President Sinead Donovan was in the US this week, meeting with a variety of members and stakeholders. The insights gleaned on the trip will be put into action in the coming weeks and months, but among the key takeaways is that the US remains a destination of choice for Irish ACAs so our task is to drive greater awareness of the opportunities for members; our response to issues like the attractiveness of the profession, adapting to new sustainability reporting standards and cybersecurity will be shaped through collaboration with our US partners; and finally, our profession will continue to play a key role on both sides of the Atlantic driving and servicing inward FDI  in support of Ireland’s economy. Member engagement There is no doubt that the US remains a destination of choice for Irish ACAs and the President heard directly from these members during several office visits and two member events. The ACA proves to be a door opener for so many of our members when they arrive in the States, as indeed does the Mutual Recognition Agreement for members practicing, so our task now is to drive greater awareness of the opportunities and help new and existing members to access these.  Partner engagement As ever, the challenges for the profession are the same whether in Naas or New York. The attractiveness of the profession and sustainability reporting standards were two topics that, as expected, the President devoted a lot of time to in meetings with among others IAASB, AICPA, Chartered Accountants Worldwide Network USA, Deloitte EY, PwC, KPMG, and Harvard University.  How we as a profession adapt to the new reporting standards and educate our members on them will be shaped through such collaboration, and Chartered Accountants Ireland will be at the heart of that. The same goes for selling the attractiveness of the profession, with a focus on demonstrating the different routes into the profession and demonstrating through our actions our commitment to a healthy work-life balance. Perception is still an issue. In meetings with Boston College, the scale of the profession’s role when it comes to cybersecurity was reinforced. There are approximately 4million open roles in cyber security globally, and accountants are ideally placed to play a central role in tackling the challenge. The Institute held its inaugural seminar for members with Boston College in Dublin last April, and there is so much scope to expand this education to position members to have an impact.  Working for Ireland Inc It was great to meet the IDA and some of the companies (powered by ACAs) supporting inward FDI. Against the backdrop of a new global minimum corporation tax rate from 2024, and stiff competition for investment, our profession will continue to play a key role on both sides of the Atlantic driving and servicing that investment so well for Ireland’s economy. For our part, we will continue to ensure the Institute has a strong voice in demonstrating how the profession can continue to support FDI and be a strong resource for companies.

Paul Millar calls for more entrepreneurial outlook in Northern Ireland Chartered Accountants Ulster Society has called for a change to a more entrepreneurial mindset to benefit everyone living and working in Northern Ireland. Paul Millar, Chairman of the Ulster Society, said “Northern Ireland must tap into the inspiration and drive of entrepreneurs” and called for transformation to foster economic growth and improve living standards for all in the community. Mr Millar was speaking at the ‘Entrepreneurial Mindset Conference 2023’ organised by Chartered Accountants Ulster Society in partnership with Danske Bank, Artemis Human Capital, British Business Bank and Invest Northern Ireland, taking place at the National Football Stadium at Windsor Park this week. Mr Millar said: “Entrepreneurship has long been recognised as a key driver of economic growth, job creation, and social development in regions right around the world. With The Entrepreneurial Mindset Conference, along with other associated initiatives, we’re aiming to inspire a paradigm shift in Northern Ireland, where innovation, creativity, and a more entrepreneurial approach become the norm.” “Northern Ireland has a rich history of innovation and enterprise, but there is still untapped potential that can be harnessed to fuel economic growth and increase the standard of living here. The conference is addressing these opportunities, showcasing successful entrepreneurs, thought leaders, and experts who have paved the way for prosperity through entrepreneurial ventures. "We firmly believe that an entrepreneurial mindset throughout our private and public sectors, and within our political leadership, can act as a catalyst for positive change in Northern Ireland. It is our mission to inspire and empower individuals and communities to take  risks, embrace innovation, and create opportunities that lead to a brighter future for all." Speaking at the event in Belfast this week was world renowned performance psychologist and expert in high performance, Jamil Qureshi, who has worked with 22 golfers inside the top 50 in the world including two world number ones, three English Premiership football clubs, Formula One drivers and England cricketers. Also on the speaker lineup were some of our most successful local business leaders including Darragh McCarthy, founder and CEO of FinTrU; Brendan Mooney, former CEO and current Head of Investor Relations, Kainos; Ailbhe & Izzy Keane, co-founders of disability fashion brand Izzy Wheels; Greg Bradley, founder of BLK BOX; Naoimh McConville, Joint Managing Director of Rathbane Group; Rachel McCausland, CEO of Lowe Corporation; & Brian Reid, co-founder of  Planet Café and  DELI LITES. Examples of the types of support available locally for potential entrepreneurs at the event were discussed by Oonagh Murtagh of Danske Bank; Sarah Orange of Artemis Human Capital, Susan McKane of British Business Bank and Gren Armstrong of Invest Northern Ireland. 

