The Institute will hold an SGM at 11.30am on Wednesday 21 February, and offers members the opportunity to attend online or in person at Chartered Accountants House, Dublin.  Purpose  The Council of the Institute has called this SGM to bring to members the proposal that CPA Ireland will amalgamate with Chartered Accountants Ireland.    Further information on the proposal can be found at charteredaccountantsvote.ie.  Information about the SGM, including the Resolution, SGM Booklet and useful guidance material about voting and attendance is available at www.charteredaccountants.ie/about-us/our-governance/general-meetings.  We recommend you read the SGM 2024 User Guide to ensure the best experience at the SGM.  Attending the meeting  You can attend the meeting in person or join online. You will have received an email or a letter from Chartered Accountants Ireland CAISGM@cesvotes.com on 29 January 2024. In this email there is a direct link to the meeting platform https://attend.cesjoinin.com/ if you wish to join virtually. If you plan to attend in person, please bring the email with you as it contains your unique two part security codes, and you will need these to register for the meeting and if you wish to vote at the meeting.  The Members attending online can have their questions asked at the meeting using the chat function on the platform. If you are attending at Chartered Accountants House, you can ask questions in person.  Voting at the meeting  Members have had the opportunity to vote online in advance from 29 January until 14 February 2024.  If you didn’t vote online before 14 February, then you can now only vote by attending and voting at the SGM, either online or in person. Voting will open at 11am on 21 February and will close when the President announces this at the meeting. If you are attending in Chartered Accountants House, and wish to vote at the meeting, you must have a working personal electronic device. This will be the only means of voting on the day. Further information on this process is available in our SGM 2024 User Guide.   We would ask you to be seated by 11.15am, to ensure the smooth running of the broadcast meeting. You should arrive in time to complete the registration process.  If you have any queries, please contact the Institute Secretary at sgm@charteredaccountants.ie. 

