Last week, the Taoiseach, Micheál Martin TD launched the Irish Presidency of the Council of the European Union together with a dedicated website for the Irish Presidency (Éire2026.eu or Ireland2026.eu). The central themes of the Irish Presidency include competitiveness, values and security, with the Taoiseach confirming that Ireland will advance the ‘One Europe, One Market’ roadmap, encompassing priorities such as simplification, fair and open trade, decarbonisation and digital transformation.  The key tax priorities during the Irish Presidency include the following: Prioritise work on the tax simplification agenda and significantly progress and aim to conclude the recast of the Directive on Administrative Cooperation (DAC). Progress work on the expected Tax Simplification Omnibus which seeks to simplify several corporate tax directives, including the two Anti-Tax Avoidance Directives. Progress work of the Code of Conduct Group (Business Taxation), including updating the EU list of non-cooperative jurisdictions for tax purposes in October 2026. Ensure ongoing monitoring of the OECD Global Minimum Tax (Pillar Two rules) and implementation of the Side-by-Side solution at EU level, including timely assessment of any impacts arising. Encourage the swift implementation by Member States of further simplification measures agreed at the OECD. Engage with global partners on international tax matters, including through OECD and UN fora. Progress work on the proposed extension of the Carbon Border Adjustment Mechanism (CBAM) regulation and on the proposal for a Temporary Decarbonisation Fund (TDF). Pursue agreement among Member States on the Tobacco Tax Directive. Progress work amending the EU VAT Framework and progress any proposals made by the Commission during the Presidency. 

The skills and professional judgement we develop as Chartered Accountants allow us to address problems ranging from the most rudimentary to the most advanced. We are very fortunate that the profession is represented so well across society, but there is a particular sense of pride when we can celebrate the election of Chartered Accountants to public office in Dáil Éireann. So, last Wednesday, ahead of the launch of our Pre-Budget 2027 Submission, we invited the current Chartered Accountants who represent the public at Dáil Éireann into Pearse Street to present this year’s submission to them. We were fortunate to be joined on the day by Joe Neville TD and Edward Timmins TD. What followed was a detailed and technical discussion on our proposals, as well as a broader discussion on how Chartered Accountants can support robust decision-making from a financial perspective across government and wider society.  We are grateful that all our elected members took the time to respond to the invitation, albeit some were unable to attend as are the obligations and duties that follow public life. We will follow up with the other elected members separately in the coming months to share our insights and proposals and to further develop how the Institute can best support the wider development of tax policy. In terms of the Institute’s own advocacy efforts, the opportunity to meet with members who live advocacy day-in, day-out through their commitment public life is always an honour and a privilege for us. Ultimately professional services is about supporting economic activity and navigating regulatory challenges on behalf of businesses, individuals and families. So, when we engage with our members who represent the public at Dáil Éireann and government generally, we see this commitment to serving the public interest in its fullest expression.  

Last week, Chartered Accountants Ireland, launched this year’s Pre-Budget 2027 submission, titled “Progressing tax policy – supporting business growth, competitiveness and resilience”. You can read the full submission here. In our submission, we emphasise the importance of a balanced and disciplined policy response that prioritises capital investment, supports work and investment through the tax system, and reduces unnecessary complexity. This approach is reinforced by findings from the Chartered Accountants Ireland and GRID Finance’s SME Business Sentiment Survey, which highlight that businesses’ immediate priorities are managing rising costs and navigating tax complexities. To address rising costs, we recommend that the Government aligns income tax thresholds and credits with inflation to protect real wages and progressively reduce the CGT rate to at least 20 percent to lower the cost of investing and doing business in Ireland. In addition, simplification measures should be prioritised, with a particular focus on reducing unnecessary reporting requirements, particularly by aligning the filing of information under the Enhanced Reporting Requirements with the payroll cycle. Our submission looks at top priorities for Budget 2027 and considers other key areas for reform, some of which are currently under review by the Department of Finance.  The top priorities include:  Protection of real wages to ease cost pressures  Income tax thresholds and credits should be aligned with inflation to support employees’ take-home pay, to help mitigate upward pressure on employer wage costs and avoid fiscal drag. Fiscal drag occurs when inflation or income growth pushes taxpayers into higher tax brackets, increasing their effective tax burden despite unchanged rates. As a result, it acts as a “stealth tax,” raising government revenue while reducing households’ disposable income. Measures to reduce the cost of investing and doing business A clear pathway towards a more competitive capital gains tax (CGT) rate should be established. We believe that adopting a more moderate CGT rate would enhance the neutrality of the tax system, minimise economic distortions, and support more efficient decision-making. We recommend enhancements to the tax treatment of investments in Irish regulated funds by Irish investors and are calling for the deemed disposal rules to be abolished.  We strongly support the introduction of an Investment Account and outline our recommendations in this regard.  Simplification of the tax system, particularly for SMEs Measures that reduce compliance burdens are urgently required, and we recommend areas which require changes, such as removing the real-time reporting requirement for the enhanced reporting of benefits to Revenue, a simplification of the corporation tax returns and the modernisation of VAT compliance (albeit with appropriate safeguards for smaller businesses).  Removal of targeted distortions in the tax system Certain aspects of the Tax Acts discriminate against professional service providers. In addition, the current treatment of employer-funded professional subscriptions is contrary to the economic benefits that naturally accrue to companies who employ professionally qualified staff.  