This month’s tidbits cover updated guidance in several areas and the publication of the Administrative Burdens Advisory Board’s 2022/23 report.   

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 the fourth meeting of the EU-UK Parliamentary Partnership Assembly took place recently in London. As the reimbursement scheme which allows traders to reclaim duty on goods moving into Northern Ireland which do not subsequently move into the EU is now approaching six months old, we would like to hear your feedback on how the scheme is operating.  Miscellaneous updated guidance etc.   The following updated guidance, and publications relevant to EU exit are available:-  Search the register of customs agents and fast parcel operators;  Known error workarounds for the Customs Declaration Service (CDS);  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service;  Manage your email address for the Customs Declaration Service;  Importing SPS controlled goods that interact with ALVS;  Attending an inland border facility; and  Car wiring kits for motor vehicles (Tariff notice 13).   

This week, we bring you news of guidance on the new UK reporting rules for digital platforms which come into operation from 1 January 2024 and HMRC has also published new guidance on the VAT treatment of local authority leisure services. The most recent notes of HMRC’s Guidance Strategy Forum are available and the Public Accounts Committee has recently released its report “Progress with Making Tax Digital”, which is highly critical of the programme. HMRC has also contacted us about work which has been ongoing with the Advertising Standards Authority specifically in relation to some repayment agents.  UK reporting rules for Digital Platforms  From 1 January 2024, UK digital platform operators will be required to report details of their sellers to HMRC. Last month HMRC published detailed technical guidance in its International Exchange of Information Manual (part IEIM900000) which aims to assist platform operators in complying with the new rules.  UK resident platform operators may also be required to report under the OECD’s DAC 7 rules which took effect from 1 January 2023. However, DAC 7 contains a provision to prevent double reporting by platforms that are within the scope of both DAC7 and the UK’s new reporting rules. As a result, UK platforms can report directly to HMRC rather than reporting to an EU Member State but only if that Member State has signed up to exchange information with the UK. If that is the case, the platform only needs to report to HMRC from 1 January 2024 as HMRC will subsequently exchange information with the relevant EU Member State’s tax authority.   Note that as DAC 7 has been in force since 1 January 2023, UK resident platforms are still required to report transactions 1 January 2023 and 31 December 2023 under DAC7, i.e. to the relevant EU Member State.   New guidance on the VAT treatment of local authority leisure services   HMRC has published new guidance for local authorities that deals with the treatment of supplies of sport/leisure services. According to an email from HMRC, the guidance has been developed in conjunction with local authorities via The Chartered Institute of Public Finance and Accountancy and other local authority VAT forums.   HMRC therefore says that the guidance achieves the aim of giving local authorities the information they need to implement the recent change in treatment of their supplies of sport/leisure services.   Advertising Standards Authority joint work with HMRC   HMRC has been working with the Advertising Standards Authority (“ASA”) to publish an enforcement notice related to misleading adverts by some repayment agents. The enforcement notice which published earlier this month on 5 December 2023, was jointly-issued with HMRC and provides guidance to promoters of tax repayment agent services. The notice applies across all media which targets UK consumers and sets out that those who fail to comply will be subject to sanctions.   This was followed by the publication of a Press Release which provides more information on the ongoing collaborative work between HMRC and ASA in this area. 

30 December 2023 is the deadline for submitting 2022/23 self-assessment tax returns online if the taxpayer wishes to avail of coding out for tax debt of less than £3,000.  You can pay your self-assessment bill through your PAYE tax code (known as coding out) if all of the following apply:-  you owe less than £3,000 on your tax bill;  you already pay tax through PAYE, for example you’re an employee or get a company pension; and  you submit your paper tax return by 31 October or your online tax return online by 30 December. 

The Dept. of Enterprise Trade and Employment (DETE) has announced that the Minister has further extended the interim period found in the Companies (Miscellaneous Provisions) (Covid-19) Act 2020. Readers may recall that the provisions, brought into force during the pandemic, permit the holding of virtual meetings, including AGMs. The provisions have been further extended to 31 December 2024. Click here to read details of the extension in the DETE press release. The extension is welcome for companies and co-operative societies and will provide for consistency into 2024.The extension signals that DETE is positively disposed to bringing forth permanent legislative provisions in relation to virtual and hybrid meetings. Readers may recall the DETE consultation earlier this year seeking views on putting virtual meetings on a permanent footing. Click here to read the Institute’s response to DETE which supported legislating for including the virtual meeting format. * This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.      