Welcome to the latest edition of Technical Roundup. In developments this week, the Financial Reporting Council has announced its support for a four-week consultation launched this week aimed at tackling the backstop in local audit and reporting.  The consultation will gather views on legislative changes to the Accounts and Audit Regulations 2015. The UK Companies House is hosting a webinar on 22 February on getting ready for changes to UK company law. They will discuss the first set of changes including new rules for registered office addresses and new lawful purpose statements. Read more on these and other developments that may be of interest to members below. Auditing The International Auditing and Assurance Standards Board (IAASB) has published proposed revisions to ISA 240 The Auditors Responsibilities Relating To Fraud In An Audit Of Financial Statements. The proposals aim to strengthen the standard on auditors’ responsibilities related to fraud by defining the expectations in relation to fraud, delineating more robust procedures, and increasing transparency about the auditors’ responsibilities and fraud-related procedures in the auditor’s report. During the consultation period IAASB will release a videos series to help stakeholders understand the proposed revisions and respondents are encouraged to share their insights by June 5, 2024. IAASA undertakes statutory enquiries and investigations under the companies act 2014 and its own regulations. From time to time, IAASA may need to establish committees to carry out full enquiries/investigations. IAASA is seeking potential members and advisors to enquiry/investigation committees. Expressions of interest are sought by 4 March 2024. The Financial Reporting Council (FRC) has announced its support for a four-week consultation launched this week aimed at tackling the backstop in local audit and reporting.  The consultation will gather views on legislative changes to the Accounts and Audit Regulations 2015. Financial Reporting The International Accounting Standards Board (IASB) has released a webinar which introduces IFRS 18, which is expected to be issued in April 2024.  This new Accounting Standard, which will replace IAS 1, will respond to investors’ demand for better information about companies’ financial performance. This will introduce new subtotals, disclosures about performance measures as well as enhanced guidance on aggregation and disaggregation for IFRS reporters. The new standard is expected to be effective from 1 January 2027. The IASB has also released a short webinar addressing the proposals in their Exposure Draft Financial Instruments with Characteristics of Equity. The IFRS Foundation has published its January 2024 monthly news summary. ESMA, the European Securities and Markets Authority, has published the latest edition of its Spotlight on the Market Newsletter. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment (DECA) on Lack of Exchangeability (Changes to IAS 21). In August 2023, the International Accounting Standards Board published Lack of Exchangeability, which amended IAS 21 The Effect of Changes in Foreign Exchange Rates. UKEB are inviting comments on the DECA by 6 May 2024. The UKEB has issued a draft comment letter on the IASB Exposure Draft Financial Instruments with Characteristics of Equity. This is open for public comments until 8th March 2024. UKEB has also published its final comment letter in response to the IFRS Interpretations Committee’s (IFRIC) Tentative Agenda Decision: Climate-related Commitments (IAS 37). While agreeing with the overall conclusion of IFRIC, the UKEB have suggested some amendments to enhance the clarity of the technical analysis to avoid unintended consequences. EFRAG, the European Financial Reporting Advisory Group, have released their January 2024 update which summarises public technical discussions held and decisions taken during the month. EFRAG has launched a survey to seek input from various stakeholders in preparation for the IASB’s upcoming request for information on the post implementation review of IFRS 16 Leases. The FRC has published a revised version of Actuarial Standard Technical Memorandum 1 (AS TM1) which is effective from 6 April 2024.  Anti–money laundering Issue 24 of SARs in Action is out now, a special issue on UKFIU support for SAR reporters. From virtual workshops to 1-2-1 feedback sessions, the UKFIU’s Reporter Engagement Team have a variety of support options available to SAR reporters, all of which are listed inside this magazine. Also, within issue 24, find updates on the SAR Portal, changes to Companies House and read about the National Investigation Service (NATIS) investigations into the misuse of COVID business support grants. Sustainability EFRAG, the European Financial Reporting Advisory Group has released the first set of technical explanations to assist stakeholders in the implementation of the ESRS. Last year, EFRAG launched its ESRS Q&A platform to collect and answer technical questions. The platform is a useful resource for CSRD reporters and will be updated with further responses in future. EFRAG is hosting an outreach event on 20th February which will provide an overview of the two exposure drafts on sustainability reporting standards for SMEs which were released recently. Other news In a recent blog Company Bureau Formations, a company formation and corporate service practice, provided information which readers may find useful on “Understanding CRO submission rejections 10 key factors”. It provides a list of 10 key pitfalls to avoid which could otherwise lead to a CRO submission being returned including incorrect PPSN and director’s name mismatch with PPSN details. Click here to read more details on the pitfalls. UK Companies House is hosting a webinar on Thursday 22 February at 10:30am to 11am on getting ready for changes to UK company law. They will discuss the first set of changes, including new rules for registered office addresses, a requirement for all companies to supply a registered email address and new lawful purpose statements. They will also share information about future changes and an expert panel will be available to answer questions. Click here to register for the webinar. Accountancy Europe, along with a group of European Businesses, have issued a joint statement calling for the deepening of the EU single market and renewing the dynamic of European integration. The joint statement also includes some recommendations to overcome some of the obstacles identified. The Dept. Of Finance has recently (February 2024) published its Economic Insights – Spring 2024. The report provides analysis and insights on topical economic issues and developments in a collection of short notes. The Minister for Justice has recently appointed 2 new Data Protection Commissioners to replace the outgoing commissioner. The appointments will take effect from 20 February 2024, for a five-year term. The press release states that the Data Protection Commission has grown significantly in size, scope and responsibility over the last decade and following a review by the Department of Justice into how best to support this growth, the Government decided to appoint two additional Commissioners who were selected following an open competition. Read the full press release here. For further technical information and updates please visit the Technical Hub on the Institute website.                    This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.  