For Budget 2027, we are calling for the removal of the 3 percent USC surcharge on non-employment incomes. This measure was introduced as a temporary measure in Finance Act 2011. We are also calling for the repeal of the benefit-in-charge on company-paid professional subscriptions to support businesses and recognise the contribution of professional services to the wider economy. These measures will support competitiveness and align with international best practice. Prioritisation of investment in critical infrastructure Infrastructure gaps in housing, energy, water, and transport have become significant constraints on productivity and investment. We recommend directing public investment towards these areas to reduce business costs, enhance productivity, and support sustainable growth. Our Pre-Budget Submission also outlines the paramount importance of upholding privacy at the Tax Appeals Commission to preserve a tax appeals system that is transparent and fair. The proposals in the Finance (Tax Appeals and Fiscal Responsibility) Bill 2025 have been a focus of our advocacy efforts in recent months, as reported several times here in the Tax Newsletter.  Finally, as consultation and discussion have progressed across several areas in recent months, the Institute has been actively contributing to the Department of Finance as it continues to consider enhancements to the R&D tax credit; progresses Phase One of its review of Ireland’s taxation regime for interest; and, address barriers to an all-island labour market. We acknowledge the ongoing work within Government on these areas, and the Institute will continue to engage closely as this work advances.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The UK and the Gulf States have recently agreed terms for a new free trade deal. The latest joint statement of the UK and EU’s Domestic Advisory Groups, which Chartered Accountants Ireland participates in, has been published. The Government has published guidance on the customs changes which take effect from 1 July 2026 when the EU removes the exemption from customs duty for parcels valued at €150/£135 or below (guidance will be published in due course on movements into Northern Ireland). Guidance has also been published by the EU. And finally, the House of Lords Northern Ireland Scrutiny Committee has opened an inquiry into Article 2 of the Windsor Framework. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows:  Apply for temporary approval, VEXP80310 - Examples of various export scenarios and VAT treatments: Examples involving exports to associated companies outside the UK: Supplier delivers the goods directly to a non-UK branch of a UK business, Appendix 2 C21e: Data Element 1/11: Additional Procedure Codes, Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS), 4-digit to 3-digit procedure to additional procedure code correlation matrix for imports, Appendix 2 C21i: DE 1/11: Additional Procedure Codes, Navigate the CDS Declaration Instructions for Imports, Simplified procedures exclusion list of procedure and additional procedure codes for CDS, Appendix 1 Inventory Imports: DE 1/10: Requested and Previous Procedure Codes, 4-digit to 3-digit procedure to additional procedure code correlation matrix for inventory exports, Appendix 1 Inventory Exports: DE 1/10: Requested and Previous Procedure Codes, 4-digit to 3-digit procedure to additional procedure code correlation matrix for inventory imports, Appendix 2: DE 1/11: Additional Procedure Codes of the Customs Declaration Service (CDS), Customs declaration completion requirements for Great Britain, and Customs CDS Volume 3 Tariff, Step-By-Step Guide. 

In a detailed miscellaneous update which you can read more about below, HMRC’s VAT Assist team is seeking volunteers to help develop their new service.  In addition to the above, readers should also note the following:  The latest HMRC Stakeholder Digest is available, HMRC has published an updated list of its various stakeholder forums, many of which we participate in on behalf of members, The Federation of Small Businesses is calling for the employment allowance to rise at the Autumn Budget and for the trading allowance to be tripled to help young entrepreneurs, Last month HMRC’s new targeted advance assurance scheme for SME’s making their first research and development tax relief claim open for support. Guidance on the process has also been published, HMRC has published the advisory fuel rates which took effect from 1 June 2026 for employees using a company car, The House of Commons Library has published a research briefing on the Budget 2025 announcements on the higher income tax rates for property, savings and dividend income, and Tax Policy Associates has published a chart and article on the 90 taxes in the UK. HMRC VAT Assist team seeks volunteers HMRC’s VAT Assist team is seeking volunteers to help develop their new service. As part of ongoing development work, the project team is looking to test the latest designs with the people who will be using the service when it goes live. This helps HMRC make sure it is building the service in the right way ahead of official launch and provides end users with an opportunity to have their voice heard.   What is VAT Assist? VAT Assist will allow users of 3rd party VAT software to get tailored feedback on their draft VAT return within their software. The feedback will be based on the wealth of data HMRC holds and complex analytics.   Who the project team would like to speak to They’d like to speak to people who are responsible for submitting VAT returns on behalf of a micro or small business. This includes:  Business owners or their employees, and Agents such as accountants, bookkeepers, or tax advisors. They’re especially interested in engaging with people who do not have a lot of experience completing their VAT return or don’t feel very confident about VAT. The project team is looking for around 30-40 volunteers for this round of research. However, more research is planned for later in the year. What does this involve? The project team will be inviting people to take part in online research sessions. The findings from these sessions will be shared with the project team to inform development of the live service. Research will be conducted from mid-June to the end of August. Data protection and anonymity Researchers only collect the data they need to organise and run research sessions. Any personal data they do collect will be saved in a secure SharePoint drive and is only used for research purposes. Any quotes used from research participants in the reports will be anonymised. How to sign up for research Volunteers can sign up to research here. 