We were delighted to host over 550 members at our Christmas Lunch in partnership with Cpl on Friday 8 December.  We would like to say a huge thank you to every member who attended the lunch, brought a gift for the toy drive and supported the charity raffle. We hope everyone thoroughly enjoyed re-connecting with each other, meeting Santa and hearing from the brilliant Mario Rosenstock. With your toy donations being split out between seven children’s charities, many children will receive treasured gifts this Christmas. You also helped us to raise a massive €22,000 in aid of the The Jack and Jill Children's Foundation, which will go towards funding 1,289 hours of precious in-home nursing respite care for 218 families in Leinster this Christmas; giving them the #GiftOfTime. Without the support of the members in attendance this wouldn't be possible. On behalf of Chartered Accountants Leinster Society, we want to pay a special tribute to the late Jonathan Irwin, founder of the The Jack and Jill Children's Foundation, whose life’s work touched and supported so many families. Jonathan’s legacy lives on through the amazing work that the foundation does, and we are proud to have supported this wonderful charity this Christmas. May he rest in peace.

Following the signing of a Commencement Order by the Minister for Finance yesterday, all employers will be required to make returns of certain non-taxable benefits and expenses in real-time under the Enhanced Reporting Requirements (ERR) from 1 January 2024. Revenue has however advised that “a service for compliance approach will be taken until the 30 June 2024”. During this period, Revenue will not be operating any compliance programmes in relation to the ERR and will not seek to apply any penalties for non-compliance. Since the measures were first announced in last year’s Finance Act, the Institute, under the auspices of the CCAB-I, has consistently raised our members’ concerns with the new requirements. In addition to several submissions to Revenue, we wrote to the Minister for Finance on two separate occasions (here and here), seeking the abolishment of the real-time reporting requirement and more recently a delay to the implementation date. While disappointed with yesterday’s announcement, we urge members to ensure they are enabled to commence reporting under ERR from 1 January 2024. For the avoidance of doubt, the non-taxable benefits which will be reportable in 2024 are: Non-taxable reimbursements of travel and subsistence Benefits provided under the small gift exemption The remote working daily allowance. You can find more information on the measure on Revenue’s website and we will keep you up to date on developments in Tax News.

Welcome to this edition of Technical Roundup. In recent developments, the Dept of Enterprise, Trade and Employment has published the Digital Services Bill 2023 which will provide for the full implementation in Ireland of the EU Regulation on a Single Market for Digital Services and the International Auditing and Assurance Board issued the new International Standard for the Audits of Less Complex Entities on 6 December 2023. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has issued FRED 85 Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle. Every year, the FRC carry out a review of the FRS 101 standard to consider amendments made by the International Accounting Standards Board (IASB) to their standards, and whether such changes should result in an amendment to FRS 101. In FRED 85, the FRC are proposing minor changes to FRS 101 to ensure consistency with IAS 1 Presentation of Financial Statements. The FRC has published an insight report “Structured digital reporting – 2023 insights” which highlights some areas for focus for companies when producing their annual financial report in a structured digital format under FCA Rules. This includes some examples of best practice in the areas of tagging, usability & design and process. The FRC has issued version 2.0 of Technical Actuarial Standard 300: Pensions (TAS 300). The IFRS Foundation has released its November 2023 monthly news summary, which summarises their news items and events during the month. The IFRS Interpretations Committee (IFRIC) has issued its November 2023 update which summarises decisions made by the Committee in its public meetings. This includes details of some tentative agenda decisions on climate-related commitments under IAS 37 and disclosure of revenues and expenses for reportable segments under IFRS 8. The International Accounting Standards Board (IASB) has published a summary of its project on extractive activities which considered whether to amend or replace IFRS 6 Exploration for and Evaluation of Mineral Resources. The IASB has published a webcast which provides some insight into the forthcoming IFRS Accounting Standard for Subsidiaries. The standard is expected to be issued in the first half of 2024. EFRAG, the European Financial Reporting Advisory Group, has published its final comment letter in response to the IASB’s Exposure Draft- Annual Improvements – Volume 11. The UK Endorsement Board has also published its comment letter and feedback statement on the Exposure Draft. EFRAG has published its November 2023 update which summarises public technical discussions held and decisions taken during the month. The Pillar Two tax rules that will apply to companies with consolidated revenue