireland and the European Investment Bank (EIB) Group. Under the scheme homeowners can borrow from €5,000 to €75,000 at significantly lower interest rates to make their homes warmer and cheaper to run. The scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of the Environment, Climate and Communications, and supported by the Sustainable Energy Authority of Ireland (SEAI) and the EIB Group.   ISIF commits €278 million to climate investments The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced three new climate investments targeting offshore wind energy, renewable energy developers, and start-ups in energy transition. The new investments bring total ISIF commitments to climate investments to €636 million since 2021, representing 63.6 percent per cent of ISIF’s stated aim of investing €1 billion in Climate in the period 2021 to 2026. IFSCOE published The Net Zero Study 2023 The International Sustainable Finance Centre of Excellence (ISFCOE), supported by Skillnet Ireland, has published a gap analysis into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. The report – ‘Net Zero Study 2023’ – identifies the imperative for an agile, collaborative, and forward-thinking approach to ensure a successful transition, ultimately positioning the Irish Financial Services sector as a stalwart player in the global sustainability arena. Key findings are grouped under: Regulatory and Compliance Challenges, Data and Reporting Challenges, Reputational Challenges, Skill Development and Organisational Culture Challenges, Economic Challenges, Risks, and Opportunities and Digital Transformation. European Commission calls on Ireland to correctly transpose EU legislation on industrial emissions The European Commission has sent a reasoned opinion to Ireland for failure to address shortcomings in the transposition of the Industrial Emissions Directive, which lays down rules designed to prevent and reduce harmful industrial emissions into air, water, and land, and prevent the generation of waste. Although a letter of formal notice was sent to Ireland in February 2022, Ireland's legislation still does not correctly transpose certain requirements and definitions. Ireland now has two months to respond and take the necessary measures, or the Commission may decide to refer the case to the Court of Justice of the European Union. NORTHERN IRELAND & UK Northern Ireland grant support for energy efficient equipment Up to £150k has been made available through Invest Northern Ireland's Energy Efficiency Capital Grant (EECG) to help businesses buy and install energy efficient equipment, reduce energy costs and build resilience through efficiency. The rate of support covers the total eligible project costs and is based on company size. Examples of projects that will be considered for the grant include heating and cooling equipment, motors and drives, compressed air, lighting and onsite renewable generation. The call for applications will open at midday on Monday, 29 April 2024. Tenford NetZero Accelerator programme seeks applications Minister Andrew Muir has recently announced that the Tenfold NetZero Accelerator programme is taking applications from the UK’s technology startup and SME community. The programme aims to develop innovative methods that will help improve efficiency on-farm linked to feed management and usage, easy access to nutrient data; as well as help reduce waste during the production of dark glass bottles.  Each successful technology provider will receive £20,000 in funding from the industry partners.   EUROPE 2023 European State of the Climate Report confirms alarming trend of climate change impacts The annual European State of the Climate Report, published jointly on Earth Day 2024 by the EU Copernicus Climate Change Service and the UN World Meteorological Organisation (WMO), showcases the continued alarming trend of rising temperatures and climate change impacts across Europe. Based on scientific data and analysis, the report also highlights the impacts of climate change across Europe and our societies in 2023, in particular the economic losses due to floods and the health impacts of heat stress.  Europe is the fastest warming continent, with temperatures rising at around twice the global average rate, as underlined by the European Climate Risk Assessment. Due diligence, air pollution, packaging and Energy Charter – policy updates from Europe The European Parliament has approved new rules obliging firms to mitigate their negative impact on human rights and the environment. The new Corporate Sustainability Due Diligence Directive, agreed on with the Council, will require firms and their upstream and downstream partners to prevent, end or mitigate their adverse impact on human rights and the environment. Such impact will include slavery, child labour, labour exploitation, biodiversity loss, pollution or destruction of natural heritage. The Directive now needs to be formally endorsed by the Council, signed and published in the EU Official Journal. It will enter into force 20 days later and member states will have two years to transpose the new rules into their national laws.   The European Parliament has also given its final green light to revised rules on preventing and combating human trafficking and protecting its victims. Products made with forced labour are also to be banned from EU single market.   The EU Parliament has adopted a provisional political agreement with EU countries on new measures to improve air quality in the EU so it is no longer harmful to human health, natural ecosystems and biodiversity. The revised law aims to reduce air pollution in the EU for a clean and healthy environment for citizens, and to achieve the EU’s zero air pollution vision by 2050.   The EU Parliament has adopted new measures to make packaging more sustainable and reduce packaging waste in the EU. The regulation aims to tackle constantly growing waste, harmonise internal market rules and boost the circular economy. Separately, Parliament also adopted the directive on the so-called “right to repair” for consumers, clarifying the obligations for manufacturers to repair goods and encourage consumers to extend a product’s lifecycle through repair.   