HMRC has begun sending a final batch of awareness letters to taxpayers, and we provide an update on averaging relief in the context of Making Tax Digital (MTD) for Income Tax exemptions. Letters to taxpayers HMRC has advised that a final awareness letter is being issued to taxpayers mandated in the over £50,000 income cohort. This final round is being sent to taxpayers who either filed their 2024/25 tax return after 31 January, or amended a previously filed return bringing them into scope of MTD for Income Tax  from April 2026.  Consistent with earlier awareness activity, the letter explains that taxpayers need to use MTD for Income Tax because their total income from self-employment and property was over £50,000 in their 2024/25 return. It also signposts the guidance and information needed to prepare.  The dispatch of this final round of letters has now started, with taxpayers expected to receive them imminently. Taxpayers have been encouraged to share this letter with their agent where appropriate.  Guidance on averaging relief HMRC has recently changed its guidance on claiming averaging relief which means that in 2024/25 such individuals may not automatically be exempt from MTD for Income Tax in 2026/27.  By way of reminder, claims for  averaging relief are made via either the SA103 supplementary page to the Self-Assessment (SA) return for individuals or for partnership income via the SA104 supplementary page.    The making of a claim for averaging relief is one of the circumstances in which an exemption may apply from MTD income tax for 2026/27.    If an individual made a claim for averaging relief via the SA103 in 2024/25, they are automatically exempt from MTD income tax for 2026/27. If this was not the case, and the individual reasonably expects to make a claim for averaging relief in 2025/26 or 2026/27, they must instead apply to HMRC for exemption.   Note that although MTD for Income Tax does not apply to partnerships, a partner will be within scope if their individual total gross qualifying income from sole trades and property businesses exceeded £50,000 in 2024/25.  HMRC’s updated guidance says that if a partner claimed averaging relief using the SA104 in 2024/25, they are not automatically exempt from MTD income tax for 2026/27 and must apply to HMRC for exemption. Previously, this guidance stated that such individual partners would be automatically exempt. A partner must again apply for exemption if they reasonably expect to make a claim for averaging relief in 2025/26 or 2026/27.  Further information is available in the following guidance:    Apply for an exemption from Making Tax Digital for Income Tax, Check reliefs and rules for farmers and market gardeners (Self Assessment helpsheet HS224), and Averaging for creators of literary or artistic works (Self Assessment helpsheet HS234).  

This was the Institute’s key recommendation in its response to the consultation ‘Reporting company payments to participators - modernising the reporting framework’ which closed last week. Prior to responding to this consultation, the Institute had already discussed its concerns on close company reporting with HMRC in a meeting after the consultation was announced at the Autumn Budget in 2025. The Institute’s detailed response can be read in full in the tax representations section of our website but broadly are key recommendations are as follows: Many close company transactions are already reported to HMRC hence there should not be dual reporting if HMRC already has this information at its disposal, Several categories of participator should not be required to report such as passive shareholders, indirectly held interests, corporate participators including any privately owned groups which may be owned by private equity, and trustee or nominee shareholders, HMRC should conduct a full review of how it could better utilise the information sources already reported to create a more joined up picture of transactions with close companies. This can then be used by HMRC to take a more targeted approach to its compliance work on these companies, If HMRC is concerned that record keeping in this population is poor, then it should more frequently utilise its record keeping powers, including the ability to impose penalties, A one size fits all approach to reporting of transactions by close companies would not be proportionate or appropriate. A more targeted compliance and education approach is warranted utilising information HMRC already has at its disposal, and As HMRC intends to work with stakeholders to develop an appropriate framework for the future administration of CT, we are keen that this begin with how the proposals in this consultation can be reframed to be more proportionate and targeted and we are keen to work with HMRC towards that objective. 