    In this week’s Sustainability/ESG bulletin, read about Ireland’s first national Bioeconomy Action Plan, and how studies show that Irish people are largely supportive of climate policies. Also covered is new funding available for solutions to bias and discrimination in AI systems, and a public consultation on zero emissions heavy goods vehicles in the UK, a report revealing the progress of climate action in the EU, the growth of climate risk assessments in national adaptation policies, and the usual roundup of updates, articles and events. Ireland’s first national Bioeconomy Action Plan publishes Minister for Agriculture, Food and the Marine Charlie McConalogue, T.D., and Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., have announced the publication of Ireland’s first National Bioeconomy Action Plan for 2023-2025. The Action Plan will have a strong focus on bringing sustainable scientific practices, technologies, and biobased innovation into use on farms and by biobased industries in Ireland. The ‘bioeconomy’ is the production, utilisation, and regeneration of biobased materials to provide sustainable nature based and biobased solutions across all economic sectors. EPA finds Irish people largely supportive of climate policies Insight reports published this week by the Environmental Protection Authority (EPA) have found that Irish people are largely supportive of climate change policies. Opposition that arises appears to be driven by practical concerns, rather than by climate-change scepticism, according to the study. The youngest adults (18-24 years) consistently exhibit significantly higher levels of concern, with young women most concerned about climate change. The reports – ‘Climate Change in the Irish Mind - Support for Climate Policies’ and ‘Climate Change in the Irish Mind - Climate Risk Perceptions’ – are both from the EPA's study ‘Climate Change in the Irish Mind’ which focuses on the national responses to risk perceptions and policy support. The reports provide a detailed examination of some of the findings of the baseline study published in 2021. UK funding and public consultation Innovate UK is working with the Centre for Data Ethics and Innovation (CDEI), part of the UK’s Department for Science Innovation and Technology, to invest up to £400,000 to drive the development of novel solutions to address bias and discrimination in artificial intelligence (AI) systems. The deadline for applications is 13 December 2023.   Separately, grants from the Department of Transport are being made available to businesses seeking to provide solutions to some of transport’s most pressing issues, including decarbonisation. Applications will stay open until Monday 27 November 2023. The Department has also launched a public consultation seeking views sought to inform the development of a zero-emission heavy goods vehicle and coach infrastructure strategy. The call for evidence closes on 14 December 2023. State of the Energy Union 2023: Further action needed to accelerate climate action The 2023 State of the Energy Union report published this week and found that the EU’s net greenhouse gas emissions decreased by approximately 3 percent in 2022, continuing a 30-year downward trend (having fallen by 32.5 percent compared with 1990). The report also revealed an increase in the volume of carbon removed from the atmosphere in the EU compared to the previous year. However, based on Member States' projections, the EU is currently not on track to reach its 2030 objective of removing 310 million tonnes of CO2 from the atmosphere per year, and the EU and its Member States need to significantly step up their implementation efforts and accelerate emissions reduction to stay on track to reach the 2030 -55 percent net greenhouse gas reduction target and climate neutrality by 2050. Climate risk assessments in national adaptation policies Climate risk assessments that take account of threats like heatwaves, droughts, floods and wildfires are increasingly being used to inform and improve national adaptation policies. This is according to the latest European Environment Agency (EEA) assessment of national adaptation actions published this week. The briefing, ‘Is Europe on track towards climate resilience? Status of reported national adaptation actions in 2023’, presented the current status of national adaptation actions across Europe. It found a gradually evolving adaptation policy landscape, sub-national adaptation policymaking progressing in all countries, governance-related challenges It also found that EU funds play a major role in financing adaptation action for most Member States. ‘Adaptation’ to climate change means taking action to adjust to its present and future impacts. Examples of adaptation measures include large-scale infrastructure changes, such as building defences to protect against sea-level rise, as well behavioural shifts, such as individuals reducing their food waste. Inequality in Europe Ireland has been given an overall gender equality score of 73 in an EU index published this week by the European Institute for Gender Equality (EIGE). The score represents a drop of 1.3 points since 2020 – the largest decline among the EU’s 27 countries. Ireland has dropped two places to rank ninth place overall. The index reportedly found that that gender inequalities are more ‘pronounced’ in Irish workplaces than they were in the last decade and when compared with pre-pandemic (2020) levels, and that both women and men in Ireland are less likely to choose low-carbon modes of transport than their counterparts elsewhere in the EU. Separately, a report published by the European Union Agency for Fundamental Rights (FRA) has found that people of African descent routinely face racial discrimination, harassment and violence in all aspects of their lives. 45 percent of respondents said they experienced racial discrimination in the five years before the survey, and 34 percent felt racially discriminated against when looking for a job. The FRA is calling on EU countries to take urgent steps to tackle racial discrimination and harassment to ensure everybody is treated equally and with dignity. Did you know? A study has found that the power sectors in the Asia-Pacific, Europe and the US are “highly exposed” to stranded assets as stringent policies are implemented to limit global warming to 2C above pre-industrial levels. The study was part of a paper in the multidisciplinary journal Nature Communication. Articles High fossil fuel use putting UN climate targets out of reach: IEA (RTÉ) Advancing UN SDGs with Social Cost-Benefit Analysis (Institute of Project Management) ISSB standards: the right solution – article highlighting the benefits of the UK adopting IFRS Sustainability Disclosure Standards in response to TAC’s call for evidence (ICEAW) Carbon Capture Desperately Needs a Reality Check After Lost Decade (Bloomberg Green) Storm Babet floods show climate change is 'here and now' - Eamon Ryan (The Journal) Upcoming Events   Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation) Department of Enterprise, Trade and Employment, Building Better Business in the South-West Free business event in Cork, focusing on the opportunities and challenges presented by the green economy and digital transformation. In person: Thursday, 9 November iQuest & Business Post Events: The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin ICAEW Climate Summit Week-long summit Virtual: 13-17 November. Climate Finance Week Ireland 2023 Week-long summit. In person and virtual: Monday, 20 November – Friday, 24 November Innovate UK's showcase for climate tech event in Northern Ireland Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 8 November Due to popular demand, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in November 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. 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. 3rd or 4th Wednesday of every month Next: 22 November 2023  14.00-15.00/30 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.    

