In this week’s detailed miscellaneous updates which you can read more about below, HMRC is consulting on a new VAT relief for the sale of land on which social housing will be built, and in the latest HMRC Stakeholder Digest of 2 July 2026, HMRC highlights the recent publication of a progress update against its Transformation Roadmap.   In addition to the above, readers should also note the following:In a new report, the Institute for Fiscal Studies says that higher earners and private sector workers will bear the brunt of the April 2029 planned reforms to the national insurance treatment of salary sacrifice contributions, Tax Policy Associates poses the question ‘Has Britain run out of “other people” to tax?’The minutes from the most recent meeting of HMRC’s Guidance Strategy Forum, which the Institute’s tax team participates in, have been published, In a commitment to transparency, the Royal Household has published for the first time details in the ‘Report of the Royal Trustees on the Sovereign Grant Review 2026’ of the amount of tax payable. The report received a mixed reception; Tax Policy Associates reacted the same day, andThe temporary cut in the rate of VAT for certain summer attractions to 5 percent over the summer holidays commenced from 25 June 2025 and runs until 1 September 2026.Consultation on VAT relief for social housingAt the Autumn Budget 2025, the Government committed to consulting on a new VAT relief for the sale of land on which social housing will be built. The consultation aims to ensure that the relief is designed and targeted effectively and accelerates the development of social housing.    At present a zero rate only applies to the sale of property, including the land, once construction of the property has progressed beyond foundation level, known as ‘the golden brick’.HMRC and HM Treasury have now jointly launched a consultation seeking views on the introduction of a zero rate of VAT for the sale of land intended for the construction of social housing. The consultation is open for responses until 18 August 2026. Responses to the consultation can be submitted by completing the online survey link or by emailing vatlandforsocialhousingconsultation@hmrc.gov.uk.HMRC publishes progress update on first year of Transformation Roadmap deliveryHMRC has published a progress report on the first year of delivery against its Transformation Roadmap, which was launched in July 2025. The Transformation Roadmap is an ambitious five-year programme which aims to build a simpler, more efficient tax and customs system. The Exchequer Secretary to the Treasury also delivered a statement to Parliament last week setting out information on the progress report.The update sets out details on progress across digital services, compliance, and reform and says that 78 percent of taxpayer interactions now take place digitally. In 2025/26 there were 2.8 million new HMRC app users and nearly 20 million people using Personal Tax Accounts.  The update also covers the introduction of Making Tax Digital for income tax, the recruitment of additional compliance and debt management officers, increased use of artificial intelligence tools, and the actions that HMRC is taking to tackle dishonest tax advisers. The update also reflects on the integration of the Valuation Office into HMRC and sets out HMRC’s priorities for 2026/27. 

The first 2026/27 quarter of Making Tax Digital (MTD) for income tax has now ended (6 April 2026 to 5 July 2026, or 1 April 2026 to 30 June 2026 if a calendar quarters election was submitted on time). We therefore encourage members to support those mandated in 2026/27 to get all clients signed up to MTD for income tax and for all those mandated to make all necessary preparations to file on or before the first deadline. The first quarterly update submission deadline is 7 August 2026. Although no penalties are being charged in 2026/27 for late quarterly submissions, taxpayers are encouraged to be compliant with the rules as early as possible. Ahead of the first submission deadline, this week HMRC published 'Agent update: Making Tax Digital for Income Tax special edition', which contains helpful reminders, links to resources and useful information about filing the first Making Tax Digital for income tax quarterly update.HMRC has also notified us that the services for taxpayers to sign-up to MTD for income tax, and for agents to sign-up clients, will be closed from 5pm on Friday 10 July to 9am on Monday 13 July.Readers are reminded that taxpayers must continue to maintain digital records and submit all four quarterly updates before they can submit their final declaration. Penalties will be charged where final declarations are submitted late and are based on the rules for late submission of returns which were first introduced for VAT in 2023.Note that a calendar quarter election must have been made before the first quarterly update and once made applies for the entire tax year.Should members have any queries, they should first use the Institute’s MTD hub to check if their query is covered. Members can also email tax@charteredaccountants.ie for support as the Institute continues to participate in a Professional Body led MTD group which discusses and triages issues on MTD for income tax before feeding these directly to HMRC for responses.

As part of last week’s ‘Tax Update 2026’ announcements, HMRC launched the consultation ‘Timely Payments in Income Tax Self Assessment’ (ITSA) under which ITSA taxpayers with PAYE income will be required to pay their forecasted ITSA liability in-year from April 2029. The Institute will be responding to this consultation which is open until 4 August 2026. Share your views on these proposals by Friday 24 July 2026 by emailing tax@charteredaccountants.ie. This consultation formed part of the Autumn Budget 2025 announcements and also examines:the potential for more timely payment from other ITSA taxpayers, such as those with ITSA income only,specifics on the design of the changes from April 2029 such as how and when payments will be collected and the safeguards needed to protect taxpayers, andthe supports and guidance which will be needed for taxpayers and their agents to transition to earlier payments. 

The European Commission has today adopted the revised European Sustainability Reporting Standards (ESRS) through a Delegated Act.In addition, the Commission adopted a Delegated Act establishing the new Voluntary Sustainability Reporting Standard (VSME), which will serve as the reporting benchmark under the new value chain cap. Both Delegated Acts are now subject to scrutiny by the European Parliament and the Council. An initial two-month scrutiny period applies, during which either institution may raise an objection, although this is uncommon. If neither object, the Delegated Acts will enter into force following publication in the Official Journal of the EU.

