Revenue has launched a campaign encouraging PAYE taxpayers to complete an end of year tax review through the myAccount service. As part of the review, the service allows taxpayers to claim tax credits and reliefs and details of the more common tax credits and reliefs are available through links in the campaign launch page. Revenue has confirmed it will agree payment options with taxpayers where a tax liability arises, and tax refunds will be paid within a few days of completing the end of year review.

Last week, the US Administration announced an increase on the rate of tariffs on steel imports into the US from 25 percent to 50 percent. Following a meeting between the EU Trade Commissioner Maroš Šefčovič and US Trade Representative Jamieson Greer in Paris, the Tánaiste, Simon Harris released a statement welcoming the discussions and highlighting the need for “a substantive, calm, measured and comprehensive dialogue”. The Tánaiste’s full statement can be read below: "I welcome that the EU Trade Commissioner Maroš Šefčovič and US Trade Representative Jamieson Greer met in Paris earlier today to advance EU-US negotiations. This is a positive step. Ireland’s consistent position remains that we need substantive, calm, measured and comprehensive dialogue with the United States. "While we want to see an agreement, my department will continue to work actively across Government and with stakeholders to understand the impact of the US tariffs on Irish business, as well as preparing for EU rebalancing measures, if they are required. "The government regrets the increase of US tariffs on steel imports from 25% to 50%, which came into effect today. This latest move by the US adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic. "I wish to reiterate our full support for dialogue. The objective remains to reach a mutually beneficial agreement that includes reducing tariffs and non-tariff barriers, promoting economic security, as well as facilitating business opportunities and investment. At the same time, it is correct that the EU is doing preparatory work on a range of potential re-balancing measures, should negotiations fail."

Revenue has published guidelines for the Cross Border Operation of the EU VAT SME scheme (VSME). The VSME alleviates the compliance obligations of small businesses by allowing the supply of goods and services to EU customers without incurring an obligation to charge VAT. An Irish established business can avail of the scheme provided the business’ annual turnover within the European Union does not exceed €100,000 in the current and previous years. The small business must also not exceed the annual turnover threshold, in the current and previous calendar years, of the Member State(s) in which they want to utilise the scheme. Participation in the scheme is optional. The scheme allows qualifying small enterprises to avail of the VAT registration thresholds in all Member States where they supply goods and services, thus avoiding the requirement to register for VAT in those Member States. However, there is no right to deduct input VAT incurred on the purchases of goods and services linked to supplies made under the scheme. Additional details are included in our earlier article which you can read here.

The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for May 2025 confirming an Exchequer surplus of €4.0 billion to the end of May. This compares to a surplus of €0.8 billion recorded for the same period last year. Tax receipts collected to the end of May were €38.2 billion, which was €3.0 billion higher than the same period in 2024. Excluding the once off receipts from the Court of Justice of the European Union (CJEU) judgement in the Apple State Aid case, total receipts amounted to €36.4 billion, an increase of €1.3 billion on the corresponding period in 2024. Income tax receipts for the month of May were €2.8 billion which was €0.1 billion ahead of receipts collected in May 2024. On a year-to-date basis, receipts to the end of May of €14.5 billion were up by €0.6 billion (4.8 per cent), when compared to May 2024. Corporation tax receipts of €2.5 billion were collected last month which was a reduction of €1.1 billion on the same month last year.  As highlighted in the Fiscal Monitor certain exceptional factors which boosted May 2024 receipts are distorting the year-on-year comparison. On a cumulative basis, receipts of €7.4 billion were up by €1.1 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to May 2025 amounted to €5.7 billion, down on the same period last year by €0.6 billion. VAT receipts collected in the May of €3.5 billion represented an increase of €0.1 billion when compared to the same month last year. Cumulative receipts of €11.4 billion were ahead by 5.5 percent on end of May last year. Commenting on the figures, Minister for Finance, Paschal Donohoe said: “May is one of the more important months for tax revenues, and the steady growth in most tax headings points to an economy that is in a relatively good position. The most notable feature of the May Exchequer returns was in respect of corporation tax, which saw a marked year-on-year drop. While this reflects once-off factors last year, it nonetheless highlights the degree of concentration in the corporate tax base, wherein a small number of multinational firms can significantly impact on the overall tax yield                                                                         In a context of unprecedented uncertainty in the international economic landscape, this serves as a timely reminder of Ireland’s exposure to changes in the global trading environment, and of the vital importance of adhering to a sensible and sustainable budgetary strategy.”