 In this week’s bulletin, read about efforts to strengthen financial confidence and resilience through Ireland’s updated National Financial Literacy Strategy, alongside progress in accelerating infrastructure delivery. Also covered is the new momentum behind Ireland’s EV charging rollout, climate and sustainable finance skills development, SME climate action, and investment in urban nature-based solutions, as well as falling emissions in Northern Ireland, UK proposals to expand community energy storage and fair work in offshore wind, and EU measures to boost technological sovereignty while balancing climate goals, as well as the usual resources, articles and events.Chartered Accountants Ireland  Chartered Accountants Ireland and British Irish Chamber of Commerce held a panel discussion on mobilising private-sector investment in infrastructure on 9 June to discuss the changes needed to secure investment for critical infrastructure projects and the role of financial professionals. Read more here.IrelandNational Financial Literacy Strategy Action Plan to build financial confidence and resilienceThe National Financial Literacy Strategy Annual Review and Action Plan 2026–2027 was published this week, containing more than 100 actions designed to further enhance financial confidence and resilience across society. The Strategy aims to improve financial wellbeing and resilience by ensuring people are better equipped to navigate financial challenges, seize opportunities and plan for the future. The Plan’s actions focus on key areas including saving, pensions, fraud awareness and investing, along with supporting consumers in understanding new opportunities such as the Government’s planned Investment Account, which will be announced as part of the upcoming Budget.The National Financial Literacy Strategy is being implemented by the Department of Finance in close partnership with the Central Bank of Ireland and the Competition and Consumer Protection Commission, with support from stakeholders across Government, education, financial services and civil society. Progress confirmed on delivery of Accelerating Infrastructure Action PlanThe Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers TD has confirmed that delivery of the Accelerating Infrastructure Action Plan is on track, and that all Q1 2026 commitments have been completed. The Plan, which includes 30 targeted actions to address key barriers to infrastructure delivery, is already delivering results, with legislative, regulatory and process reforms progressing strongly across Government. Up to 26 weeks have been saved on the Waterford Wastewater Treatment Plant project, while timelines for Marine Area Consents have been reduced by approximately 30 percent for fit and proper bodies following reforms introduced by MARA. These shorter timelines for licences and consents are also expected to shorten delivery timelines for the Greater Dublin Drainage project by up to 12 months. Coordination across Government has improved through new structures such as the Joint Utilities and Transport Clearing House, which is actively addressing bottlenecks and simplifying processes, alongside ongoing work with the Environmental Protection Agency to streamline licensing. The Minister also announced reforms to improve dispute management in public construction projects, supporting more timely and efficient infrastructure delivery.Supercharging Ireland’s EV charging networkThe European Investment Bank (EIB) will work with the Department of Transport and Transport Infrastructure Ireland to supercharge Ireland's public electric vehicle (EV) charging rollout, partnering with Zero Emission Vehicles Ireland (ZEVI) to design and deliver a nationwide network that will put a charging point within reach of every community. The new best practice advisory cooperation — managed by the EIB and funded by the European Commission through the Climate Neutral and Smart Cities Mission — will equip ZEVI and local authorities across Ireland with a comprehensive suite of implementation tools: procurement strategies, concession contract templates, financial models and structured guidance to drive a fast, cost-effective and equitable build-out of charging infrastructure. The partnership directly supports the Regional and Local EV Charging Network Plan to 2030, Ireland’s roadmap to delivering neighbourhood on-street charging, local hubs, and destination charging at car parks, workplaces and public facilities in every city, town and rural area. Over 235,000 electric vehicles were on Irish roads by the end of 2025, with rapid growth expected to continue as Ireland presses toward its ambitious target of 30 percent of its car fleet to be electric by 2030. The new EIB advisory partnership is designed to keep public charging infrastructure ahead of demand — ensuring that those without off-street or home parking are never left behind in the transition to clean transport.Central Bank launches climate and sustainable finance learning resource platform The Central Bank of Ireland has launched a Climate Change Training Directory, a new learning resource bringing together essential courses on climate risks and sustainable finance in one accessible platform for the financial services sector. Developed by a cross-industry team from the Central Bank’s Climate Risk and Sustainable Finance Forum’s Capacity Building Working Group, the new Training Directory will enable professionals to understand climate risks and their financial implications, develop sustainable finance expertise and capabilities, build climate transition readiness across organisations, and access structured learning pathways from introductory to advanced levels. Business in the Community Ireland launches Future Ready SME Climate Action ProgrammeBusiness in the Community Ireland has launched the next evolution of its SME Climate Action Programme. The Evolve: Future Ready SME Programme supports collaboration between member companies and SMEs to drive practical sustainability action across value chains. Delivered with the Carbon Literacy Project, the programme helps SMEs accelerate decarbonisation, improve social and environmental impacts, and align with VSME reporting standards. Through targeted training, expert guidance and tailored support, participants build skills to measure emissions, develop climate action plans and strengthen reporting. To date, 60 SMEs have completed the programme, gaining Carbon Literacy accreditation and identifying cost-saving opportunities, while preparing to meet growing expectations from customers, partners and regulators and wider stakeholders.Additional funding announced for urban nature-based solutions projectsAn additional €5 million in funding for urban nature-based solutions projects nationwide has been announced. The investment will support projects to help manage surface water, increase biodiversity and reduce flooding in urban areas, and will be administered by the Local Authority Waters Programme. Nature-based solutions can help solve many societal challenges, including water quality and quantity and support improved biodiversity. The International Union for Conservation of Nature (IUCN) estimate that one third of climate mitigation, needed to meet the goals of the Paris Agreement, can be provided by nature-based solutions. UK/Northern IrelandNorthern Ireland’s net greenhouse gas emissions continue to decrease on the ‘base year’ of 1990 for carbon dioxide, methane, and nitrous oxide, and 1995 for the fluorinated gases. This is according to a statistical bulletin on greenhouse gas emissions for Northern Ireland from 1990-2024.  