In developments since the last edition, the Institute has responded to two IAASA consultations on behalf of members – the first regarding proposed changes to the Public Interest Entity (PIE) firm levy and the second regarding the suggested use of Audit Quality Indicators. As well as this, we have worked with the Insolvency Committee to create and issue a helpsheet on Collective Redundancies for Insolvency Practitioners. In addition, IAASA and the CEA have both recently issued their Annual Reports for 2025. Read more on these and other developments that may be of interest to members below. Financial ReportingThe International Accounting Standards Board (IASB) has issued targeted amendments to clarify which investments in associates and joint ventures a company is eligible to measure using the fair value option in IAS 28 Investments in Associates and Joint Ventures. These are necessary as companies prepare to implement IFRS 18 Presentation and Disclosure in Financial Statements as stakeholders have reported diverse interpretations of how its new requirements interact with the fair value option in IAS 28. The amendments take effect when a company first applies IFRS 18.The European Financial Reporting Advisory Group (EFRAG) published the conference report and other conference resources celebrating its 25th anniversary.EFRAG has issued the May edition of its Podcast. This sets out some of the latest developments in sustainability and financial reporting.Insolvency The Professional Accountancy team and Insolvency Committee has recently published Technical Alert 04 2026 Helpsheet on Collective Redundancies for Insolvency Practitioners. This helpsheet is to assist Insolvency Practitioners in dealing with employee collective redundancies in an insolvency scenario. It outlines the legislation, process, discusses the issues and identifies some potential practical solutions for Insolvency Practitioners. This is a complex area with each case having its own nuances and legal advice should be obtained.Auditing and Assurance The institute has responded to two recent IAASA consultations: Chartered Accountants Ireland has raised concerns about proposed changes to the public-interest entity (PIE) firm levy in a consultation response to the Irish auditing regulator, IAASA. The suggested use of Audit Quality Indicators as proposed by IAASA in their recent consultation. The Institute’s consultation response, while supporting IAASA’s objective of enhancing audit quality, expresses significant reservations about implementing a formal AQI reporting framework now.  The Financial Reporting Council (FRC) has revised three auditing standards and issued new guidance clarifying auditor responsibilities under the revised UK Corporate Governance Code:The changes update three UK auditing standards - ISA (UK) 700, ISA (UK) 701 and ISA (UK) 720 following a public consultation that received broad support from stakeholders across the audit, investment and governance sectors. Chartered Accountants Ireland responded to the consultation in January this year. Read the revised standards, which take effect from 15 December 2026: ISA (UK) 700, ISA (UK) 701 and ISA (UK) 720.The FRC also published a Mythbuster, which sets out information for stakeholders that may assist in determining the auditor’s responsibilities under ISAs (UK) in audits of financial statements where the accompanying annual report contains the Provision 29 statement required by the UK Corporate Governance Code 2024.As part of a wider transition to an integrated regulatory model, the FRC has updated its Audit Enforcement Procedure (AEP), enhancing its toolkit to better align supervision, investigation and enforcement activities, support earlier risk detection, enable more timely intervention, and drive continuous improvement in the audit market. The revised AEP came into effect on 1 July 2026.The FRC has issued a new staff guidance note following the launch of the Private Intermittent Securities and Capital Exchange System (PISCES) in 2025.  Read the new staff guidance note.The International Auditing and Assurance Standards Board (IAASB) has released a new Frequently Asked Questions (FAQ) publication to support implementation of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. The FAQs focus on the application of materiality in sustainability assurance engagements and are intended to promote consistent understanding and effective application of the concept under ISSA 5000.IAASA published its 2025 Annual Report. The report outlines the Authority’s work in upholding quality corporate reporting and an accountable profession.    IAASA has published a consultation paper seeking stakeholders’ views on IAASA’s proposal to issue General Guidelines for Prescribed Accountancy Bodies. The consultation paper sets out IAASA’s proposed General Guidelines and the specific matters which IAASA is consulting on and responses are due by Friday 4 September.  Chartered Accountants Ireland would like to remind members of statutory auditor reporting obligations under the EU’s public country-by-country requirements. Details of these requirements are included in the recently issued Compendium of Illustrative Auditor’s Reports published by IAASA (in May 2026) to comply with S.I No 322/2023 - European Union (Disclosure of Income Tax Information by Certain Undertakings and Branches) Regulations 2023. For further information, members can refer to the recent news item published by Chartered Accountants Ireland.   Sustainability EFRAG and the European Commission are hosting webinars on 22 July on the development of the draft ESRS for Third-Country Undertakings, previously called ESRS for Non-EU Groups. The European Commission will focus on the legal context and reporting requirements under Article 40a CSRD, and EFRAG will discuss the Exposure Draft ESRS for Third-Country Undertakings, including the proposed approach and timeline for its development. There same webinar will run three times on 22 July, and you can register here. EFRAG has released the second edition of the mappings to support the application of the future Voluntary Standard and the VSME Recommendation including two reports:Mapping of Digital Tools, 2nd Edition which maps 58 digital tools (e.g. GHG calculators, geolocation tools) that answered EFRAG’s call for interest, providing a comparative analysis of shortlisted GHG calculators that met pre-defined criteria described in the report. Mapping of Digital Platforms and Initiatives, 2nd Edition which provides an overview of the 108 platforms and initiatives for SMEs reporting that answered EFRAG's call for interest. EFRAG has published the 2026 State of Play Report on the implementation of the ESRS. This report is based on a study of more than 900 sustainability reports in 2025 and looks at implementation practices and what this might indicate about the future of sustainability reporting in Europe. EFRAG have also released a webcast to discuss the report and its findings.The European Commission's Directorate-General for Taxation and Customs Union (DG TAXUD) published a new Carbon Border Adjustment Mechanism (CBAM) factsheet outlining a decision tree on how importers can report emissions using default values provided by the Commission or actual values.Accountancy Europe has sent a letter to Commissioner Albuquerque regarding the European Sustainability Reporting Standard for third country/non-EU groups (N-ESRS), currently under development at EFRAG. Economic crime/Anti-money launderingIn June 2026, the UK Dept. of Business & Trade released their Third progress report on the implementation and operation of the Economic Crime and Corporate Transparency Act 2023. The report reveals the strides being made to improve the accuracy of the Companies House register and disrupt economic crime. Click for the news story on the report .Here is a link to the Dept. of Finance recently published 30‑Point Priority Action Implementation  Plan designed to strengthen Ireland’s response to financial crime. The Plan contains practical measures focused on for example protecting people and supporting law enforcement. Key measures include stronger intelligence sharing between agencies and enhanced safeguards around crypto-assets and digital finance and tougher anti-money laundering measures in the area of gambling, and increased transparency around company ownership.The sixth and final Financial Action Task Force (FATF) Plenary meeting under the Mexican Presidency took place in June, with a comprehensive range of initiatives agreed to bolster the global fight against illicit finance. These initiatives include an update of jurisdictions under increased monitoring (FATF's grey list) with Algeria and Namibia removed from the list and with Bosnia and Herzegovina and Iraq added to the grey list. The Plenary discussed and adopted reports of the joint FATF-Asia/Pacific Group (APG) mutual evaluation of Canada and the FATF mutual evaluation of Turkey, which will be published in September - October timeframe. Several strategic initiatives were also discussed and approved to strengthen global defences in the fight against illicit finance.The FATF updated its recommendations in June 2026, which set out a comprehensive and consistent framework of measures which countries should implement to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. This included an update of its Recommendation 6 on targeted financial sanctions related to terrorism and terrorist financing to better support humanitarian activities.The FATF launched its 2026-2028 Roadmap on Combatting Fraud.As terrorist financing threats continue to evolve with the development of new technologies and digital platforms, the FATF has issued a new publication to raise awareness of key trends and typologies through which social media, instant messaging applications and streaming platforms (SMSPs) are being abused to finance terrorist activity. The United Kingdom has taken over the Presidency of the FATF, committing to focus international efforts on collaboration and partnerships to fight crime and combat the global fraud epidemic. The new FATF President, Giles Thomson, has set out the objectives of the Presidency including strengthening the FATF’s efforts to tackle the financial flows that fuel crime, terrorism and proliferation of weapons of mass destruction, and to support safer, more resilient and more inclusive economies.      The recap of the AMLA conference held in June is now available, featuring key insights, highlights, and videos from the event's keynote speeches and panel discussions. AMLA has published an advisory note on the money laundering and terrorist financing risks linked to the end of the Markets in Crypto-Assets Regulation (MiCAR) transitional period on 1 July 2026.AMLA and the European Data Protection Board (EDPB) announced that they are planning to develop Joint Guidelines on partnerships for information sharing to fight financial crime while protecting personal data. AMLA and the EDPB will hold an event later this year to gather early views on the elements that would benefit from clarification in the Joint Guidelines. In addition, AMLA and the EDPB are planning to launch a public consultation on the draft Guidelines in the first half of 2027.AMLA has launched a public consultation on a common format for reporting suspicions and providing transaction records. A public hearing on the matter will be held on 9 September 2026, from 10:00 to 12:00 CEST. For more information on the implications for reporting entities and FIUs, please access the Factsheet.On the 2 July, AMLA concluded its public hearing on draft guidelines on ongoing monitoring of business relationships. Details of the public hearing including the slides are available on AMLA’s website. The consultation remains open until 3 September 2026.The European Commission has proposed measures to strengthen the EU’s response to an evolving criminal landscape that is becoming more sophisticated, international, and digital. The European Commission has proposed to strengthen the capacities and roles of Europol and Eurojust to improve the fight against crime, bring criminals to justice more efficiently, and better protect EU citizens.  As previously reported, most of the provisions amending the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 30 June 2026. The only measures that will come into force at a later date are the new cryptoasset enhanced due diligence requirements (1 February 2027) and the new cryptoasset change-in-control regime (25 October 2027), with limited transitional provisions commencing 30 June 2026. The UK AML supervision pages in the technical hub have been updated to reflect the changes.Central Bank of Ireland (CBI)Any member who may themselves be or have clients which are subject to CBI’s Fitness & Probity regime will be interested in an upcoming webinar, which the CBI is hosting. The webinar will be held on Thu 23 July 2026 @ 11 AM. This is a webinar information session on Fitness & Probity Assessments and readers can find out more and register here. Questions can be submitted in advance. The session will be a practical information one on the pre-approval controlled function (PCF) assessment process. CBI writes that the webinar is for anyone who will be assessed for a PCF role and for employees at financial institutions, advisors and/or law firms who are involved in such applications.The CBI recently launched a public consultation on evolving regulation. The CBI is seeking views on its approaches to Regulatory Impact Assessments (RIAs) and consultation with stakeholders. The consultation is open until 30 September 2026.The CBI announced that it is taking further steps to safeguard access to cash. An 'Access to cash' web page has been established by the CBI, which includes a new map showing the location of every ATM and cash service points in the country. The public can now also notify the Central Bank if they believe there is insufficient access to cash in their community.In June, the CBI issued its CBI Quarterly Bulletin No.2 2026. The latest Bulletin details recent developments and a forecast summary of the outlook for the Irish economy. Forecast detail includes consideration of external environment (such as closure of the Strait of Hormuz), inflation, labour market and earnings, and public finances.Artificial Intelligence The European Council gave its final green light on a new regulation aiming to streamline and simplify certain rules regarding artificial intelligence (AI). The new law forms part of the so-called ‘Omnibus VII’ legislative package in the EU’s simplification agenda. The package includes proposals for two regulations aiming to simplify the EU’s digital legislative framework and the implementation of harmonised rules on AI. This includes new application dates of 2 December 2027 for stand-alone