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The outcomes from the latest meeting of the HMRC forum, the Northern Ireland Joint Customs Consultative Committee (NI JCCC), which the Institute participates in, are now available to read. And finally, UK steel and aluminium exports have been temporarily spared from the US administration’s decision to double tariffs on these goods.   Latest NI JCCC meeting   The most recent meeting of the NI JCCC has taken place. Minutes from the meeting and the accompanying slides are available to read.  Miscellaneous guidance updates and publications  This week’s miscellaneous guidance updates and publications are as follows: Appendix 2 C21i: DE 1/11: Additional Procedure Codes,  Making an entry summary declaration,  Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS),  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service,  Safety and security declarations,  Safety and security import requirements: entry summary declarations,  Notices made under The Customs (Export) (EU Exit) Regulations 2019,  Notices made under The Customs (Import Duty) (EU Exit) Regulations 2018,  Register to use the Import Control System 2,  Make an entry summary declaration using the Import Control System 2,  Data requirements for express operators who move consumer parcels from Great Britain to Northern Ireland,  How to send parcels from a business in Great Britain to a private individual or a business in Northern Ireland,  Sending parcels from Great Britain to Northern Ireland between private individuals,  Create a goods movement reference,  Sending parcels between Great Britain and Northern Ireland under the Windsor Framework, and  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service. 

In this week’s miscellaneous updates: HMRC has published the company car advisory fuel rates applicable from 1 June 2025,   The latest HMRC Stakeholder Digest is available, and   The Government has announced that the UK and Isle of Man will work together to “explore ways to further enhance information flows” to combat tax avoidance and evasion.   

Ahead of the publication of its annual report and accounts which usually takes place in July, last week HMRC published a provisional update on its phone performance. The update was published just the day before HMRC experienced a major phone outage on Wednesday 4 June. The outage happened on the same day that HMRC senior officials appeared before the House of Commons Treasury Committee.   According to the provisional update, in March 2025, HMRC handled 80.2 percent of calls, up from 71.5 percent for the year to 31 March 2025. The Department took 14 minutes and 44 seconds on average to answer a call, down from 18 minutes and 38 seconds for the year to 31 March 2025.  At HMRC’s Treasury Committee hearing, it was stressed that the phone outage on Wednesday was not related to the announcement of the loss of £47 million as a result of phishing attacks and that the lines themselves were not down but had instead been closed because the system used to handle incoming calls had experienced an outage. According to the appearance, the phone line set up for recipients of the phishing fraud letter was unaffected.  The news of the recent phishing scam and HMRC’s customer service levels were discussed at the Treasury Committee hearing in addition to:  HMRC's priorities for the next three to five years,  HMRC’s collection of taxes from wealthy individuals following the recent publication of a National Audit Office Report,  The exodus of wealthy taxpayers from the UK, and  HMRC delays in processing refunds.   HMRC’s new Permanent Secretary and CEO JP Marks appeared in front of Committee for the first time last week. A full transcript from the hearing has not yet been published but will be available here. 

The European Commission recently published reports looking at each Member State’s economic and social developments and challenges, and assessing the extent to which these are addressed by national policies. In the report on Ireland, the Commission highlighted the solid growth and resilience of the Irish economy, noting that public finances are in a strong headline position. In terms of current barriers to private and public investment, the report highlights infrastructure deficits, labour and skill shortages, and high costs of doing business as the main challenges.

Last week, the European Commission set the EU budget at €193.26 billion for 2026. The budget is aimed at supporting strategic objectives, including support for Ukraine, competitiveness, migration management, security and defence, and strategic investments, while maintaining momentum on green and digital priorities. The budget is complemented by approximately €105.32 billion in disbursements under NextGenerationEU,which is a fund to help repair the immediate economic and social damage caused by the coronavirus pandemic and make the EU fit for the future.