over €750m are contained in the Finance No2 Bill that is making its way through the Oireachtas. In relation to the financial reporting implications of the Pillar Two tax rules, IAS 12 Revised and FRS 102/101 revised now set out financial reporting disclosure requirements for those companies. Assurance and Auditing The Financial Reporting Council (FRC) has published its annual inspection findings for Tier 2 and Tier 3 audit firms and a number require ‘significant improvement’. The findings outline that of the audits reviewed, 38% required only limited improvements, 24% required more than limited improvements and a further 38% required significant improvements. The FRC identified deficiencies in the audit of judgements and estimates, and going concern, both of which require audit teams to demonstrate robust professional scepticism. Firms must demonstrate improvement including investing in their audit methodology, human resources and audit quality functions, learning from things that went wrong or went well, and seeking to embed a culture that recognises and prioritises audit quality. The FRC is taking a number of actions to improve resilience and competition in the PIE audit market. The FRC has announced their areas of focus for 2024/25. The includes priority sectors are: Construction and Materials Food Producers Gas, Water & Multi-utilities Industrial Metals and Mining Retail These are for both corporate reporting reviews and audit quality inspections. ISA for LCE Following approval at their September 2023 meeting, the IAASB issued the new International Standard for the Audits of Less Complex Entities on 6 December 2023. Where it is adopted, or permitted, the standard is effective for audits of financial statements for periods beginning on or after December 15, 2025, (i.e. 2026 calendar year audits) with early adoption being permitted and encouraged. The standard has not yet been adopted for use in Ireland or the UK. The standard can be downloaded from the IAASB website. Sustainability The International Sustainability Standards Board (ISSB) have been providing updates on their activities at COP 28. These include; Their planned future cooperation with the International Organization for Standardisation towards effective communication about sustainability-related risks and opportunities. Details of the growing number of Organisations and jurisdictions who have committed to advancing the adoption or use of the ISSB’s climate-related reporting at a global level. An announcement that Emmanuel Faber will continue as ISSB chair until the end of 2027. Details of the progress made in advancing global sustainability disclosures since the establishment if the ISSB was announced at COP 26. The International Sustainability Standards Board has provided details of some new and updated resources coming into effect on 1 January 2024. These are intended to help companies apply the ISSB Standards IFRS S1 and IFRS S2. The IFRS Foundation has launched the IFRS Sustainability Knowledge Hub which seeks to support users of the ISSB standards. This is intended to help auditors, investors, regulators and stakeholders as they begin their reporting journey under the ISSB standards. IFAC have announced plans to revise the International Education Standards to bring greater focus to sustainability reporting and assurance, given the evolving role of accountants in the area of sustainability. Sanctions/Anti-money laundering The UK’s National Crime Agency and National Economic Crime Centre have issued an alert to financial institutions and other members of the UK regulated sector warning that Russia is trying to procure UK sanctioned goods through intermediary countries.  Sanctions imposed on Russia as a result of its invasion of Ukraine have had a significant impact on its ability to purchase products, including military supplies, on international markets. The alert provides information to UK businesses on common techniques suspected to be in use to evade sanctions on the export of high-risk goods, which Russia is using on the battlefield in Ukraine. The European Council and Parliament have reached a provisional agreement on creating a new European authority for countering money laundering and financing of terrorism (AMLA) - the centrepiece of the anti-money laundering package, which aims to protect EU citizens and the EU's financial system against money laundering and terrorist financing. Other News The Credit Union (Amendment) Bill 2022 has recently been sent to the President for signature. Click here for a government press release where the Minister for Financial Services, Insurance and Credit Unions welcomed the proposed amendments to the legislation which she said aim to bring about significant reforms for the credit unions sector in Ireland and represents a very significant piece of legislation that will have far-reaching positive implications for the credit union sector in the years to come. In other credit union news, the Central Bank of Ireland has issued their December Credit Union News publication which includes a reminder to all credit unions on key financial  considerations and other matters for consideration at year end including impairment reviews of assets, liquidity management, systems of control, cybersecurity and operational resilience (including outsourcing) and Lending Framework Review with an expectation of publishing analysis of the review in