In this week’s Sustainability/ESG bulletin, read about a new €21 million grant scheme to boost Ireland’s EV charging infrastructure. Also covered is a public consultation on Ireland’s Draft National Energy and Climate Plan, a report into Ireland's progress on UN SDG goals, a call for ‘all-island’ approach on energy and climate, and an International Energy Agency pledge to strengthen energy security and accelerate clean transitions. You can also read about European developments and the usual resources, articles, and upcoming events. IRELAND €21 million grant scheme to boost EV charging infrastructure The Minster for Transport, Eamon Ryan T.D. has announced the launch of a new €21m scheme to accelerate the development of high-powered Electric Vehicle (EV) charging infrastructure across Ireland’s road network. The scheme targets publicly available facilities within 3km driving distance of the motorway/dual-carriageway network, such as service area operators, hotels, and retail outlets. Future schemes, which will be rolled out over the coming year, will continue to target other parts of the road network as well as recharging at destinations and in neighbourhoods. Further information is outlined in the scheme brochure which is available on EV Scheme, and all submissions are to be made via eTenders before noon on 10 April 2024. Consultation on Ireland’s Draft National Energy and Climate Plan A public consultation has been launched on an updated draft of Ireland’s National Energy and Climate Plan (NECP). The NECP, which covers 2021 to 2030, focuses on the actions Ireland is taking to meet its EU 2030 targets for greenhouse gas emission reductions, renewable energy, energy efficiency and electricity interconnection, as mandated by EU Regulations and Directives. The aim of this consultation is to engage stakeholders and gather valuable feedback that will inform and shape a final version of the NECP. The closing date for submissions is 5.30pm, on 7 March. Report into Ireland's progress on UN goal to eliminate poverty The latest report on Ireland’s progress against the United Nations Sustainable Development Goals (UN SDGs) has published, with data on 13 indicators for Ireland, divided over four chapters: Poverty, Housing, Environment, and Financial Support. The publication, which was developed by the Central Statistics Office (CSO) in collaboration with the Department of Social Protection, shows an increase in a number of key indicators in Goal 1, such as financial support, but also in consistent poverty and ‘at risk of poverty’. Slight drop in number of new electric cars licensed in Ireland Figures from the Central Statistics Office (CSO) show a 1 percent drop in the number of electric cars licensed for the first time: 14 percent in January 2024, compared with 15 percent in January 2023. There was no change to the number of diesel cars licensed and a 37 percent increase in the number of used cars licensed. Migratory species at risk of extinction One in five migratory species is at risk of extinction, according to a new report by the United Nations. The news comes as the Government-backed national platform, Business for Biodiversity Ireland platform, calls on Irish businesses of every size and sector to come together to accelerate action for nature by signing up to their members’ hub.  IRELAND AND NORTHERN IRELAND Report calls for ‘all-island’ approach on energy and climate The Confederation of British Industry (CBI) Northern Ireland and business membership organisation Ibec have jointly published a report calling for an ‘all-island’ approach to energy security and climate challenges. The report is titled ‘Shared Energy Futures Report’, and its key recommendations include embracing new opportunities for All-island collaboration and policy alignment on energy and climate action, providing greater regulatory and policy certainty for investors in the green transition, and cooperating to address skills gaps, supply chain constraints, and shared transition challenges. EUROPE The Internal Market and Environment committees adopted their position on the rules on how firms can validate their environmental marketing claims (Read more) EU co-legislators have reached provisional agreement on a revamp of EU economic governance, making it clearer, investment friendly, more tailored to each country’s situation, and more flexible (Read more) The Transport Committee is pushing for “greener” trucks and buses, with MEPs saying that zero-emission trucks and buses could be longer and heavier to reduce the number of trips they make and to help the climate transition (Read more) Accountancy Europe has published its February 2024 Sustainability Newsletter (Read it here) GLOBAL International Energy Agency pledges to strengthen energy security Energy and climate ministers representing close to 50 countries have pledged to strengthen energy security and accelerate clean transitions to keep 1.5 °C target alive. The major gathering of high-level energy decision makers at the meeting the International Energy Agency (IEA) was co-chaired by France and Ireland. In addition to discussing membership talks with India and the launch of a critical minerals security programme, IEA ministers recognised the significant focus on energy in the outcomes of COP28 and directed the IEA to take a leading role in ensuring their implementation. OECD publishes policy paper on climate adaptation by local governments A policy paper, Climate adaptation: Why local governments cannot do it alone, has been published by the Organisation for Economic Co-operation and Development (OECD), providing an overview and a discussion of the roles and responsibilities for climate adaptation across levels of government. The paper argues that co-operation across levels of government is needed to strengthen adaptation at the local level. Did you know? $2.4 trillion in funds will reportedly be needed each year by 2030 to keep global climate goals “within reach”. RESOURCES  Sustainability Diplomas Chartered Accountants Ireland is launching two new Diplomas in Sustainability in March 2024: a Diploma in Sustainability Reporting and a Diploma in Auditing and Assuring Sustainability Reporting. Watch back: Chartered Accountants Ireland, CSRD – Building Finance & IT partnerships Click here to find links to our webinar on how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements, with speakers David Codd and Paul Power. Carbon accounting – a software guide Chartered Accountants Australia and New Zealand (CAANZ) has published a Carbon Accounting Software Guide which explores the two predominant tracking methods of tracking and reporting on carbon emissions - Spend Tracking and Activity Tracking. ARTICLES Carbon Brief explores how a new government in Northern Ireland might approach tackling climate change (Carbon Brief) Over a third of electricity was produced by wind power last month (RTÉ News) Surge in borrowing to buy electric cars, while green loans for home improvements also up (Irish Independent) Investors Wrestle With the ‘Scope 3 Conundrum’ (Bloomberg Green) How ESG is shaking up accountants’ careers (ICEAW) UPCOMING EVENTS   Chapter Zero Ireland Chapter Zero Ireland - a focus on transport journeys and biodiversity The next Chapter Zero Ireland event will be hosted by An Post on 21 February at their Exo Building Headquarters in the Dublin Docklands. The event will present a unique opportunity to gain insights on An Post’s transport journey and how, as a non agri-food business, they are making progress in biodiversity. The session will also feature breakout sessions to allow delegates to share their own perspectives on how boards are thinking about biodiversity. Chartered Accountants Ireland are very proud to be a partner of Chapter Zero Ireland, a community of non-executive directors committed to leading crucial boardroom discussions on the impacts of climate change. Non-executive directors can apply for free membership of Chapter Zero Ireland using this link. Accountancy Europe Supporting SMEs with sustainability information Environmental, Social and Governance (ESG) data requests that SMEs are getting from financial institutions and large value chain partners, voluntary initiatives such as the planned non-listed SME standard for sustainability reporting, the OECD’s work and industry-led initiatives, and SMEs’ support requirements for their sustainable transition 21 February, 17:00 - 19:00 Brussels time A4S Sustainability In Action Webinar: Management Information An interactive webinar focusing on techniques to help finance professionals develop and integrate information needed to respond to social and environmental risks and opportunities into core management information processes. 27 February, 08:00 ISFCOE Unpacking COP28 and looking forward to COP 29: How Transition Finance Underpins our Net Zero and Nature Positive Future Convening leaders from the public and private sectors for a series of high-level dialogues, this event will reflect on recent COP28 outcomes while looking forward to COP29 in Baku in mid-November (and October’s Biodiversity COP16). Discussions will delve into the financial solutions, products and architecture required to support the meeting of net zero and nature positive targets, while maintaining social and economic balance. 27 February, 09:15 – 16:15   NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre   InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh   A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00   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. 18 April, 08:30 – 13.00   National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS 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: Wednesday, 28 February, 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.