For readers who did not secure a place on the Corporate Enforcement Authority’s (CEA) inaugural conference of 19 October 2023 ,the CEA has now made available the content of most of the papers delivered at the conference and readers can access the papers on the CEA’s website under the “Events “  button .The following is a list and some details of what is contained in the papers. “Opening Remarks” Ian Drennan CEO of Corporate Enforcement Authority The evolution of compliance in the last 25 years with there now being widespread compliance with company law. The remarks also allude to the CEA’s strategy for 2022-2025. “Searching for evidence in the digital age”  James Dwyer, SC   This material considers the extent to which searches for criminal material can encroach upon a citizen’s right to privacy and legal professional privilege. It refers to a number of recent cases including the case of People (DPP) vs Quirke where the  Supreme Court held that although the search under a warrant issued was lawful, in the absence of specific permission being sought and given to search the computers, the search of the computer was not lawful. “Privacy, privilege, and access to data” Bernard Condon, SC The slides reference the Quirke decision and the 2023 decision in Corcoran v the Commissioner of an Garda Síochána. “European Public Prosecutor’s Office” Claire O’ Regan, Office of the DPP The slides content includes background on the EPP’s office, its competence, structure, its investigations, and prosecutions. “The Evolution of Ireland’s restriction of company directors’ regime.” Aoife McPartland, CEA Director “The challenge of privacy law to corporate transparency and probity" Paul Egan SC This  paper addresses the topical issues of public access to information such as CRO documents and information versus the EU trend towards concealment of ownership information and corporate secrecy .The paper refers to further reading material on this area. It also contains many useful diagrams including comparators on access to company registers ,who has the right to inspect and take copies and RBO information for Irish private companies and group structures. The paper  also signals the presenter’s view of the shortcomings of the attempted Irish fix (Beneficial Ownership Of Corporate Entities) (Amendment) Regulations 2023) in light of the 2022 ECJ ruling  where the ECJ held invalid the provisions of the AMLDs which require information on the beneficial ownership of corporate /other legal entities to be accessible in all cases to any member of the general public. You can read further about that on his firm Mason Hayes &Curran’s website Encroachment of Privacy Law on Disclosure of Company Information.  “The new European Directive harmonising certain aspects of insolvency law, directors' duties, Simplified Liquidation Procedures, and other matters."  Professor Irene Lynch Fannon This presentation deals with the proposed INSOL directive including certain elements such as harmonisation of insolvency and rescue law in the EU, the codification of common law rules and equitable principles and enforcement with a particular focus on company directors’ duties and proposed simplified liquidation measures. The presenter in comments after the event said that these [proposals in INSOL Directive ] “…. are all interesting developments and are even more interesting when considered in the context of the Preventive Restructuring Directive 2019/1023, now implemented in Ireland in 2022 in EU (Preventive Restructuring) Regulations amending the Companies Act 2014. As regards Directors' duties in particular there is some unresolved tension between Art 19 of the latter (now s. 224A/2014 Act) and the proposed Arts. 36 and 37 of the new Directive”. Investigations under the Companies Act  Neil Steen S.C. The primary subject of the paper is stated to be the court’s power to appoint inspectors to investigate the affairs of a company, but the paper also observes that the CEA enjoys certain other powers that are in practice highly relevant to an application to the court. .The paper references a table of relevant statutes and case law, and its content includes the purpose of company law inspections and powers of inspectors . 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.      

