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

Businesses across Ireland are facing sustained cost pressures, with rising labour and operational costs hitting competitiveness, according to Chartered Accountants Ireland as it publishes its pre-Budget Submission. New survey data shows the scale of the challenge, with 40% of SMEs identifying staff costs as their primary financial challenge, with a further 30% citing rising operational costs.  These findings underline the scale of the issue facing the business community, making it harder for them to compete, invest and grow.Increasing complexity in the tax system is adding to administrative burdens, diverting time and resources away from productive activity and creating additional cost pressures for businesses, particularly SMEs.Supporting workers and businesses through income tax reformThe Institute’s submission calls for indexing income tax thresholds and credits to inflation to protect real wages and address fiscal drag. Chartered Accountants Ireland notes that these reforms are essential in the current environment, where cost pressures are acute and businesses are increasingly challenged in attracting and retaining staff.Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said“Protecting real wages must be the starting point for Budget 2027. Without action, workers will continue to see their take-home pay eroded while employers face growing pressure to increase wages.  Indexing income tax thresholds and credits in line with inflation is a practical step that will help support both workers and employers in the current cost environment. Without this, we risk putting further strain on employers and undermining competitiveness in the economy.”Reducing unnecessary tax costs for businesses The submission highlights specific areas where the tax system is creating unnecessary cost and complexity for businesses, for example:Enhanced Reporting of certain non-taxable payments on a real-time basis remains a major compliance burden for smaller businesses in particular.Year-on-year increase in the length of the corporation tax return (Form CT1) and the need to provide a means for businesses to report on a simplified basis where appropriate.Clohisey added:“A key example of well-intended policy driving complex outcomes is the Enhanced Reporting Requirements – specifically the demand for real-time reporting of in-scope payments. ERR has added substantially to the costs and compliance burden of businesses. Moving to a periodic reporting basis would ease that burden while still supporting compliance. This is a straightforward and practical reform that would make a real difference, particularly for SMEs.”From the perspective of professional service providers, two elements of the Irish tax framework raise concerns in relation to equity and warrant consideration:Eliminating benefit-in-kind charges on employer-funded professional subscriptions.Removing the 3% USC surcharge on certain non-employment income to address an arbitrary distinction between different forms of income.Cróna Clohisey said“It is important to address parts of the tax system that are adding unnecessary costs. For example, the current treatment of professional subscriptions as a taxable benefit increases costs for employers and does not reflect the value these qualifications bring to businesses and the wider economy.”“Removing these unnecessary costs would support skills development, reduce pressure on employers, improve fairness and better align Ireland’s tax system with international practice.”Driving investment through capital gains tax reformThe submission highlights the need to strengthen Ireland’s investment environment, with a particular focus on capital gains tax and the broader investment framework by:Establishing a pathway to a more competitive CGT rate.Reforming the taxation of retail investment, including through the introduction of an Investment Account.Supporting capital formation and improving market liquidityThese measures are designed to ensure that Ireland remains an attractive location for investment and that businesses have access to the capital needed to grow and innovate.Clohisey concluded“A more competitive capital gains tax regime is essential if Ireland is to support investment and encourage long-term economic activity. The current rate remains high by international standards and has a material impact on business and investment decisions.“We are recommending that the rate of CGT in Ireland should be progressively reduced to at least 20% to support capital formation, improve market activity and encourage more commercially driven investment decisions. This is critical to supporting business expansion, innovation and long-term economic growth.”“Without action in Budget 2027, cost pressures and competitiveness challenges will continue to intensify for Irish businesses.”

In Irish news, we bring you an update from the recent meeting of the TALC Collections sub-committee and the Fiscal Monitor for May 2026 has been published. In UK news, HMRC has announced the timetable for the activation of multi-factor authentication on agent online accounts, and HMRC has published guidance on securing continued access to its online agent services when an account administrator leaves. In International news, the European Parliament has adopted reports on tax aspects of the EU Inc proposals.Irish1. Read the updates from the June TALC Collections sub-committee meeting which the Institute recently attended.2. The Department of Finance and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation have published the Fiscal Monitor for May 2026 confirming an Exchequer deficit of €2.3 billion to the end of May.UK3. HMRC has announced the timeline for the deployment of multi-factor authentication on agent online accounts.4. In this week’s miscellaneous updates, HMRC has issued guidance outlining how to maintain access to its online services following the departure of an account administrator.International5. The European Parliament has adopted two tax reports on tax matters, addressing the tax aspects of the EU Inc proposals and the implications of the VAT exemption for financial services.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 Cross-border developments and trading corner.     