high-risk AI systems and 2 August 2028 for high-risk AI systems embedded in products. The legislative act will be published in the EU’s official journal shortly and will enter into force on the third day after this publication.CybersecurityMembers who are involved in the cyber security area might be interested to note that the Irish government’s Joint Committee on Enterprise, Tourism and Employment is running a Public Consultation on the EU Cybersecurity Act 2 (CSA2) and invites written submissions from interested groups or individuals on this topic.The National Cyber Security Centre (NCSC), under the Department of Justice, Home Affairs and Migration recently published “Securing AI Adoption in the Public Sector”, which provides new guidance to help public sector bodies adopt artificial intelligence securely and with confidence. While the guidelines are designed for the public sector, the principles and measures they set out are applicable to organisations of every kind. The NCSC also published an accompanying AI Cyber Security Risk Assessment document. The European Union Agency for Cybersecurity (ENSIA) published its SME Cyber Resilience Act (CRA) survey report. The survey gathered information on how ready SMEs are to comply with the CRA. The CRA is a new EU regulation that introduces cybersecurity requirements for all products with digital elements placed on the EU market. Its aim is to ensure that software and hardware are designed securely, include proper vulnerability management and receive necessary security updates throughout their life cycle. The CRA affects manufacturers, importers and distributors of software and hardware products of all sizes, including SMEs.ENISA published its 2025 Annual Activity Report setting out the achievements and progress in delivering the Agency’s 2025 work programme and strategy, with the aim to achieve a high common level of cybersecurity across the EU. Achievements include launch of the European Vulnerability Database as provided for by the NIS 2 Directive and continued support of the implementation of the Cybersecurity Act but also other key legislation, including the NIS 2 Directive, the Cyber Resilience Act, and the Cyber Solidarity Act.The NCSC in Ireland published a high-level overview of threats in the cyber domain with reference to Ireland’s EU Presidency.Data Protection The Irish Data Protection Commission has published its Annual Report, 2025. Click for the press release on the 2025 Annual Report which outlines some of the highlights. It is interesting to note the comments of the Chairperson, Commissioner for Data Protection, that the DPC saw an unprecedented 45% increase in cases many of which involved the use of Artificial Intelligence (AI) by persons making complaints, adding to the volume and complexity of the documentation presented.New legal requirements on how organisations handle data protection complaints are now in force in the UK, marking a significant change for businesses following the commencement of the Data (Use and Access) Act (DUAA). Friday 19 June marked the 12-month commencement of the DUAA, which means that all outstanding provisions of the Act are now in force.Other NewsThe Corporate Enforcement Authority has published its 2025 Annual Report which includes 27 case studies demonstrating the CEA’s focus on individual accountability. Accountancy Europe provided feedback on the European Commission’s proposed Regulation establishing a new 28th regime framework and the “EU Inc.” legal form.EFRAG published its Assessment Report on the voluntary information template for SMEs and startups at the European Single Access Point (ESAP), concluding that stakeholder interest is insufficient for the template to be a meaningful and impactful tool. The assessment is based on outreach activities conducted with more than 100 stakeholders and on feedback received in response to EFRAG’s draft Assessment Report, which was issued for public consultation on 2 April 2026.Ireland's Presidency of the Council of the European Union officially began on 1 July and will run until December 2026. Members can keep up to date with relevant presidency news on the website dedicated to the Irish Presidency of the Council of the European Union. The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, has launched a consultation on technical advice to the European Commission (EC) on selected KPIs under the Taxonomy Disclosures Delegated Act, focusing on simplification and reduction of reporting burdens for market participants. The Financial Conduct Authority (FCA) in the UK announced the establishment of crypto rules including financial resilience requirements, capital and stress testing, and rules to mitigate the risks associated with insider trading and market manipulation. The new framework also sets out specific rules for stablecoins. The new rules will come into effect in October 2027. Technical Roundup is taking a break for the summer, and the next Roundup will be issued on Friday 4 September. Any updates during this period will be published on the technical hub on the Institute's 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. 

This week, the first opt-out window opened for Ireland’s auto-enrolment retirement pension scheme. Auto-enrolment was introduced in Ireland in January of this year. Anyone who was aged between 23 and 60, who earned €20,000 or more per annum across all employments and did not have existing supplementary pension coverage was automatically enrolled into the retirement savings scheme.For those auto-enrolled on 1 January 2026, the first available time to opt out of the scheme opened on 1 July 2026 and the window will remain open until the end of August this year.It is estimated that over 800,000 have been enrolled in the scheme and it is difficult to assess how many will choose to opt out of it. However, international evidence suggests that the vast majority of workers will choose to remain in the scheme. In the UK, for example, around 10% of workers opt out from the scheme.Auto-enrolment represents a major shift in Irish policy designed to increase pension cover for private sector workers. Before the scheme was introduced about a third of private sector workers did not have pension coverage outside of the State pension. The Institute advocated for and welcomed the introduction of auto-enrolment and has worked extensively to ensure the scheme works as effectively as possible. Our SME Business Sentiment survey in partnership with GRID Finance found that for almost half of respondents (49%), implementation has either been relatively seamless or has not caused any significant issues for their business. While increased labour and business costs were the most cited impact (24%), the overall findings point to a broadly workable introduction for many employers.In addition, the retail investment environment facing workers and households in Ireland remains challenging as the availability of products and the complex and overburdensome tax treatment has disincentivised individuals from investing and creating wealth over their lifetime.The Institute welcomes the planned introduction of Personal Investment Accounts to Ireland and has consistently called for the removal of the  ‘deemed disposal’ provisions for retail investors in regulated investment funds which unfairly penalises people who are investing. For further details please see our Pre-Budget 2027 Submission here.