Strong social connections not only impact our mental health but our physical health too. In today’s world, we lead increasingly busy lives and often our relationships can sadly fall by the wayside. Feeling socially connected is more important than ever, especially after a long period where our social interactions are restricted, and our close circle reduced. Here, Thrive discuss the importance of maintaining and prioritising our relationships for our overall health. We're designed to be social We all know that comforting upbeat feeling of human connection, when you come away from a catch up with friends feeling more positive, happier, and even lighter. As a species, human beings are inherently social creatures.  We are biologically wired to seek out connection from a time where humans hunted in tribes and being part of a group was necessary for survival. Humans need closeness, connection, and a sense of unity to thrive. Social connection is one of our core psychological needs which means it plays an essential role in how safe and satisfied we feel in our lives. Social groups provide us with an important part of our identity, forming who we are and teach us a set of skills and norms that help us to function throughout life. In today’s world though we lead increasingly busy lives trying to juggle and balance work, family, and other commitments. Often our friendships can fall to the wayside. However, strong connection and belonging to something bigger than ourselves are important for our overall health and wellbeing. The benefits of connectedness should not be overlooked, and therefore as a society we should be placing greater emphasis on investing in our friendships. The more connected we feel to other people, the more enriched our life becomes. Friendship and being part of a social group offer a variety of mental health benefits. It increases our feeling of belonging, boosts our sense of purpose, and improves our self-worth and confidence. Connectiveness helps us regulate our emotions, leads to higher levels of empathy and compassion, and can even reduce our stress levels. Studies show that people who feel connected to others report lower rates of anxiety and depression. Not only does good social connection impact our psychological wellbeing, its impacts our physical health as well. Countless studies have shown a lack of human connection and feelings of loneliness are more harmful to our health than obesity, smoking and high blood pressure. By neglecting our need to connect, we put our health at risk. It can even lengthen our lives. Extensive research that looked at the lifestyles of inhabitants within Blue Zone areas, a term given to geographically regions that are home to some of the world’s oldest people, found healthy social networks and high levels of community engagement were commonalities among the differing zones. Our relationships and social groups can alter the course of our life, shape the person we are and can change our perception of ourselves and the world as well as offer an important support system.  So as you can see, social connectedness creates a positive cycle of good social, emotional and physical wellbeing. To forge happy and healthy relationships, it is very important we continually attend to and nurture our connection with the people we consider important in our lives. After an incredibly long period where our social interactions were restricted and ultimately reduced, you may find your sense of connection has diminished. Here are some ways you can improve your social health and reignite your connection with others; Reach out to a friend you may have lost touch with, remember it’s never too late to spark up an old friendship! Take time to ring or meet up with a friend you have not seen in a while. Join a new club or try out a group activity: focus in on your interests and you’ll be sure to find a club or group full of like-minded people. Volunteer: this can strengthen your sense of purpose, provides an opportunity to meet new people and give back to your community. Invite a co-worker out for lunch: now we have more freedom to socialise why not reconnect with your favourite work colleague or arrange a work group activity. Spend quality time with family: this could be planning a family BBQ, a movie night on the weekend or a family day out. Be Present: Step away from your devices when you are in company and have an uninterrupted chat. Social isolation is a challenging aspect of life to cope with and is detrimental to your health, please know the Thrive team  is here to lend a friendly ear, if and when you need it.