MEPs have consented to the EU withdrawing from the Energy Charter Treaty, which was established in 1994 to govern trade and investment in the energy sector. The Commission proposed a coordinated withdrawal by the EU and its member states, as it considers the Treaty to be no longer compatible with the EU’s climate goals under the European Green Deal and the Paris Agreement, predominantly due to concerns over continued fossil fuel investments. Sustainability Update from Accountancy Europe (From our friends in Accountancy Europe – sign up and subscribe) The April edition of the Accountancy Europe Sustainability Update has been published, with the following and more: EC calls upon CEAOB to develop guidelines on limited assurance EP approved sector-specific sustainability reporting standards delay EP adopts its position on Green Claims Directive ESMA seeks input on technical regulatory standards for external reviewers ISSB decides its priorities for next two years GLOBAL Monday 22 April was Earth Day. The event began in 1970 in the United States and is now marked around the world. The theme this year was ‘Planet v Plastics’ and it aimed to raise awareness of the harms of plastic pollution for human and planetary health. Find out more about Earth Day in this explainer from the: What is Earth Day, when is it and what has it achieved? Talks continued this week in Canada under the auspices of the UN Environment Programme, to develop a legally binding ‘Plastics Treaty’ by the end of 2024. Final negotiations on the treaty will take place it South Korea in December. The talks follow the historic resolution made in 2022 by 175 countries to end plastic pollution and develop a plastics treaty. According to CDP (formerly the Carbon Disclosure Project), the majority of companies are overlooking plastic-related risks, and mandatory disclosure on plastics is necessary. Certificate in Sustainability Strategy, Risk and Reporting Chartered Accountants Ireland hugely popular Certificate in Sustainability Strategy, Risk and Reporting is now accepting registrations for its next sitting, start on 8 May. Register here.  Articles Earth Day 2024 - Planet vs. Plastics (Chartered Accountants Ireland) Buyers of older homes may pay thousands more per year in mortgage repayments (Irish Times) Climate Change’s ‘Physical Risks’ Are Catching Up With Banks (Bloomberg) Deforestation in Brazil's Amazon down 40% in Q1, minister says (Reuters) Climate targets oversight group backtracks after staff revolt - Science Based Targets initiative says its guidance on carbon offsets has not changed pending draft rules in July (Financial Times) ACCA unveils five-point climate plan for accountants on Earth Day (Accountancy Today) With a landmark Global Plastics Treaty on the horizon, the time for corporate disclosure – and action – is now (Edie) A global plastics treaty is being negotiated in Ottawa this week – here’s the latest (The Conversation)   Upcoming Events  Chronos Sustainability/ UCD Michael Smurfit Graduate Business School , JCI (Junior Chamber International), Careers in Sustainable Finance Speakers will include NTMA's Emma Jane Joyce, SustainabilityWork's Laura Heuston and Chronos Sustainability's Dr Rory Sullivan In person: 29 April, UCD Smurfit School, 6.30-7.30pm   iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), 30 April Chambers Ireland, Green Public Procurement - Half-day virtual workshop All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Green Public Procurement (GPP) is a process where public authorities seek to source goods, services or works with a reduced environmental impact. The Government’s GPP Strategy and Action Plan for 2024-2027 has been published here. For some contracts with immediate effect, and from 2025 all tenders over €50,000 must include sustainable end environment technical specifications and contract specific award criteria. Virtual (Zoom), €99 for Dublin Chamber members and €330 for non-members, Wednesday 8 May, 9.00 – 13:00   Change by Degrees, CSRD is a Team Sport Webinar to give insights into the Corporate Sustainability Reporting Directive (CSRD) and discover how to equip your team for the future of sustainability regulation. Discover how your business can excel in sustainability practices and turn compliance into a competitive advantage. Virtual (LinkedIn Live), 10 May, 10.00 – 10.30am   European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 CET Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual   Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September.   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, 22 May, 14:00-15.30 Teams 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.

In Irish news, the Minister for Finance is encouraging taxpayers to make arrangements by 1 May to repay warehoused debt, and Revenue publishes statistics for 2024 Local Property Tax. In UK news, we issue a final reminder about the 30 April 2024 deadline for the end of the VAT margin scheme for second hand cars transported to Northern Ireland from Great Britain before 1 May 2023, and read about the tax announcements made as part of last week’s Tax Administration and Maintenance Day. In International news, a new report has been published on the future of the EU Single Market. Ireland The Minister for Finance is encouraging taxpayers to make arrangements by 1 May to repay warehoused debt. Revenue has published statistics for Local Property Tax (LPT) 2024. UK 30 April 2024 is the deadline for the end of the VAT margin scheme for second hand cars transported to Northern Ireland from Great Britain before 1 May 2023. Read about the tax announcements made in last week’s Tax Administration and Maintenance Day. International A new report has been published on the future of the EU Single Market. 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. You can also read this week’s EU exit corner here.