In this week’s bulletin read about the sustainability priorities for Ireland’s EU Council Presidency, new measures to accelerate critical infrastructure delivery, and the growing role of battery storage and renewable energy in supporting competitiveness and energy security. Also covered is the economic costs of climate inaction, strong growth in domestic economic activity, increasing uptake of EVs, and investment in climate resilience and infrastructure. The bulletin also examines climate and energy policy developments across the UK and Europe, sustainability reporting updates, and key resources for businesses and finance professionals, along with the usual resources, articles and upcoming events. IrelandSustainability and Ireland’s EU Council PresidencyIreland’s Presidency of the Council of the European Union began this week with an opening ceremony at Dublin Castle. Ireland’s policy programme for the Presidency was published on 10 June, and the Presidency priorities will focus on the core themes of competitiveness, values and security.The Sustainability Policy developed for Ireland’s EU Presidency has as its core objective to support the organisation of Presidency meetings and events as sustainably as possible, in alignment with relevant legislation and policies. The policy focuses on six key areas: transport, meeting venues, accommodation, food and drink, printed equipment and materials, and merchandising.  A dedicated EU Presidency Sustainability Award will be included in the 2027 Better Public Services Awards. The award will recognise those that demonstrated strong action and commitment in delivering a sustainable meeting or event.Government announces further changes to support accelerated infrastructure deliveryThe Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers T.D., has announced updates as part of the Accelerating Infrastructure Report and Action Plan (AIRAP) to enhance transparency, strengthen communication with the public and support evidence-informed regulatory reform. Read more from Chartered Accountants Ireland here. Solar energy and battery storageAt an Energy Storage Ireland conference this week, Minister O’Brien Minister Darragh O’Brien highlighted the role of grid-scale battery systems in strengthening energy security in Ireland, describing the technology as important to improve renewable energy integration and support Ireland’s transition to a low-carbon electricity system. Storage capacity systems play a key role in providing flexibility, reducing ‘dispatch down’ of renewables (i.e. times when renewable electricity cannot be used) and moving surplus renewable electricity to times of higher demand, which places downward pressure on costs. A report presented at the conference asserts that storage could deliver “over €100 million in annual savings for consumers, while reducing emissions and making better use of Ireland's renewable energy resources”. The Minister stressed that the work being carried out by industry, Government and key stakeholders will deliver the electricity storage systems needed to support Ireland’s energy transition, in a timely and cost-effective manner; evidence suggests, however that Ireland is lagging behind similar countries in Europe in deployment of solar energy. Advisory bodies warn of fiscal and economic risks from continued fossil fuel dependenceThe Government this week announced an extension of the temporary reductions to fuel excise and the National Oil Reserves Agency Levy (NORA). The announcement was made the day before the publication of an Irish Fiscal Advisory Council report setting out why a failed climate transition will prove costly to the Irish economy. The Climate Change Advisory Council has also warned that the recent temporary emergency responses to fuel price increases have not been sufficiently targeted. Read more from Chartered Accountants Ireland here. Growth in GNI, MDD and consumer spendingThe Central Statistics Office has published the Annual National Accounts for the full year 2025 and revised estimates for the first quarter of 2026. The publication shows that both Gross National Income (GNI) and modified domestic demand grew by 4.7 percent last year, while consumer spending grew by 2½ percent in the same period. GDP grew by 8 percent in 2025, driven by an increase in pharmaceutical exports to the US. Commenting, Tánaiste and Minister for Finance, Simon Harris. T.D. said: “Geopolitical events in the first half of this year underline the importance of continuing to build up our resilience to future shocks and tackle longer-term structural challenges, including by accelerating the transition away from fossil fuel imports.”  Following publication of the mid-year exchequer position, the Government will publish its Summer Economic Statement in the coming weeks, setting out the broad parameters for Budget 2027. The Economic and Social Research Institute's (ESRI) most recent Quarterly Economic Commentary (Summer 2026) also reports continued domestic growth despite global energy price spikes and geopolitical headwinds.“Exceptionally strong interest” in EV scrappage scheme There was exceptionally strong interest in a new grant from car dealerships and their customers for a Pilot Scheme to replace internal combustion engine (ICE) vehicles aged over 13 years with new battery electric vehicles (EVs). Such was the demand that the scheme was fully subscribed within one hour of its opening. The ICE2EV Pilot Scheme, which was backed by €10 million in funding from the Climate Action Fund and administered by the SEAI, made a €5,000 grant available, in addition to the existing €3,500 SEAI grant. Under the Scheme, 2,000 ICE vehicles will be removed from Ireland’s roads and replaced by EVs. Early figures indicate a spread of demand across all counties, with 65 percent of the allocated funding ringfenced for rural areas. The Scheme is now closed, but the existing SEAI EV purchase grant of €3,500 remains available to all private customers and continues to see strong growth.Figures from Central Statistics Office show that the number of new electric private cars licensed for the first time in Ireland from January to May 2026 rose by 52 percent when compared with the same five-month period in 2025 (18,041 vs 11,877).Funding to address storm damageFunding of €40 million is to be made available by the Department of Transport to address the damage caused to regional and local roads by Storm Chandra earlier this year. After assessment in March 2026, approximately 130 roads were found to require complete reconstruction and over 440 had significant damage. Several bridge structures were also damaged and made impassable. The funding provided will permit the local authorities facing the most significant road damage as a result of Storm Chandra, to undertake necessary work to restore these regional and local roads.Storm Chandra and rainfall in the days that followed caused an estimated €26 million of insurance claims in the Republic of Ireland. Storm Éowyn, the previous