H1,2024. The Dept of Enterprise Trade and Employment recently published  the Digital Services Bill 2023, which will provide for the full implementation in Ireland of the EU Regulation on a Single Market for Digital Services. Click here for a press release giving more details on the Bill and the EU Regulation commonly referred to as  the Digital Services Act. The EU Regulation establishes a pioneering regulatory framework to protect EU users of digital services and their fundamental rights online. The press release notes that the Irish Digital Services Bill is a technical bill, drafted to address specific obligations on Member States of the EU to give effect to the supervision and enforcement provisions of the EU Regulation. The Bill does not add to or amend the obligations on online platforms under the EU Regulation. Those obligations have direct legal effect in all Member States of the EU and do not require any implementing measures in national law. In its recent publication, IFAC’s Professional Accountants in Business group discuss how accountants are leading and driving sustainability and digital transformation agendas. Some areas discussed in this article include; The accountancy profession’s role in driving higher-quality, decision-useful sustainability-related information The use of AI in transitioning businesses and the nature of work Strategies for nurturing future leaders For further technical information and updates please visit the Technical Hub on the Institute website.                                ~          Happy Christmas        ~

    In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s round-up of COP28. Also covered is the Irish Fiscal Advisory Council’s view on how climate change costs can be managed, how 'Climate Action and Sustainable Development' may be included in proposals to redevelop Leaving Certificate subjects, a report on nature-related risks and opportunities for Ireland’s financial sector, UK green hydrogen projects, more time granted to Northern Ireland businesses to consider implications of EU Battery Regulation, as well as European developments, a new publication by IFAC, and technical roundups, newsletters, articles, podcasts and upcoming events. COP28 - the global climate summit The United Nations’ annual climate summit – COP28 – concluded in the early hours of 13 December in Dubai. Chartered Accountants Ireland has compiled useful resources about the summit on our COP28 page, including our daily updates and weekly round-ups. Climate change costs ‘can be managed’ says Irish Fiscal Advisory Council Climate change will have large impacts on public finances, but these costs can be managed, according to the most recent report by Ireland's budgetary watchdog, the Irish Fiscal Advisory Council. In the section ‘Ireland’s green transition can be managed’, the report states that while the costs of the green transition appear high, taxes could be replaced, spending may be manageable and climate-related spending supports could be managed. However, it concedes that how exactly this will be managed needs to be thought through carefully, and that big decisions are needed on Ireland’s climate transition. Sustainability included in proposals to redevelop Leaving Certificate subjects ‘Climate Action and Sustainable Development’ is one of the new subjects being considered as part of an open consultation launched this week on draft specifications for six Leaving Certificate Subjects. Part of the Senior Cycle Redevelopment, the first tranche of new and revised Leaving Certificate subjects will be introduced in schools in 2025. The consultation will run until Friday 23 February 2024 and be accessed via the NCCA’s website. New division of the High Court dedicated to Planning and Environmental cases A new division of the High Court dedicated to Planning and Environmental cases has been established in Ireland, it was announced this week. The new Division will replace and expand the scope of the Commercial, Planning and Environmental List of the High Court. Its scope encompasses proceedings related to planning, transport, water, climate, natural heritage, built heritage, waste, mineral exploration, the marine, agriculture and pollution. Speaking about the announcement, Minister for Justice Helen McEntee, TD  said “Dealing with such cases in an effective and efficient manner is key to enabling the State’s delivery of housing and infrastructure, while also protecting the environment.” Environmental Indicators Ireland 2023 A report published by the Central Statistics Office (CSO) this week shows that Ireland’s emissions of greenhouse gases with global warming potential were higher in 2021 than the European average (12.3 tonnes in Ireland versus 7.8 tonnes in the EU27). The report – Environmental indicators Ireland 2023 – covered 70 indicators across 10 themes, including environmental economy, air, greenhouse gases and climate change, water, land use, energy, transport, waste and biodiversity. It shows that while 39 percent of electricity generation in 2022 was from renewable sources, fossil fuels received subsidies of €2.9 billion in 2021. The highest average annual temperature in Ireland over the 1961-2022 period occurred in 2022. The Nature of Finance – new report launches A new report was launched this week to raise awareness of how the financial sector both impacts on – and depends on – nature.  