A recent consultation launched by the Institute of Chartered Accountants in England and Wales (ICAEW) on proposed changes to their professional indemnity insurance (PII) arrangements will be of interest to Chartered Accountants Ireland members and firms. PII arrangements are developed jointly by the three bodies, Chartered Accountants Ireland (the Institute), ICAEW and the Institute of Chartered Accountants of Scotland, and any resulting changes may impact Institute firms.  Although amendments have taken place periodically, a wide-ranging review of all the PII arrangements has not taken place for some time and the current limits of insurance have not changed since 2008. Several issues have necessitated the need for review of PII arrangements including: The changing nature of the structure of firms and their insurance arrangements; financial capacity of members and entities to retain (self-insure) risk; pressure to manage the cost of insurance; and an increase in firms unable to source qualifying insurance. ICAEW have conducted a review of the requirements with the aim of ensuring they remain fit for purpose and provide adequate protection to the public and to firms while being mindful of the cost and availability of insurance to the profession and are consulting on proposed changes to same. This consultation follows a call for evidence launched earlier in the year to gain a better understanding of issues faced in the insurance market. A summary of the proposed changes and the consultation document are available here. The principles have the support of the Institute’s Professional Standards Board. We encourage members to read the consultation document prepared by ICAEW in full. Institute firms can respond to the consultation as set out at the link above (and need not complete any questions which are specific to ICAEW members/firms only), or alternatively, can provide comments on any aspects of the consultation or on the Institute’s PII requirements generally, by email to Professionalstandards@charteredaccountants.ie.  The consultation period will run until 14 December 2023. The Institute’s PII requirements are set out in Chapter 7 of the Public Practice Regulations.