In Irish news, Exchequer figures for January 2024 show steady growth in tax receipts and Revenue updates its guidance regarding the taxation of gains realised on unapproved share options. In UK news, we remind you about the 30 April 2024 extended deadline for the end of the VAT margin scheme for certain second-hand vehicles and issue a further reminder that agents should have copied client VAT authorisations across to the Agent Services Account before today, 16 February 2024. In International news, the Council of the European Union has published the annual draft Joint Employment Report.  Ireland Exchequer figures for January 2024 show steady growth in tax receipts. Revenue has updated guidance regarding the taxation of gains realised on unapproved share options. UK Reminder: 30 April 2024 is the extended deadline for the end of the VAT margin scheme for certain second-hand vehicles. Today is the deadline for agents to have copied client VAT authorisations across to the Agent Services Account. International The Council of the European Union has published the annual draft Joint Employment Report. 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.

Chartered Accountants Ireland has today outlined a series of concrete steps aimed at making the provision of childcare across the island of Ireland work for both providers and parents, which could leave working parents up to €4,500 a year better off and free up vital working capacity in the economy. Last month, the Institute published data underscoring the challenge that the costs and availability of childcare is presenting to businesses and working parents.  Today, its paper ‘Supporting Working Parents – The case for better childcare policy’ sets out the core economic arguments for improved childcare provision as well as shining a light on the experiences of working parents seeking childcare.  Currently places for children with unregistered childminders do not attract the same National Childcare Scheme (NCS) funding for parents as creche places, which are highly limited and often difficult to secure. This means a mother-of-two on an average annual wage of €45,000, and paying €24,000 per year for childcare, is left with just €235 per week after paying taxes and childcare fees – an amount which makes returning to the workforce a difficult economic proposition. Expediting the Government’s plans to enable parents who use childminders that are not registered with Tusla to access the NCS would give parents of up to 80,000 children easier access to subsidised childcare. Commenting, Tax & Public Policy Lead, Chartered Accountants Ireland, Cróna Clohisey said  “We know what the challenges are for providers and parents and we welcome the upcoming increases to NCS subsidies. But as a mother of two young children, I’ve seen first-hand the difficulties in securing creche places, the scramble to find a childminder, and the quest to make full-time employment viable for parents. The policy tools to address these are already largely in place, so it is time to move to solutions mode. “Implementation and awareness are the two major hurdles that need to be overcome, and bolder interventions are now required if effective change is to be achieved in the childcare space. That is where we are now focusing our attention in our proposals to the Government.”  Chartered Accountants Ireland is calling on the Government to: Expedite plans to enable parents who use childminders that are not registered with Tusla, to access the National Childcare Scheme, giving parents of up to 80,000 children easier access to subsidised childcare. Streamline Core Funding. The introduction of Core Funding represented a new and different way of providing funding to the sector, but it could be greatly streamlined by: Increase funding, capital investment and grant support to the sector to more adequately reflect the true cost of providing childcare services. Importantly, these funding levels should not be static but regularly reviewed and updated in line with economic and inflationary changes. Increase awareness: engagement across the Institute’s membership has pointed to a lack of awareness of supports already in place. The Institute is calling on the government to launch an improved campaign of awareness to working parents that is integrated into and promoted by the public health system. Commenting, President of Chartered Accountants Ireland, Sinead Donovan said  “Allowing childcare challenges to persist constricts labour market capacity, narrows the tax base through lower labour market participation, and maintains the gender pay gap by making it more difficult for parents, proven to be predominantly women, to return to the workforce full time. This is a generational issue, it’s hitting men and women in different but equally real ways. “Currently, Chartered Accountants Ireland members are being asked to vote on a proposal to amalgamate with CPA Ireland which, if passed, would create the largest single accountancy body on the island of Ireland. Issues such as childcare can only truly be solved through a whole-of-government strategy, which is why a single, strong voice for the profession will be crucial in the years to come.” ENDS  Notes to editors Chartered Accountants Ireland’s paper, Supporting Working Parents – The case for better childcare policy, will be published on the Chartered Accountants website on Tuesday 13 February. Chartered Accountants Ireland members are currently being asked to vote on a proposal to amalgamate with CPA Ireland which, if passed, would create the largest single accountancy body on the island of Ireland. An online vote closes at 1pm on Wednesday 14 February with a final, in-person opportunity to vote at the Chartered Accountants Ireland SGM on Wednesday 21 February. More information on the proposal and how to vote is available on the Chartered Accountants Ireland website.