year, resulted in claims excellent €301 million, making it the costliest weather event in Irish history. While business claims represented just 29 percent of the total volume, they accounted for a significant 55 percent of the overall cost, with the average business claim standing at €17,000.Gender Pay Gap Portal - Launch of the Public SideThe Government has launched the public side of the Gender Pay Gap Portal, allowing the public to see, compare and review the employer data on gender pay gaps and filter by year, sector and company size.The portal brings employers’ gender pay gap data together in a standardised manner, to improve understanding of the pay gap and how it might be reduced, further advancing equality between women and men. It supports the objectives of the National Strategy for Women and Girls 2025-2030 to further women’s economic empowerment. As of 2025, all employers with more than 50 employees are required to publish their gender pay gap information on their website or make it publicly available to the public in some other manner. Government allocation from Shared Island Fund to investments in infrastructureThe Government has approved allocations of €377 million from the Shared Island Fund for 12 new projects to be delivered as part of the Initiative over 2027-2030. Commenting, Taoiseach Micheál Martin said this brings total Government allocations from the Fund so far to over €1 billion, “building a more connected, sustainable and prosperous island for all communities”. Investments are in rail infrastructure and connectivity between Dublin, Belfast and Derry as well as offshore wind energy infrastructure at ports North and South and a plan to complete the Ulster Canal blueway restoration. Other projects are to improve water quality, cross-border cancer support services in the North West, sustainability innovation by firms, enhancing the capacity of the digital creative industries on an island-wide basis, and funding third-level training for 1,000 early years educators. UK/Northern IrelandRenewable Electricity Generation Bill introduced in Northern Ireland Economy Minister Dr Caoimhe Archibald has introduced a Renewable Electricity Generation Bill, which aims to deliver more local renewable electricity and support price stability for households and businesses. The Bill provides the legislative foundation of the Renewable Electricity Price Guarantee (REPG) scheme – a fundamental enabler for increasing locally produced renewable electricity, providing long‑term price stability for both consumers and investors. The introduction of the Bill is a key action of the Department’s Energy Strategy Action Plan 2026. Separately, the Department for the Economy, working with the Utility Regulator, has introduced new connection charging arrangements for customers connecting to the electricity network in Northern Ireland. These arrangements apply to customers seeking a new connection or increasing the electricity capacity at an existing property. The new arrangements remove a previous financial disadvantage, particularly in rural areas, to businesses and homes seeking a new connection or increasing their electricity capacity. Increase in Northern Ireland economic activity in 2026Northern Ireland economic activity increased by 0.7 percent in the first quarter of 2026, reaching a new record high, with growth largely driven by the services sector, according to the Northern Ireland Composite Economic Index Quarter 1 2026, which published last week. Over the year to Q1 2026, economic output rose by 3.6 percent, with positive contributions from the services, production, construction and public sectors. Economic output is now 12.1 percent above pre-pandemic levels, highlighting the continued strength of the Northern Ireland economy despite ongoing economic challenges. UK publishes International Climate Finance Strategy 2026The UK Government has published an International Climate Finance Strategy 2026 policy paper. Identifying climate change and nature loss as the defining challenges of our generation, the report describes climate finance as a cornerstone of the global climate architecture. It sets out how the UK’s climate finance will deliver on four priorities, namely to: mobilise public and private finance at scale for climate and nature outcomes; transform the global energy system to deliver clean and affordable energy for all; accelerate a transition to climate resilient communities, economies and ecosystems; and safeguard and sustain nature, including forests, oceans and coastal, terrestrial and freshwater ecosystems.UK launches taskforce to strengthen climate securityThe UK has launched the first ever expert taskforce to advise government on how to better anticipate and respond to the growing risks climate change poses to national security. Co-chaired by Climate Minister Katie White and Security Minister Dame Angela Eagle, the taskforce will meet to pinpoint gaps in the UK’s preparedness and identify the most serious climate and nature threats to national security. In taking a joined-up look at climate security, the taskforce will examine how climate impacts overseas can translate into domestic pressures, including more people living in climate-vulnerable conditions and the consequences for UK. It will look at the risks to the UK and global economy, including what happens when assets, infrastructure or whole regions become too risky to insure or invest in. Finally, it will explore rising geopolitical tensions in places like the Arctic, where melting ice is creating security challenges. Europe ESAs’ consultation on simplifying EU Taxonomy disclosure frameworkThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation on technical advice to the European Commission (EC) on selected KPIs under the Taxonomy Disclosures Delegated Act, focusing on simplification and reduction of reporting burdens for market participants. The European Commission requested each European Supervisory Authority (ESA) to provide advice on targeted aspects of the review the Taxonomy disclosure framework. The ESAs are requested to address specific issues within their remit, as well as horizontal topics of common interest. The EBA consultation is accessible here, while EIOPA’s consultation can be found here.  Electric car sales surge in EuropeElectric car sales in Europe are accelerating as high oil prices make the switch away from fossil fuels increasingly attractive. With more affordable models, lower running costs and growing consumer demand, electric vehicles are becoming a mainstream choice across Europe. According to the European Automobile Manufacturers’ Association (ACEA), more than one in five (20.6 percent) new cars registered in the EU in April 2026 were fully electric, up from 15.7 percent in April 2025 and on average 17.4 percent over 2025. The trend is even more striking over the long term: since 2019, the share of electric cars in EU sales has grown tenfold. New E-commerce duty for small packages set to increase fairness for EU businesses and safety for consumersThe EU has abolished a customs duty exemption for e-commerce packages worth less than €150. The measure aims help to ensure fair conditions for EU businesses and safe choices for consumers, in response to the surge of billions of low-value e-commerce goods entering the EU, and to address packaging waste and carbon-heavy logistics associated with the fast-paced e-commerce model with frequent returns and long-distance shipping doubling transport pollution. Goods coming from third countries bought online and shipped directly to consumers will now pay a €3 customs duty per item. European consumers are not responsible for paying the duties to the customs authorities.