Last week HMRC contacted the Institute ahead of the announcement that taxpayers have been targeted by criminals creating and/or accessing their online HMRC accounts to set out what had happened and what action it was taking. HMRC’s security systems detected unauthorised access to some online accounts (particularly inactive accounts), and the creation of new credentials, which has ultimately resulted in approximately £47 million in fraudulent tax repayments being paid out. This loss has been directly suffered by HMRC and not individual taxpayers.  Between 4 and 25 June 2025, HMRC is contacting affected individuals by letter to explain the incident, including how they can restore access to their online accounts if necessary. The full briefing received by the Institute from HMRC is available here. In discussions with HMRC we were also made aware that a much larger sum of over double the amount lost in fraudulent repayments was stopped by HMRC during this incident.    The letters being sent also explain how the person can contact HMRC if they have any concerns. Only those individuals with affected accounts are being contacted. Anyone receiving contact from HMRC can check if the letter is genuine on GOV.UK.   According to HMRC, it has protected the affected accounts by deleting the associated log-in credentials i.e. the government gateway user ID and password. Any incorrect information has also been removed from the individuals’ tax records, and a check has been performed that no other details were changed.   HMRC provided more information on this incident during an evidence hearing of the House of Commons Treasury Committee last week. According to this, the criminals involved used information obtained from non-HMRC sources via phishing attacks on individuals as opposed to this being a cyber breach of HMRC systems. The attack has impacted on around 100,000 individuals, mostly in PAYE, at a cost of £47 million in fraudulent repayments. Overall, in its evidence to the Committee, HMRC says that it protected the loss of nearly £2 billion in criminal attacks in 2024/25.  Often the taxpayer did not have an active online tax account hence the criminals set up new accounts and credentials. HMRC has also said that work on this issue has been ongoing for some time, with some arrests made in 2024. Discussions with HMRC also highlighted that the majority of the taxpayers involved are not represented by an agent and comprise 0.22 percent of all online tax accounts.  