Chartered Accountants Ireland has outlined a series of concrete steps aimed at making the provision of childcare across the island of Ireland work for both providers and parents, which could leave working parents financially better off and free up vital working capacity in the economy. Our paper ‘Supporting Working Parents – The case for better childcare policy’ sets out the core economic arguments for improved childcare provision as well as shining a light on the experiences of working parents seeking childcare. 

Revenue is to host a number of additional webinars in February 2024, using Eventbrite, to give an overview of the Enhanced Reporting Requirements (ERR). The webinars also give employers and agents the opportunity to ask questions regarding the operation of ERR. Earlier this month Revenue issued notices to employers’ ROS inboxes advising them of these free online webinars.   Feedback on issues or problems you experience with the new ERR reporting regime can be emailed to the Institute and we will continue to engage with Revenue through the TALC forum. We will keep you up to date on developments in Tax News.  

The Department of Finance has published the responses it received to its public consultation on the introduction of a participation exemption to the Irish corporation tax system. In December 2023 the Institute, under the auspices of the CCAB-I, responded on the basis that it supports the introduction of a participation exemption for both foreign dividends and foreign branch profits. There were 17 submissions to the Department and the full list can be accessed at gov.ie.  

Revenue has updated the Tax and Duty Manual relating to the use of Revenue documentation to verify personal addresses for non-Revenue purposes. The manual provides information on updating personal name or address details in myAccount to appear on Revenue documentation regarding the Employment Detail Summary (EDS) and the Summary of Pay and Tax Details. 

Revenue has restructured the Tax and Duty Manual which provides guidance on the application of special provisions relating to uncertificated securities. Part 6 of the Stamp Duties Consolidation Act 1999, which currently comprise sections 75, 75A, and 78A to 78J, makes provision for electronic transfers of interests in securities (such as shares) to be chargeable to stamp duty. Stamp duty is to be charged by deeming the transfer order which effects the transfer of an interest in securities to be an executed instrument of conveyance or transfer of the securities concerned.   Additional guidance has been added regarding:  The circumstances in which a conveyance or transfer of securities is chargeable with stamp duty;  The accountable person in relation to a transfer order; and,  Clarification that where a transfer order effects the transfer of an interest in securities outside a relevant system, the obligation to retain records does not apply in relation to a Central Securities Depository (CSD). Revenue accepts that the obligation to retain records does not apply in respect of any transfer order which is excluded from the scope of section 78B by virtue of subsection (4) of that section SDCA 1999. 

Revenue has updated the Tax and Duty Manual which provides an overview of dealing with stamp duty issues and information on stamp duty charges and self-assessment. The updated manual provides additional information on the categories of stamp duty charges, including the application of stamp duty where a sale of stocks or marketable securities is effected by electronic means, such that no instrument of transfer is created.