In Irish news, read our “At a glance” document for a brief overview of Finance (No. 2) Bill 2023 and Revenue updates taxpayers who will be making R&D tax credit claims in the coming weeks. In UK news, read this week’s miscellaneous updates which features the latest bulletins published by HMRC and from 1 April 2023, the reporting requirements for the Trust Registration Service were expanded. In International news, EU Finance Ministers have adopted a directive on tax transparency for crypto-assets.  Ireland Read our “At a glance” document for a brief overview of Finance (No. 2) Bill 2023. Revenue updates taxpayers who will be making R&D tax credit claims in the coming weeks. UK Read read this week’s miscellaneous updates which features the latest bulletins published by HMRC. From 1 April 2023, the reporting requirements for the Trust Registration Service were expanded. International EU Finance Ministers have adopted a directive on tax transparency for crypto-assets.   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.

Readers will be aware that the Institute has been lobbying HMRC from the beginning of September in relation to the 31 October 2023 deadline for selling second-hand motor vehicles under the VAT margin scheme, where these were bought in GB and transferred into Northern Ireland prior to 1 May 2023. HMRC’s VAT policy team has confirmed to us in a meeting that dealers can continue to use the VAT margin scheme for such vehicles that were in stock on 1 May 2023 as long as these are sold by 30 April 2024. Hence the previous deadline has now been extended by six months. According to HMRC, there will be no further extensions to this deadline thereafter. The Institute is pleased to see HMRC have taken the decision to extend this deadline which clearly recognises the difficulties being experienced by dealers in selling these vehicles in the current economic climate. The guidance on GOV.UK has now been updated to confirm this. Once again, the Institute thanks those members and businesses who provided supporting information to assist us in achieving this result. HMRC’s email message confirming the extension says the following:- “We have listened to feedback from businesses about the 31 October deadline, and have now extended the period that you can use the VAT margin scheme for vehicles you had in stock on 1 May 2023 and have not yet sold. You can now use the VAT margin scheme for eligible motor vehicles that you purchased in Great Britain and moved to Northern Ireland before 1 May 2023 and still have in stock,  if you resell them by 30 April 2024. If you sell them after 30 April 2024, you will have to account for VAT on the full selling price. Find out more information about motor vehicles you had in stock on 1 May 2023.”  HMRC has also asked to us to issue a reminder that the new VAT related payment scheme should be used, where the relevant conditions are met, in relation to second hand vehicles bought in GB and transferred to Northern Ireland from 1 May 2023. The relevant guidance for such vehicles is available here. Should you have any queries in relation to the extension to the VAT margin scheme deadline or the new VAT related payment scheme, please get in touch.

Revenue has updated the Tax & Duty Manual for vehicle registration tax (VRT) online payments in ROS and MyAccount to advise that it no longer accepts payment by commercial credit card. 

Revenue has updated its Tax and Duty Manual regarding using online methods to make a payment to Revenue. The updated manual reflects the fact that Revenue no longer accepts payment by commercial credit card. Current bank account details can be accepted from all countries within the European Economic Area (EEA) and certain non-EEA countries that participate in the Single European Payments Area (SEPA). The updated manual includes this list of countries in appendix 3. 

Revenue has updated the Tax and Duty Manual that provides guidance on the Defective Concrete Products Levy (DCPL). The updated manual confirms that certain autoclaved aerated concrete masonry units made to the standard EN 771-4:2011+A1:2015 are not in scope. 

Revenue has advised that taxpayers who submit a claim for tax relief on Additional Voluntary Contributions (AVCs) through myAccount are required to upload their AVC certificate. Revenue has also advised that documents will be accepted where the AVC certificate is not available at the time of filing. 

The Department of Finance has published the responses it received to its public consultation on Ireland’s Personal Tax System. In April 2023 the Institute, under the auspices of the CCAB-I, responded on the basis that any review of the personal tax system must take a holistic approach to the Irish tax system. There were 28 submissions to the Department and the full list can be accessed at gov.ie.