Published by the Department of Agriculture, Environment and Rural Affairs (DAERA), this is the seventeenth release of the Northern Ireland greenhouse gas inventory statistical bulletin, which outlines key Northern Ireland figures from the Greenhouse Gas Inventories for England, Scotland, Wales and Northern Ireland. Other findings include that agriculture was the largest emitter, responsible for 31.4 percent of emissions, followed by domestic transport, responsible for 21.3 percent of overall emissions. The buildings and product uses sector, along with the land use, land use changes, and forestry (LULUCF) sector, contributed 15.5 percent and 11.7 percent respectively. Additionally, the electricity supply sector accounted for 10.8 percent of emissions. In 2024, Northern Ireland contributed 4.9 percent of all UK greenhouse gas emissions, which stood at 373 metric tonnes (MtCO2e).UK government sets out new proposals to cut bills with community batteriesThe UK has launched a call for evidence, seeking to unlock barriers to the roll-out of shared battery storage across the UK, helping communities store locally generated renewable energy and pass on the savings to households. Community batteries allow multiple homes to access stored electricity – for example by capturing excess solar power during the day when it is cheaper and more abundant and releasing it when demand is higher – meaning households can make better use of clean, cheap energy and cut bills. This can reduce reliance on expensive peak-time electricity while making the energy system more flexible.This call for evidence will gather views on how to scale up deployment of the currently underdeveloped UK market for community batteries, remove regulatory and commercial barriers, ensure safety, and make sure the benefits reach those unable to install their own battery – such as renters and people living in flats. It also comes as the government drives forward with rules to make new homes cheaper to run, with solar panels and clean heating as standard. Plans to make plug-in solar available in shops within months are hoped to help more households generate their own renewable electricity and lower their energy bills.New data published shows that 2025 was the strongest year on record for solar deployment, with 269,000 installations completed across the UK. Around 255,000 of these were rooftop solar - meaning at least 95 percent of all new solar was installed on homes, businesses and other buildings.New signatories to UK Government’s Offshore Wind Fair Work Charter37 supply chain companies and 5 trade unions have agreed to sign up to the UK government’s Offshore Wind Fair Work Charter so that unions can get better access to workplaces and opportunities to speak directly to staff, alongside strong workplace standards on health and safety. The move could also pave the way for trade union recognition across the booming offshore wind sector, with future agreements between offshore wind companies and trade unions expected to include commitments on fair terms and conditions, apprenticeships, and more inclusive workplaces. Signatories to the Charter include Belfast Harbour, Hutchinson Engineering and Peter McCormack & Sons Ltd.Europe EU presents package of measures to strength ‘technological sovereignty’The European Commission has presented the European Technological Sovereignty Package, a set of measures to strengthen Europe’s capacity in semiconductors, artificial intelligence (AI), cloud and open source. The package includes two legislative proposals – the Chips Act 2.0 and the Cloud and AI Development Act – as well as the Open Source Strategy and a Strategic Roadmap for Digitalisation and AI in Energy. The Act will support research and innovation in cutting-edge and sustainable technologies, while balancing AI ambitions with climate commitments. It will streamline conditions for deploying data centres across the EU, with a focus on highly sustainable and innovative facilities at the scale needed for the green and digital twin transition. The Roadmap aims to ensure that data centres are integrated into the EU’s energy system in a sustainable and transparent manner. The Commission will facilitate cooperation between the energy and digital sectors to ensure their efficient integration into the grid as well as the necessary clean energy supply, while safeguarding water and energy resources.Before adoption and entry into force, the legislative proposals will be negotiated by the European Parliament and the Council of the European Union. The Commission will also launch a consultation with the Member States, the European Investment Bank Group and other key stakeholders to set up a European equity capacity at scale to finance Europe's tech sovereignty ambitions. Resources Ibec launches new Sustainability HubIbec has built a Sustainability Hub, centralising its insights, expert assets, and business supports under three main pillars: legislative updates, practical guidance and toolkits, and events, briefings, and network knowledge.Competition for European manufacturing SMEs 50 manufacturing SMEs in Europe could receive financial and technical support to pilot new solutions, adopt advanced technologies and strengthen competitiveness under the MANTRA project, a project funded by the European Commission to drive the green and digital transformation of European manufacturing SMEs. Successful SMEs can access up to €50,000 in funding, matchmaking with technology providers and experts, as well as training, mentorship and peer learning and visibility through the MANTRA digital platform. This opportunity is particularly relevant for SMEs working on energy efficiency, circularity, automation, supply chain resilience or data-driven decision-making. Find out more here. Skillnet’s new Climate Risk and Resilience programme launchesSkillnet Climate Ready Academy has launched a new Climate Risk and Resilience programme designed to help businesses transition to resilient business models, demonstrate global best practices, enhance their reputation, and be positioned to thrive in a changing climate. A short introductory webinar on Wednesday 24 June will give an overview of the new programme, information on the difference between adaptation and mitigation and why businesses needs both, how building climate resilience will position your business to thrive in a changing world, and how to secure a place on the programme. Report on how technology can strengthen human rights due diligenceThe United Nations Global Compact has published a report into how technology can strengthen human rights due diligence. Published through the Human Rights Think Lab, Leveraging Technological Solutions to Support Human