On Thursday 29 May, Chartered Accountants and Sia launched our new Virtual Reality training programme aimed at developing Professional Scepticism skills in junior and trainee auditors. The launch provided us with the opportunity to break down barriers and perceptions that exist around VR in Learning & Development and allowed us to demonstrate what is possible when you take a chance on innovation!  Trish O’Neill, Head of Member Innovation at Chartered Accountants Ireland said: “When you spend so much time working on the finer details of a project you can forget the importance and potential impact of the final result. For the past year I have worked closely with Aisling Mooney, Catherine O'Doherty, and Charles Lonjaret on developing our second Virtual Reality programme. On Thursday 29 May we had the pleasure of sharing our VR design experience with colleagues and members from Chartered Accountants Ireland and Sia”. Speaking at the launch, Aisling Mooney, Learning Design Specialist at Chartered Accountants Ireland, shared some insights on the benefits of learning through immersive technology, saying that it “gives learners a consequence-free space to make mistakes, get real-time feedback, refine their approach, and even test the outcome of a wrong approach. This promotes active skill application and helps learners build confidence in their skills, which is essential for a well-rounded professional accountant”. The atmosphere at the launch was full of positivity and excitement and it was a great reminder that what the team has created is quite exceptional. Gary O'Sullivan, Managing Partner UK & Ireland at Sia noted that "it is the only one of its kind in the world!". Eamonn Siggins, Chief Integration Officer at Chartered Accountants Ireland remarked that “teaching professional scepticism through immersion in virtual reality is innovation in action.” More about the programme: We have created an on-site audit simulation training programme designed to help junior and trainee auditors develop their Professional Scepticism skills. Through Virtual Reality, learners are immersed in realistic audit scenarios, allowing them to practice professional scepticism in a safe environment where they are able to make mistakes, learn from their mistakes, and try again without the risk of real-life repercussions. By combining cutting-edge technology with deep industry expertise, we’ve created a global first in professional accounting education. For anyone with trainee accountants looking to improve their Professional Scepticism skills, we would be delighted to bring this training experience to your organisation. You can contact Trish O’Neill on patricia.oneill@charteredaccountants.ie to learn more. This initiative was made possible thanks to funding from Skillnet Ireland and our Network Manager Niamh Sheehan.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. The European Financial Reporting Advisory Group (EFRAG) has published its draft endorsement advice on IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’. The draft advice recommends that IFRS 19 should be endorsed in the EU. The invitation to comment which accompanies the draft endorsement advice is open for public comment until of 3 September 2025. EFRAG has published its Annual Review 2024. This review provides a comprehensive overview of its activities, milestones, and strategic developments over the past year. EFRAG has also published its April 2025 update. This summarises the public technical discussions held and decisions taken over the past month. The IFRS Foundation has published a two-part webcast series which explain the main changes to the IFRS Taxonomy following the introduction of IFRS 18 Presentation and Disclosure in Financial Statements. The FRC has published the UK Stewardship Code 2026 which presents a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. Auditing and Assurance The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025.  As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has issued additional material to help SMEs effectively engage with the annual audit process. The Irish Auditing and Accounting Supervisory Authority (IAASA) recently published its 2024 Annual Audit Programme and Activity Report. The report details IAASA's oversight of the audit profession during 2024, providing valuable transparency into how audit quality is regulated in Ireland. IAASA mentions its key highlights in 2024 which includes completion of supervisory reviews of accountancy bodies' investigation and disciplinary systems and support for implementation of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. Insolvency The CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. On 11 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland, are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. Click here to register for this free webinar. Sustainability Wim Bartels, Chair of Accountancy Europe’s Sustainability Policy Group and member of EFRAG’s Sustainability Reporting Board, spoke on behalf of Accountancy Europe at the European Parliament (EP) Legal Affairs Committee hearing on sustainability reporting obligations on 13 May. During this, he shared some of the early insights of the CSRD and ESRD based on the first year of implementation. The International Sustainability Standards Board (ISSB) May 2025 update and podcast have been published. The International Sustainability Standards Board (ISSB) has published the recording of its tenth 'Perspectives on sustainability disclosure' webinar. The webinar is titled ‘Governance of sustainability-related risks and opportunities’. Artificial intelligence Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth made a high-profile visit to Singapore at the end of May at the invitation of the Singaporean Government to participate in Asia Tech x Singapore (ATxSG) 2025. Anti-money laundering and sanctions The Central Bank of Ireland has announced that Derville Rowland, Deputy Governor Consumer and Investor Protection, will join the newly established Anti-Money Laundering Authority (AMLA). Central Bank of Ireland (CBI) The Central Bank of Ireland published its Annual Report and Annual Performance Statement for 2024 on 29 May. Click to read the Governor’s blog on the CBI 2024 Annual Report. We reported in our last edition on the passing into law of the Finance (Provision of Access to Cash Infrastructure) Act 2025. CBI recently welcomed the enactment of the legislation saying that CBI is committed to ensuring that cash is readily available as a means of payment and it warmly welcomes the signing into law of this significant legislation. CBI has published its May 2025 Investment Firm and Intermediary Newsletter. It is a twice-yearly publication by supervision teams within the Investment Firms & Retail Intermediary Supervision Division of the Capital Markets & Funds Directorate. While the newsletter main focus is on new items on its website and regulatory issues that MiFID investment firms need to be aware of, the information on DORA Digital Operational Resilience and the EU Accessibility Act may be of general interest to readers. Click to read comments of the CBI Director, Capital Markets and Funds at the recent Blockchain Ireland Summit 2025 including some insights on the implementation of the Markets in Crypto-Assets Regulation (MiCAR) regime. Other news The Financial Reporting Council (FRC) has published the UK Stewardship Code 2026, an updated set of principles which offers a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. The new Code takes effect from 1 January 2026 and aims to support long-term sustainable value creation while significantly reducing the reporting burden for signatories. The European Securities and Markets Authority (ESMA) has issued a Call for Evidence (CfE) on the retail investor journey under MiFID II in order to assemble feedback from stakeholders to better understand how retail investors engage with investment services and whether regulatory or non-regulatory barriers may be discouraging participation in capital markets. The Minister for Enterprise, Tourism and Employment, Peter Burke, TD, has announced the establishment of a dedicated Small Business Unit, based in the Department of Enterprise, Trade and Employment. Accountancy Europe has published its May 2025 update which discusses many matters of relevance to accountants across Europe including AML and sustainability. The Irish Pensions Authority recently published the text of an address in March 2025 by the Pensions Regulator to the Irish Association of Pension Funds’ Spring Conference. The address was about the Pensions Authority’s recent supervisory review activities, its plans for the rest of 2025 and its longer-term priorities. 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.