International Men's Health Week runs from Monday, June 15th to Sunday, June 21st. The annual campaign focuses on encouraging men to make healthier lifestyle choices, engage in preventive healthcare, and seek early detection for health issues. The 2026 theme is "One Step at a Time," which promotes achievable progress over perfection.Maintaining and achieving good health is imperative for our physical and mental wellbeing. However, there are barriers that can get in the way of keeping our body and mind healthy, especially for men. Therefore, it is important to recognise what prevents or deters men from seeking help and support when it comes to their health.Here, the Thrive Wellbeing Hub explores these barriers and shares simple but effective steps to keeping healthy both physically and mentally.Knowledge & AwarenessAlthough men are not a homogenous group, there are similarities when it comes to awareness and knowledge of health issues compared to females. Men are prone to engage in more unhealthy habits compared to females. Females on average have a higher life expectancy, males tend to have higher rates of obesity, a greater proportion of males smoke, and there is higher participation in binge drinking and drug use. Poor lifestyles are responsible for a large proportion of chronic diseases. The four main causes of death among males in Ireland are cancer, circulatory system diseases, respiratory system diseases, and external causes of injury and poisoning.It is suggested that men tend to be less informed about the risk factors, causation and symptoms of poor health and certain diseases. This lack of knowledge and awareness may prevent men from seeking help as they are simply unaware of the symptoms surrounding certain illnesses. Therefore, it is important for us to educate ourselves on the signs and symptoms of poor health. Perception As outlined above, men tend to adopt unhealthier behaviours and are at greater risk for all leading causes of death. However, men are less likely to consult or visit a health professional compared to women and perception is a significant barrier to males engaging in health-seeking behaviours. This is where the severity of a health concern is underestimated or brushed off as nothing serious. Late presentation to health services is a cause for concern and can lead to health issues worsening or becoming untreatable. It's important to take action as soon as you notice something isn't quite right. StigmaGender roles and the construct of masculinity have been cited as barriers to men looking after their health, especially when it comes to mental health. Perceptions associated with masculinity can result in men being more reluctant to speak out on mental health issues or engage in help-seeking behaviour for fear of being seen as weak or not embodying the traditional and frankly outdated attributes of what is considered masculine.This stigma allows for men’s mental health needs to often fly under the radar. This is evident in the high suicide rates of males in Ireland. The most recent CSO stats from 2022 reported males account for almost 80% of all suicide deaths, with data showing 346 male suicides out of 500 total registered cases in 2022. Across consecutive years, men consistently make up roughly three out of every four intentional self-harm deaths. Thankfully, this ideology is shifting, and men’s attitudes and awareness of mental health are changing. Being honest and open with yourself about how you are feeling and communicating this to loved ones or a mental health professional is so important. Proactive StepsMen and those who support them have an active role to play in encouraging and supporting men to take small steps to be proactive in both their physical and mental health. Let’s challenge ourselves to take action and incorporate small changes to help improve our overall health: Eat well Exercise and spend time outdoors Reduce alcohol intake Know the signs of poor mental health, suicidal ideations, and other health conditionsSchedule a medical, arrange a blood test and engage in screening services and programmesTalk and Listen – Confide in a loved one or someone impartial, ask if everything is okay, listen and help empower the men in our lives to take actionIf you are struggling with your mental or emotional wellbeing, Thrive can help you on your journey to better health. For wellbeing advice, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294.

The OECD has published a working paper that considers the impact of population ageing on tax revenues. In addition to highlighting the impact of demographic trends and the design of the underlying tax system, the paper considers various policy options and areas for further research.

The European Parliament has adopted two reports on tax matters. The first report outlines the position on the tax aspects of the 28th regime and also proposes schemes aimed at improving attractiveness for innovative companies. The second report considers the consequences of the VAT exemption for financial services, and explores how addressing these issues could lead to a more coherent and effective tax framework across the Single Market.