Rights Due Diligence explores how companies are using AI, traceability platforms, satellite monitoring and worker voice tools to strengthen due diligence across complex global supply chains. Drawing on insights from 25 leading companies and organisations, the report examines both the opportunities and risks of technology adoption, while underscoring a critical message: effective human rights due diligence must remain grounded in human judgement, stakeholder engagement and responsible governance.EEA publishes resources to support climate resilienceThe European Environment Agency (EEA) has published new products dedicated to climate resilience to help decision-makers, communities and citizens understand and respond to the growing impacts of climate change. Two publications cover climate resilience efforts that span the full range of governance levels — from country level down to Europe’s smallest communities — and are accompanied by a new interactive platform consolidating the EEA’s knowledge base on extreme weather events. The European Union has registered €822 billion total losses in the period of 1980-2024, with 25 percent of these losses registered between 2021 and 2024 – a sign that the events and their effects are intensifying.ArticlesBiodiversity Decline Threatens Sovereign Credit Ratings, Study Says (Bloomberg)‘Fuel the Runner, Not the Route’ - Applying a double materiality lens to marathon-generated litter - nature-related risk at both ends of their value chain (Business for Biodiversity Ireland)Iran Shock Jolts Asia and Europe to Speed Up Energy Transition (Bloomberg)Big Irish businesses face ‘significant reputational risk’ if they don’t prepare for new EU corporate sustainability rules, says expert (Irish Independent)Tax-break trees: how woodland became a store of wealth for the rich (The Guardian)Adding carbon accounting to your skillset (Acuity Magazine – Chartered Accountants Australia New Zealand) Ireland’s €102bn infrastructure pipeline needs deeper UK cooperation, British Embassy paper says (Business Post)How the state plans to use education to get people investing (Business Post)Two thirds of women feel underpaid or undervalued in the workplace (Irish Examiner)   EventsDublin Chamber, New EU Packaging Rules: Briefing with Repak The EU’s new Packaging and Packaging Waste Regulation (PPWR) will bring major changes for businesses across Ireland and Europe. Join Dublin Chamber and Zoe Kavanagh, CEO at Repak, for a practical and commercially focused briefing exploring what PPWR means for Irish businesses, the timelines companies need to be aware of, and the steps organisations should begin considering today. In person, Wed 17 Jun 2026, 08:30 AM - 10:00 AM, Dublin Chamber, 7 Clare Street, Dublin 2 D02 F9O2Goodbody Clearstream, Navigate 2026 ESG Compliance: Critical EU Green Deal Deadlines & Actions2026 marks a turning point for ESG regulation. The Carbon Border Adjustment Mechanism (CBAM), Packaging & Packaging Waste Regulation (PPWR), and the EU Deforestation Regulation (EUDR) are moving from policy into practice, bringing real obligations, real costs, and real risk. From reporting requirements to supply chain scrutiny, these rules will fundamentally reshape how companies operate. Join Goodbody Clearstream on Wednesday, 17th June to get ahead of what’s comingVirtual, Wednesday, June 17, 12:30 PMUN Global Compact Network, Blended Finance as a Business Tool: What It Is, Why It Works and How to StartBlended finance is emerging as an increasingly important tool for mobilising investment and scaling impact. This session, based on insights from the UN Global Compact CFO Coalition for the SDGs’ new Business-Led Blended Finance Playbook, explores how companies can move beyond being passive recipients of blended finance to becoming active participants in designing and leading transactions. Through expert guidance and real-world case studies from CFO Coalition participants, attendees will gain practical insight into how blended finance works, why it matters for business, and how companies can begin exploring opportunities within their own organisations.30 June 2026 | 14:00 | 60 minutesUN Global Compact Network, Women’s Empowerment Principles 101Hosted by the UN Global Compact in collaboration with UN Women, this introductory session provides an overview of the Women’s Empowerment Principles (WEPs) and how they offer a practical framework for companies to advance gender equality in the workplace, marketplace, and community. Speakers will provide practical guidance on implementation and share insights into the business benefits of advancing gender equality. Participants will have the opportunity to engage with experts and learn best practices for supporting women’s empowerment within their organisations. Live translation available in Spanish, French and Portuguese. 2 July 2026 | 14:30 | 60 minutesUN Global Compact Network, The New Net Zero Standard: What It Is, What’s Changed and What It Means for CompaniesThe Science Based Targets initiative (SBTi) has released its updated draft of Corporate Net-Zero Standard Version 2, changing how companies worldwide will set and manage climate targets. This first session in a two-part series, delivered by the UN Global Compact Academy in partnership with SBTi, equips companies with everything they need to understand the new standard. 7 July 2026 | 14:00 IST / 9:00 ET | 60 minutes UN Global Compact Network, Adjusting to Version 2 in Practice: What Implementation Actually Looks LikeBuilding on the first session, this second instalment provides a step-by-step walkthrough of what adopting and implementing Net-Zero Standard Version 2 actually looks like in practice — including critical dates and deadlines, and how to plan your transition before Version 1 is phased out.9 July 2026 | 14:00 IST / 9:00 ET | 60 minutes Sustainability CentreYou can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

The UK Government continues with its  Companies House accounts reforms set out in the Economic Crime and Corporate Transparency (ECCT) Act 2023.The proposals last year of reforms so that  small companies and micro-entities would publish profit and loss accounts was reconsidered in the light of stakeholder concerns. The concern  was  about  potential impacts on smaller companies from disclosing commercially sensitive data. The government has now decided to proceed with changes including the  following:small companies and micro-entities will have to file profit and loss accounts small and micro-entities will however be able to opt out of having their profit and loss accounts published on the public register all companies will have to file their accounts at Companies House via commercial softwareoption for companies to file abridged accounts will be removedreducing the number of times a company can shorten its accounting reference periodThe changes  will now come into effect from April 2028, rather than April 2027.There are some other changes :click for full details in  UK government  news item on changes to accounts filing and a parliamentary statement on the accounts filing changes.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. 