€2.5 billion of EU ETS revenues invested in cleaner energy systems in 11 EU countriesThe European Commission and the European Investment Bank have announced today the disbursement of €2.5 billion from the Modernisation Fund to support 51 energy-related projects in 11 EU Member States. Financed by revenues from the auctioning of emission allowances from the EU Emissions Trading System (EU ETS), the Modernisation Fund aims to support lower-income beneficiary Member States to modernise their energy systems, meet their climate and energy targets, and implement their National Energy and Climate Plans. It also aims to contribute to the competitiveness of EU industry by supporting modern, efficient and resilient energy infrastructure, boosting renewable energy generation and storage, fostering innovation and helping to reduce the EU’s imports of fossil fuels. MEPs back plans to accelerate energy project permit processMEPs have backed a proposal to speed up the granting of permits for renewable energy projects, electricity grids, storage facilities, and recharging stations across the European Union, as part of the broader European grids package. The draft legislation introduces shorter deadlines, a single national digital portal for all permitting steps, and a dedicated EU-wide permitting framework for electricity grid infrastructure. Inter-institutional negotiations will start under the Irish Presidency of the Council, following the Council’s adoption of its own position on the file and once the Parliament’s mandate has been confirmed by plenary.Separately, an assessment published by the European Environment Agency (EEA) found that while global gas price spikes this year cost the European Union an additional €13 billion by mid-April, renewables saved €29 billion. The assessment ‘Renewable electricity: best buffer against gas price volatility' finds that renewable energy sources are already shielding Europe from price shocks, acting as a buffer against gas price volatility.OECD publishes report assessing climate alignment of financial flowsThe Organisation for Economic Co-operation and Development (OECD) has published a report, OECD Review on Aligning Finance with Climate Goals 2026, which aims to supports policymakers and investors by tracking the evolving mix of climate-related financial sector policies, the degree of climate alignment of financial flows and the landscape of climate metrics used in the financial sector. The report notes a 25 percent growth in climate-related financial sector policies from 2023 to 2025, that 5 percent of global listed equity was in low-carbon sectors by 2025, and that 4 percent of corporate bonds issued in 2025 were green labelled. Since 2000, policymakers in 111 countries (and EU institutions) have adopted over 860 financial sector policies that integrate climate considerations to manage climate risks to financial stability and uphold market integrity.Bonn climate conference concludesThe Bonn UN Climate Change Conference concluded after 10 days of discussions that sought to advance implementation of the Paris Agreement and prepare the ground for COP31 in Turkey later this year. A major theme of the Bonn conference was implementation with discussions focused on how countries can accelerate delivery of their climate targets and translate the outcomes of the first Global Stocktake into real-world action. Technical Roundup (from our colleagues in Professional Accounting)The International Organization for Standardisation (ISO) has published ISO 32212 Sustainable finance — Net zero transition planning for financial institutions.The European Commission (EC) has published comment letters received in response to its consultations on simplified ESRSs and on the voluntary standard for sustainability reporting. EFRAG has issued a series of nine videos featuring European SMEs that used the VSME standard for the first time to prepare their sustainability reports.The European Commission welcomed the Council's agreement on strengthening CBAM and extending it to specific downstream goods to reinforce existing anti-circumvention safeguards. The European Commission’s Directorate-General for Taxation and Customs Union (DG TAXUD) hosted a webinar on the implementation of the EU’s CBAM.Resources EFRAG’s 2026 edition of the State of Play ReportEFRAG has published the 2026 edition of the State of Play Report, providing an evidence-based assessment of sustainability reporting practice over 900 assured 2025 sustainability statements prepared under ESRS. It examines how preparers have approached their second year of Corporate Sustainability Reporting Directive (CSRD) reporting, drawing on a comprehensive baseline of 905 FY2025 sustainability statements subject to assurance by a third-party in accordance with the European Sustainability Reporting Standards (ESRS). Webinar on ‘easy wins’ to lower SMEs’ energy bills The SEAI and the Local Enterprise Office (LEO) hosted two webinars called ‘Easy Wins for Lower Energy Bills for SMEs. The webinars talked through the various energy efficiency grants available and how to apply for them. Links to the recordings are here: Watch part 1 and Part 2. Articles Euro zone activity shrinks less than expected, easing fears about impact on inflation (Irish Times) From cool boxes to dawn starts, Europe Inc adapts to heatwave (RTÉ News)Energy reform at the centre of Irish EU presidency brings promise of industry ‘gold rush’ (Business Post)World Bank Drops Climate Finance Target Under U.S. Pressure (ESG Today)New Zealand Proposes Adopting IFRS S2 as New Climate Reporting Standard (ESG Today)Sustainability gap exposed: only one-fifth of execs are quantifying financial impact (KPMG)  EventsUN 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 Sustainable Energy Authority of Ireland (SEAI), SEAI's Introduction to Energy Management: Creating an Energy Action Plan for your SMEWorkshop-based training for Irish SMEs on developing an energy action plan, improving energy management practices, and building resilience to rising energy costs. Participants will be guided through six key steps to create an energy action plan and will receive supporting tools and resources.Format: Online (Microsoft Teams) | Date: Multiple dates available | Time: Various times available Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre. 