The Central Statistics Office has released the provisional Quarterly National Accounts for the first quarter of 2026. The figures show that GDP fell by 12.1 in the first quarter of this year, mainly due to the multinational dominated sector contracting by 27.1 percent during the period. On a more positive note, the domestic market expanded by 0.4 percent in the quarter. Modified Domestic Demand, a broad measure of underlying domestic activity covering personal, government and investment spending, also expanded, rising by 0.6 percent in the first three months of 2026.The report additionally notes a 0.6 percent increase in consumer spending during the quarter, along with an increase of 4.2 percent in the level of imports. Exports, however, decreased by 7 percent in the quarter. Commenting on the data, Tánaiste and Minister for Finance, Simon Harris said:“Despite ongoing external headwinds, today’s figures show the domestic economy continued to grow robustly in the first quarter with Modified Domestic Demand expanding by 4¼ per cent on an annual basis.While today’s figures show a large annual contraction of 17 per cent in GDP, this reflects a return to more normal levels of exports in the first quarter of this year. Indeed, the exceptional level of exports seen in the same quarter of last year was driven, in part, by the front-loading of pharmaceutical exports to the US in anticipation of tariffs. My Department expects this effect to moderate over the coming quarters, with GDP projected to return to growth over the remainder of the year.”

Revenue’s Economic Research Unit is currently conducting a survey of taxpayers who file a Form 11 Income Tax Return. The survey aims to provide Revenue with a better understanding of the challenges taxpayers encounter and to help improve the quality of the services provided. Taxpayers selected to complete the survey, will receive an email inviting them to complete a short online survey before 23 June 2026. The survey does not request personal or financial information and is not linked to individual tax affairs. Revenue also emphasises that it does not issue emails containing website links, and the survey link is provided solely to gather feedback to improve services.

The Department of Finance and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation have published the Fiscal Monitor for May 2026 confirming an Exchequer deficit of €2.3 billion to the end of May. This compares to a surplus of €4.0 billion recorded for the same period last year, representing a decrease of over €6 billion year on year.When the Apple State Aid receipts are excluded, the underlying Exchequer balance fell by €3.0 billion, a decline primarily attributable to transfers to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. Tax receipts collected to the end of May were €38.7 billion, an increase of 6.1 percent on the same period in 2025. Income tax receipts for the month of May were €3.2 billion which was €0.4 billion ahead of receipts collected in May 2025. On a year-to-date basis, receipts to the end of May 2026 of €15.6 billion were also ahead of the same period last year by €1.1 billion.Continuing the trend seen in previous months, corporation tax receipts of €2.7 billion were collected in May, an increase of €0.2 billion on the same month last year.  On a cumulative basis to end of May 2026, receipts of €6.2 billion were up by €0.5 billion on the same period last year. VAT receipts collected in May of €4.0 billion is reflective of May being a VAT due month and cumulative receipts of €12.2 billion were ahead by 7.1 percent on end of May last year.Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said:“Today’s Exchequer returns are a further indicator that, despite all the turmoil in the global economic landscape, Ireland’s economy remains remarkably resilient.The robust growth in income tax and VAT receipts, in particular, point to the success of this Government’s budgetary strategy, which is supporting households and businesses and protecting jobs in a time of exceptional uncertainty.However, we are conscious too that people are worried about the impact of the conflict in the Middle East on their daily lives and their living expenses.Over the course of the next few weeks, this Government will put in placing the building blocks for Budget 2027 – a budget that will support working families and ensure people keep more of their hard-earned earnings each month.”

The Institute made representations on behalf of members at last week’s meeting of the Tax Administration Liaison Committee (TALC) Collections sub-committee. Among the issues discussed, Revenue outlined clarifications on de-registration, provided an update on Local Property Tax (LPT) compliance, and encouraged tax agents to remain alert to cybersecurity risks over the summer months. Minutes of the meeting will be available in due course.Manage tax de-registrationPractitioners have reported difficulties with de-registering clients for corporation tax via ROS as the current process requires the upload of a letter from the taxpayer to the agent providing consent to de-registration.While Revenue confirmed it is working to remove this requirement, it has advised that, in the interim, agents should upload the taxpayer’s letter of consent to facilitate de-registration.Local Property TaxRevenue provided an update on LPT returns filed in respect of the 2026-2030 valuation period. There are still approximately 10,000 income tax/corporation tax registered property owners where the LPT returns remain outstanding, albeit payment arrangements are in place. Revenue reminded agents to check that their clients are LPT compliant in advance of the filing deadline. Where LPT returns are outstanding, such non-compliance may give rise to surcharges on filing income tax, capital gains tax or corporation tax returns, subject to statutory caps, in accordance with section 38 of the Local Property Tax Act 2012. Interest charges may also arise, and tax clearance applications could also be impacted. Cyber security awarenessRevenue reminded tax agents to remain vigilant regarding cybersecurity over the summer holiday period, noting that reduced staffing levels may present opportunities for unauthorised system access by bad actors.