 On Tuesday 9 June, Chartered Accountants Ireland in partnership with the British Irish Chamber of Commerce held an expert panel discussion that brought together leading voices from across industry and finance to explore the opportunities and challenges shaping infrastructure investment.Institute’s Chief Executive, Rosemary Keogh welcomed members and guests to Chartered Accountants House and spoke about how infrastructure is key to building a modern society and to unlocking our full economic potential.The subsequent panel discussion focussed on mobilising private sector investment for infrastructure and was moderated by Michele Connolly, a Fellow of Chartered Accountants Ireland, member of the Accelerating Infrastructure Taskforce, and former Partner and Head of Global Infrastructure at KPMG. The panel members included fellow Chartered Accountants Ashleen Feeney and Donal Murphy as well as James O'Reilly, Seamus Flynn and TJ Hunter, who shared their considerable expertise and insights throughout the morning.Private sector financeA key discussion topic was the need for private-sector finance to deliver Ireland’s economic, environmental and social goals. Ireland needs approximately €250bn in investment to deliver critical infrastructure over the next ten years (the UK is expected to require £1tn over the similar timeframe) as governments seek to accelerate infrastructure delivery and economic growth. When considering the barriers that remain to the mobilisation of private-sector investment, the panellists recommended that the Government take a commercial view when it comes to infrastructure projects to make them more investible. It urged the Government to recognise that private sector capital will play a critical role in delivering the scale of investment required in both Ireland the UK, and that this capital should be allowed to make a return.  In that context, the role of accountants in understanding the language of potential investors was discussed along with the importance of bringing financial expertise onboard early in the project lifecycle alongside engineers and planners so that risks can be identified and mitigated. It was also pointed out that generally the public are not put off by the fact that certain pieces of infrastructure are funded from private sources and that they are often more concerned with delivery and the benefits of the projects.The Institute’s position on infrastructure: share your perspectivesThroughout the lifecycle of infrastructure projects Chartered Accountants Ireland members play an enormous role both in the private sector and public sector. They undertake and assess detailed cost benefit analyses. They identify and quantify risk and examine ways to mitigate it. They provide strategic insight on the most commercially viable options.As part of our policy work Chartered Accountants Ireland is developing a formal position on infrastructure, with a particular focus on the need to mobilise sufficient finance to support delivery. This work aligns with the objectives of the Accelerating Infrastructure Taskforce. To inform our approach, we have been engaging with stakeholders across business and wider society to gather insights that will shape a constructive, solutions-focused contribution on behalf of our 40,000 members. We welcome member perspectives. Please email: grant.sweetnam@charteredaccountants.ie or susan.rossney@charteredaccountants.ie to contribute.

The Government published its much-anticipated priorities for Ireland’s upcoming Presidency of the Council of the European Union this week, which is set to commence on 1 July 2026. The Government set out its agenda for the six-month Presidency focusing on the key areas of competitiveness, values and security. Last December, the Institute made a submission to the Department of Foreign Affairs and Trade on what an Irish Presidency should focus on with regulatory simplification and competitiveness placed front and centre. The Institute, therefore, welcomes the clear priority placed on competitiveness by the Government and is encouraged that there is particular focus on progressing the EU Inc. proposals as well as the Savings and Investment Union during the Presidency. In March, the EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, Michael McGrath launched EU Inc., a new optional European wide company framework designed to make it easier for companies to be established and scale up in the European Union (EU). As outlined previously, the Institute described the EU Inc. proposals as representing a major opportunity for Irish SMEs to scale and compete more easily across the Single Market.  Coupled with EU Inc. Irish businesses need access to finance to grow and scale and currently Europe’s capital markets are fragmented and disjointed. That is why it is important that both the Savings and Investment Union and EU Inc. proposals are ratified as soon as possible and the priority placed on them by the Government is to be welcomed.  