The Nature of Finance, the first independent assessment of nature-related risks and opportunities for Ireland’s financial sector, hopes to spur further detailed research and proposes a Nature Finance Roadmap for Ireland. Written by KPMG Sustainable Futures and commissioned by the International Sustainable Finance Centre of Excellence (ISFCOE) with support from Skillnet Ireland, the report quotes comments from the European Central Bank on how nature “[is] existential for the economy and the financial system, as our economy cannot survive without nature.” Northern Ireland businesses given more time to consider implications of EU Battery Regulation The EU Batteries Regulation will apply in Northern Ireland from 18 February 2024 and will gradually introduce new rules to strengthen sustainability of batteries and waste batteries, protect the environment and human health and increase recycling. The deadline for completing a survey on how the new EU Batteries Regulations will impact on Northern Ireland traders has been extended by DAERA until Friday 19 January 2024. Businesses manufacturing, importing or selling batteries, either on their own, or incorporated in products, are encouraged to give their feedback as well as register for an information session on the issue. DAERA will report the findings back to UK Government so that it is fully aware of potential implications for Northern Ireland businesses, and consider the next steps. 11 green hydrogen projects announced for UK UK’s Department for Energy Security and Net Zero has announced backing for 11 major projects to produce green hydrogen. Unlike blue hydrogen, which is formed using fossil fuels and capturing the carbon emissions, green hydrogen is made by using renewable energy to split water – helping provide cleaner fuel for energy intensive industries and transport. Confirmed suppliers will receive a guaranteed price from the government for the clean energy they supply. In return for this government support, the successful projects will invest over £400 million in the next three years, generating jobs in local communities across the UK and delivering 125MW of new hydrogen for businesses. Provisional agreement on reform of the EU’s electricity market design Provisional agreement has been reached by the European Parliament and Council on the reform of the EU's electricity market design, revising several pieces of EU legislation. The announcement comes a week after provisional agreement was reached by the European Parliament and Council on updated EU rules to decarbonise the gas market and create a hydrogen market. Under the agreement, consumers will get a wider choice of contracts, clearer information before signing contracts, and thereby the option to lock in secure, long-term prices to avoid excessive risks and volatility. They will also be able to play active role in the energy system, as ‘prosumers’ participating in energy sharing and able to invest in wind or solar parks and sell excess rooftop solar electricity to neighbours (not just to their supplier). Following formal adoption of the agreement by both the European Parliament and the Council, the new legislation will be published in the Official Journal of the Union and enter into force. Corporate due diligence rules agreed to safeguard human rights and environment Provisional agreement has been reached on the Corporate Sustainability Due Diligence Directive (CSDDD).  The proposal aims to foster sustainable and responsible corporate behaviour throughout global value chains. The Directive applies to EU and non-EU companies with a turnover over €150 million and smaller companies in certain sectors. Penalties include naming and shaming and fines of up to no less than 5 percent of net worldwide turnover. Following formal approval by the co-legislators, the Directive will enter into force 20 days after publication in the Official Journal, with Member States having two years to transpose the provisions of the Directive into national law. Integrated Internal Control Needed to Build Trust in Sustainability Reporting, says IFAC The International Federation of Accountants (IFAC) has published a report on how organizations can combine sustainability reporting with their existing internal control and governance frameworks. “The professional accountant’s skillset is instrumental in bringing about a step change in the quality of sustainability reporting through applying new reporting standards and integrated internal controls,” said Kevin Dancey, IFAC CEO. “Integrated internal control can put sustainability information on par with financial information, enhance its assurance readiness, and set the foundation for transitioning to a more sustainable business model.” Technical Round-Up (From our colleagues in Professional Accounting) The International Sustainability Standards Board (ISSB) have been providing updates on their activities at COP28. These include planned future cooperation with the International Organization for Standardisation towards effective communication about sustainability-related risks and opportunities; details of the growing number of organisations and jurisdictions who have committed to advancing the adoption or use of the ISSB’s climate-related reporting at a global level; an announcement that Emmanuel Faber will continue as ISSB chair until the end of 2027; and details of the progress made in advancing global sustainability disclosures since the ISSB was announced at COP26. The Board has also provided details of some new and updated resources coming into effect on 1 January 2024. These are intended to help companies apply the ISSB Standards IFRS S1 and IFRS S2. The IFRS Foundation has launched the IFRS Sustainability Knowledge Hub which seeks to support users of the ISSB standards. This is intended to help auditors, investors, regulators and stakeholders as they begin their reporting journey under the ISSB standards. IFAC has announced plans to revise the International Education Standards to bring greater focus to sustainability reporting and assurance, given the evolving role of accountants in the area of sustainability.   