 The Government this week announced an extension of the temporary reductions to fuel excise and the National Oil Reserves Agency Levy (NORA). These temporary reductions were due to expire on 31 July and will now be extended in full until 31 August with a phased restoration to pre-reduction levels taking place between September and December. In addition to these measures, the temporary enhancement to the Diesel Rebate Scheme for hauliers and road transport operators will be extended until 30 September 2026.The announcement was made the day before the publication of a report by the Irish Fiscal Advisory Authority which assessed the long-term fiscal impacts of climate policy. The report, titled The Hidden Cost of Inaction, sets out why a failed climate transition will prove costly to the Irish economy, potentially costing the Exchequer up to €13 billion a year by 2050. The Government’s budgetary watchdog singled out the €5 billion spent in recent years on temporary fuel and energy supports, stating that “[t]hese amounts could have instead funded more lasting alternatives, like deep retrofits for over 110,000 homes or enhanced €10,000 subsidies for half a million electric vehicles”. It advised Ireland to take action to fund measures that support the transition and bring broader benefits to Irish society, and to incur costs to electrify transport, upgrade buildings, and decarbonise rather that risks facing “massive” costs for missing legally binding EU targets.The Climate Change Advisory Council has also warned that the recent temporary emergency responses to fuel price increases have not been sufficiently targeted. It recommended that the Government instead introduce targeted supports to increase EV uptake among lower income households, accelerate the expansion of EV charging infrastructure, invest in the electrification of cars, buses, school transport and commercial fleets, increase funding for public transport and make Ireland’s transport network more resilient to extreme weather. The Council made the statement in its recently published Annual Review 2026 (Transport Chapter). In it, it warned that Ireland’s dependence on fossil fuels in transport is leaving people, businesses, public services and the wider economy exposed to repeated fuel price shocks as geopolitical instability continues to disrupt global energy markets. The independent advisory body urged the Government to instead reduce this exposure by accelerating investment in public transport, active travel, electric vehicle charging infrastructure and the grid capacity needed to support cleaner transport. Commenting, Chairperson of the Climate Change Advisory Council Alex White said: “Fossil fuel shocks are not one-off events. As long as Ireland remains heavily dependent on petrol and diesel for transport, people, businesses and public services will remain exposed to global price volatility and geopolitical crises. The way to reduce that exposure is to give people real alternatives. That means sustained investment in public transport, a charging network people can rely on, and the grid capacity needed to support the switch to electric across cars, buses and commercial fleets.”

The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers T.D., has announced updates as part of the Accelerating Infrastructure Report and Action Plan (AIRAP) to enhance transparency, strengthen communication with the public and support evidence-informed regulatory reform. The updates include the issuing of circular to all Government Departments to strengthen communication on the benefits of critical infrastructure projects, and a Benefits Realisation Framework which will place an emphasis on communicating benefits of critical infrastructure and costs of inaction at the heart of project delivery (Action 30 of AIRAP). The Framework is supported by a policy and principles document, a practical “How To” guide and a Benefits Blueprint tool.The initiative is intended to support faster delivery by improving how the economic, social and environmental benefits of infrastructure investments are identified and communicated, while also highlighting the cost of inaction.The Minister has also announced the publication of Best Practice KPI Guidance for Regulators of Critical Infrastructure, containing guidance for regulators of critical infrastructure. This is designed to identify bottlenecks, streamline processes and monitor the implementation of reforms, and thereby to strengthen stakeholder confidence and support evidence-based reform. The announcement comes the week after the enactment of the Critical Infrastructure Bill, following its signature by the President. The legislation is designed to address delays in the development of major pieces of national infrastructure, including (but not limited to) infrastructure necessary for the delivery of transport, energy, water, waste management systems.You can find out more about infrastructure and Ireland’s economy, and the role of Chartered Accountants Ireland and our members in advocating for and delivering infrastructure here.

 Chartered Accountants Ireland would like to remind members of the following EU’s public country-by-country requirements: S.I. No. 322/2023 - European Union (Disclosure of Income Tax Information by Certain Undertakings and Branches) Regulations 2023 (which transposed the EU Directive 2021/2101 on public country-by-country reporting) requires certain entities with annual revenue in excess of €750 million to publish a report on income tax information. The country-by-country report must be published within one year of the undertaking's financial year-end and be made publicly available. Regulation 17 in S.I. No. 322/2023 requires that, where the auditor’s report is prepared in accordance with the Companies Act 2014, the statutory auditors' report must include a statement on whether the entity was required to publish a report on income tax information for the financial year preceding that to which the auditor’s report relates. If the entity was required to publish a report, the auditor’s report must also state whether or not it was published in accordance with the Regulations included in S.I. No. 322/2023. IAASA's Compendium of Illustrative Auditor’s Reports published in May 2026 includes details on this requirement for auditors to provide the statement under Regulation 17 in auditor’s reports for financial years beginning on or after 22 June 2025. To assist users, where relevant, IAASA’s Compendium of Illustrative Auditor’s Reports contain examples of relevant wording for audit reports, that may be used for the statement required by Regulation 17. 

 Chartered Accountants Ireland has responded to IAASA’s consultation on the proposed introduction of Audit Quality Indicators (AQIs). While supporting IAASA’s objective of enhancing audit quality, the Institute has expressed significant reservations about implementing a formal AQI reporting framework at this time. The response raises concerns regarding the complexity of measuring audit quality through limited quantitative indicators, challenges around consistency and comparability across firms, and the potential operational and cost burdens involved. We also note that international approaches to AQIs remain varied and we caution against proceeding with a national framework ahead of further European and global developments. In summary, we highlight that the proposed implementation timeline and use of AQI data for regulatory risk assessment are considered premature. The Institute recommends further development of standardised definitions and continued consultation before progressing with this project. Please see the Institute response.

 Chartered Accountants Ireland has responded to a consultation on IAASA's proposal to amend the public-interest entity firm levy to include Corporate Sustainability Reporting Directive (CSRD) assurance fee income in addition to statutory audit fee income. While the Institute does not object to including CSRD assurance fee income in the levy calculation, we believe that any changes must be fair and proportionate. We acknowledge IAASA’s expanded role in overseeing sustainability assurance and we are supportive that the regulator remains adequately resourced. We have asked IAASA to provide greater transparency on how additional regulatory costs are calculated and allocated, and to ensure that the levy framework remains proportionate and supports Ireland’s competitiveness. Please see the Institute response.