AI will not diminish the role of accountants – it will elevate the value of what only accountants can do, writes Neil Hughes, FCA FCPAFrom tradition to transitionFor centuries, accountancy has been a profession grounded in human judgement. It evolved slowly, shaped by careful observation, disciplined record-keeping, and the belief that financial truth emerges through deliberate scrutiny. Accountants were not merely processors of numbers; they were interpreters of reality, entrusted with translating economic activity into structured meaning. Their work required patience, consistency, and confidence in the reliability of human reasoning.Today, however, this long-established equilibrium is shifting. Artificial intelligence (AI) is no longer a distant possibility or experimental tool; it is becoming embedded in daily practice, quietly reshaping workflows, redefining data, and altering how insight is produced. Tasks once performed manually are increasingly being absorbed into intelligent systems, while the role of the accountant expands beyond calculation toward interpretation, communication, and strategic judgement.AI’s entry into practiceThe entry of generative AI (GenAI) into accountancy began in modest ways between late 2022 and early 2023 following the public release of large language models (LLMs) such as ChatGPT. Early use cases for GenAI include drafting correspondence, summarising documents, and interpreting complex regulatory language. These tasks appeared minor, almost administrative, yet they contained the seeds of a deeper change. As AI systems improved, they no longer required constant direction. They began to gather information independently, identify patterns, and generate structured outputs from unorganised data. Over time, as generative AI and advanced machine learning systems rapidly evolved, AI transitioned from a tool that supports tasks to one that advances them.How workflows are changingThis evolution has changed both the rhythm and structure of accountants’ work. Tasks that once moved step by step between individuals are increasingly embedded within continuous digital processes in which documents are interpreted, categorised, and directed automatically. As repetitive processing declines, accountants are spending more time on analysis, explanation, and advice. In firms that have embraced these capabilities, workflows have stabilised, errors have declined, and time once consumed by routine tasks has been redirected toward thinking and decision-support. The profession is moving, quietly but decisively, from execution to insight.Foundations of effective implementationHowever, this transformation reveals a critical limitation. Many firms are drawn to the promise of AI, yet relatively few have succeeded in embedding it effectively. The primary obstacle is not resistance or lack of vision; it is the absence of reliable foundations. AI depends on clean data, consistent systems thinking, and restructuring around the design work. Without these elements, even the most advanced technology cannot produce meaningful outcomes. In this sense, the future of accountancy does not begin with intelligence, but with data and structure.  A revolution in auditAudit offers perhaps the clearest illustration of AI’s transformative potential. For decades, auditors relied on sampling because it was not feasible to examine every transaction within complex systems. AI shifts that constraint by enabling the analysis of complete data populations, often in real time, revealing patterns and irregularities that would otherwise remain hidden. Modern audit teams can analyse entire ledgers, compare flows across systems, detect anomalies within vast datasets, read contracts, verify supporting documents, and identify relationships between events that are invisible to unaided observers. The result is an audit process that is both broader and deeper than was previously achievable.Yet this expansion of capability does not eliminate the role of the human auditor. It redefines it. AI can detect patterns, but it cannot determine their meaning. It cannot interpret intention, assess ethical implications, or decide which issues require escalation. These remain fundamentally human responsibilities. The auditor becomes not a collector of evidence, but an interpreter of it. In this new partnership, AI expands what can be seen, while human judgment determines what it signifies. Tax and forecastingBeyond audit, similar changes are unfolding across tax and financial forecasting. In tax practice, AI can gather documentation, perform calculations, prepare returns, and monitor regulatory developments across jurisdictions with a speed and consistency that manual methods struggle to match. In forecasting, AI systems analyse historical and current data to predict cash flow, identify risks, and highlight potential opportunities. These outputs are not flawless, but they offer a level of visibility that organisations have long sought, shifting attention from retrospective reporting to more forward-looking insight.Rising expectations of accountantsAs routine tasks recede into the background, the expectations placed on accountants begin to change. Technical accuracy becomes assumed rather than admired. What gains importance is the ability to interpret results, communicate clearly, and guide decision-making in uncertain environments. Clients increasingly want more than accurate reporting and compliance; they seek guidance that connects financial information with real-world decisions. The profession is moving beyond compliance toward influence.Governance, oversight and trust Alongside these developments comes a growing need for governance. AI processes information at remarkable speed, yet its logic is often opaque, making outputs difficult to challenge or verify without clear oversight. Firms therefore need to document how systems operate, how data is handled, and how conclusions are generated. Clients, regulators, and other stakeholders increasingly expect AI to be explainable, supervised, and aligned with ethical standards. Governance becomes not just a formal high-level policy, but a daily discipline that protects trust and ensures that technology strengthens, rather than weakens, the integrity of the profession and the value it offers.The enduring value of human capabilitiesThis increases the value of distinctly human capabilities. Communication becomes essential, particularly the ability to explain complex concepts in accessible language and to frame risk and opportunity with clarity. Strong relationships help firms understand needs that clients may not yet have articulated, anticipate challenges, and collaborate on solutions. Ethical judgment also becomes more visible as decisions increasingly affect broader stakeholder interests. Within organisations, collaboration, adaptability, and emotional intelligence (EQ) matter more as work spans disciplines, systems, and geographies. Firms differentiate themselves less by processing efficiency than by the quality of interaction, insight and advice they provide.The accountant as trusted advisorLooking ahead, the accountant’s role is increasingly that of the trusted advisor. Clients look for professionals who understand strategic context, market dynamics, and industry realities, rather than those who simply produce financial statements. Advisory work becomes more central as organisations seek help in navigating uncertainty, framing trade-offs, responding to regulatory change, and supporting transformation. Technical expertise remains essential, but it is no longer sufficient on its own. Firms that succeed will be those that combine technical precision with human-centred capabilities, delivering not just information, but insight, judgement, and enduring value.ConclusionTaken together, these developments show a profession being reshaped at multiple levels. AI does more than enhance existing methods: it changes how financial information is generated, analysed, and applied. AI increases efficiency, expands visibility, and alters the boundaries of what is possible, while also creating new dependencies on data quality, data governance, and system integration. AI is no longer an emerging technology waiting on the horizon; it is already becoming embedded in the fabric of the profession.And the most important change is in redefinition of the human contribution. AI does not replace accountants; it shifts their focus, removing the burden of repetition and creating more space for judgement, interpretation, and communication. The future of accountancy will be shaped not only by technological capability, but by how effectively firms adapt to this new balance. Those that invest in strong data foundations, responsible governance, and the development of human skills will be best placed to lead. In that future, the accountant remains essential not as a processor of numbers, but as a trusted interpreter of complexity, ethics and purpose in a profession increasingly shaped by intelligent systems.Neil Hughes, FCA FCPA, is CEO at Azets Ireland