Newsletters (From our friends in Accountancy Europe) Includes: MEPs’ vote on draft report on ESG ratings proposal The delay to EFRAG’s work ISSB’s announcements at COP28 IOSCO’s overview of initiatives to address greenwashing IFAC’s sustainability checklist for small businesses From Accountancy Ireland (December 2023) “We need the tools to solve climate change and we need them quickly” - Mike Hanrahan, FCA and Chair of Sustain.Life (Accountancy Ireland) The CSRD: a new frontier in corporate reporting - Daniel O’Donovan, partner, KPMG - (Accountancy Ireland) Articles How accountants can guide SMEs towards sustainable funding (Accountancy Age) PwC UK imposes restrictions on business-class travel (Financial Times) COP28: learning a new language for business (ICAEW) Ireland has the resources and policy to set a shining example to others of national climate action (The Irish Times) Gender pay gap at the Central Bank falls to 3.9%, report shows (The Irish Times) Gender pay gaps have widened this year at nearly half of firms, tally of early annual returns shows The Irish Independent Resources The global SME Climate Hub has free resources for climate action to support SMEs' journey towards a net zero future. In recent weeks, the SME Climate Hub has expanded its tools to facilitate small business climate action. It has launched Action Guides to provide businesses with simple steps for building a climate action plan, and leaned into sector-specific guidance with its first set of Action Courses, which offer video guidance for emissions reductions. Additional industry-tailored resources are to launch next year. Podcast Marie Donnelly, Chair of the Climate Advisory Council, reacts to the latest developments at COP28 where a deal has been reached. (RTÉ Clip • 10 mins) Upcoming Events   UN Global Compact Network UK Collecting Scope 3 Data Webinar Series 2024 The UN Global Compact Network UK are hosting an interactive four-part webinar series in 2024 to support businesses to efficiently collect Scope 3 emissions data from across their value chain. This series will explore how companies can collect Scope 3 data using a variety of tools, surveys, and software and will feature case studies and insight from businesses on good practice in this area. Collecting Scope 3 Data: Supplier Engagement: 1 February, 10:00-11:30 GMT Collecting Scope 3 Data: Upstream Emissions, 8 February, 10:00-11:30 GMT Collecting Scope 3 Data: Downstream Emissions, 15 February, 10:00-11:30 GMT Collecting Scope 3 Data: Employee Engagement, 22 February, 10:00-11:30 GMT 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: Thursday, 25th January 2024  In person: Time and location tbc (but will be on Pearse Street, Dublin 2) 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.  

Ulster’s Chartered Accountants gave out thousands of pounds worth of Christmas presents this week and provided a boost to local charities by presenting hundreds of toys to the Salvation Army and St. Vincent de Paul Family Appeal. Chartered Accountants Ulster Society also raised over £12,000 for local social enterprise the NOW Group at their Christmas event running in partnership with Ulster Bank. The toys and funds were collected at the Ulster Society’s Christmas Charity Lunch at the Europa Hotel in Belfast, attended by over 500 Chartered Accountants. Paul Millar, Chairman of Chartered Accountants Ulster Society said: “Christmas is about embracing the spirit of giving. Our Charity Lunch is an opportunity to show that as a community we can come together and create positive change. “Chartered Accountants have raised money and donated toys which will bring some Christmas joy to children this year. I’m particularly pleased that this year we are able to support the NOW Group which does amazing work supporting people with learning difficulties and autism into jobs with a bright future. “We’re pleased that with the support of our partner Ulster Bank, we’ve been able to deliver a fantastic event which brings a lot of support and awareness to some very deserving causes. Lisa Allen of event sponsors Ulster Bank said: “Ulster Bank is delighted to once again partner with the Ulster Society in our sponsorship of the annual charity lunch. The lunch is a great opportunity for the local accountancy network to come together to support charities who contribute so much to the communities in which we live and work. “The generous support shown by members of the Ulster Society will have such a positive impact on the charity partners ensuring children experience the magic of Christmas through the toy appeal and raising vital funds in support of the NOW Group who help people with learning difficulties and autism realise their full potential”.  

  In the early hours of 13 December, an agreement was reached in Dubai at the 28th Conference of Parties to the UN Climate Convention, COP28. The UAE Consensus included a commitment to transition away from all fossil fuels, following intense negotiations over two weeks, and a heavily criticized first draft that was released on Monday. The revised – and final – version represents the first time in COP history that words ‘fossil fuels’ appeared in an agreement. It also included a specific target on tripling renewables and doubling energy efficiency by 2030. “It is an enhanced, balanced — but make no mistake — historic package to accelerate climate action,” COP28 President, Dr Sultan Al Jaber, said, after delegates rose to their feet in to applaud the deal. This COP is reportedly the most significant since the Paris Agreement in 2015, when the countries of the world agreed to limit global warming to 1.5°  above pre-industrial levels. Although not without criticism (natural gas is still identified as a transition fuel, despite causing global warming, for example), responses to the agreement have been positive. Speaking on Irish radio, Minister for Climate, Environment and Communications, Eamon Ryan, T.D., said that the deal is not just about transition away from fossil fuels, but also “building a new, renewable and energy-efficient future and critically changing the entire financial architecture in the world to make that happen everywhere in the world.” Marie Donnelly, Chair of the Climate Change Advisory Council, described the COP process as defeating  the ‘very visible attempt’ by the fossil fuel industry to derail the process and deny the science: “From my perspective, that is a real success… this is the signal. This is effectively the starting gun. Now, we can be serious about the discussion of phasing out fossil fuels.” COPs have come in for much criticism for being too large, too bureaucratic and too much at risk of being influenced by major polluters, the lobbyists of which can outnumber the collective representatives from those countries most vulnerable to the impacts of climate change; however, all parties at the climate summits must agree on every word of the agreements, and to some it underscores how much these UN conferences can achieve. Speaking about this agreement, Special climate envoy to Prime Minister Mia Mottley of Barbados Avinash Persaud stated “When the dust settles and dawn breaks, this will be seen as one of the most historic COPs."  As parties prepared to leave the two-week conference, UN climate chief, Simon Stiell, who described the agreement as “the beginning of the end for fossil fuels”, reminded governments of the next steps:   “We must get on with the job of putting the Paris agreement to full work…In early 2025, countries must deliver new NDCs [‘nationally determined contributions’, i.e. efforts by each country to reduce national greenhouse gas emissions and adapt to the impacts of climate change]. It must bring us into alignment with a 1.5C world. We will keep working to improve the process.” His final message, though, was to ‘ordinary people everywhere’: “Everyone one of you is making a difference. Your voices and determination will be more important than ever. We are still in this race. We will be with you every step of the way.”   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

In Irish news, Revenue has confirmed that ERR (Enhanced Reporting Requirements) will go ahead from 1 January 2024, and has published updated guidance on the small benefit exemption. In UK news, earlier this week HMRC introduced restrictions to the types of queries dealt with on its Self-Assessment and Agent Dedicated Line helplines, and a technical consultation has been launched on draft regulations for Making Tax Digital for income tax. In International news, the European Commission has concluded negotiations with Norway to update the EU-Norway VAT agreement.  Ireland  Revenue has confirmed that ERR (Enhanced Reporting Requirements) will go ahead from 1 January 2024. The Institute, under the auspices of the CCAB-I, wrote last week to the Minister for Finance to ask that he reconsider the implementation of Enhanced Reporting Requirements (ERR) for employers. Revenue has updated the Tax and Duty Manual that provides guidance for the Small Benefit Exemption. UK Earlier this week HMRC introduced restrictions to the types of queries dealt with on the Self-Assessment and Agent Dedicated Line helplines; HMRC has launched a technical consultation on draft regulations for Making Tax Digital for income tax. International The European Commission has concluded negotiations with Norway to update the EU-Norway VAT agreement. 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.