We have compiled the latest updates to various VAT legislation, publications, briefs and guidance. VAT Export and Removal of Goods from the UK, Fuel and power (VAT Notice 701/19), VAT Export and Removal of Goods from the UK, Check if you must register for VAT if you receive private school fees, Investment gold coins (VAT Notice 701/21A), Updates on VAT appeals, Apply to use Simplified Import VAT Accounting, Check if you must register for VAT if you receive private school fees, Check if you can register for the VAT Import One Stop Shop Scheme, Register for the VAT Import One Stop Shop Scheme, Insolvency (VAT Notice 700/56), Flat Rate Scheme for small businesses (VAT Notice 733), Authorise an agent to register or amend a VAT group, Amend a VAT group, Apply for VAT group registration, Apply to change the representative member of a VAT group, Flat Rate Scheme for small businesses (VAT Notice 733), Authorise an agent to register or amend a VAT group, HMRC email updates, videos and webinars for VAT, VAT: detailed information, HMRC email updates, videos and webinars for VAT, VAT grouping structure arrangements used by care providers (Spotlight 70), and Apply for VAT group registration.

Revenue has updated its guidance regarding outbound payments defensive measures  to reflect amendments to section 817U TCA 1997, introduced by  Finance (Local Property Tax and Other Provisions) (Amendment) Act 2025 and effective from 1 January 2026. The amendments extend the definition of ‘associated entities’ to include entities which are associated by reference to the ownership or control by the same individual, or individuals connected with that individual, within the meaning of section 10 TCA 1997.

The latest UK tax tidbits feature updated guidance in a wide range of areas. Check the recognised overseas pension schemes notification list, List of Individual Savings Account (ISA) managers approved by HMRC, Extra Support Team, Personal Allowances: adjusted net income, UK-US Automatic Exchange of Information Agreement (FATCA), Tell HMRC about the end of a qualifying interest in possession (IHT100b), Tell HMRC about a gift or other transfers of value in a trust (IHT100a), Check if you need to pay tax when you sell cryptoassets, Apply for a refund of Class 3 National Insurance contributions, Apply for a refund of Class 2 National Insurance contributions, Named tax avoidance schemes, promoters, enablers and suppliers, Pensions schemes newsletter 170 — May 2025, Help with self-employment on your Self Assessment tax return, HMRC email updates, videos and webinars for employing people, HMRC email updates, videos and webinars for landlords, Insolvency practitioner bulletin 6 (2025): repayment and refund satisfaction survey, Appeal an employment intermediary penalty, Economic Crime Supervision Handbook, HMRC tools and calculators, HMRC email updates, videos and webinars for the Construction Industry Scheme, Inheritance Tax: long-term United Kingdom (UK) residence (IHT401a), How different employment types affect Statutory Neonatal Care Pay, Check genuine HMRC contact that uses more than one communication method, Transfer of residence to the UK, Tell HMRC about a student or postgraduate loan in your tax return, and Compliance checks: customs and international trade — CC/FS1g.

Revenue has published two new manuals providing guidance on the tax treatment of income arising from social media and certain promotional activities. The guidance on taxation of income from social media and promotional activities outlines the relevant income tax and corporation tax treatment and the new tax and duty manual on the VAT treatment of social media influencers outlines the application of the various VAT rules to influencers and the related VAT compliance obligations. The manual on the taxation of income from social media and promotional activities sets out the tax compliance obligations of persons engaged in such activities and confirms that this income is subject to tax, even when activity is carried out occasionally and is not the individual's or company's primary business or main source of income. Practical examples and details of tax registration are included in the manual. In the VAT guidance, Revenue confirms that there are no special VAT rules for influencers, and the activity is subject to the ordinary VAT rules. The manual includes practical examples, details on registration obligations and guidance on VAT deductibility.

The European Commission has launched a 12-week public consultation  as part of its aims to modernise VAT rules for the travel and tourism sectors.  Stakeholders, including businesses, Member State authorities, and citizens, are invited to share their views on proposed reforms to the special VAT scheme for travel agents and the taxation of passenger transport services.

The OECD has published a second batch of updated transfer pricing country profiles for Austria, Belgium, Canada, Ireland, Latvia, Lithuania, Mexico, the Netherlands, New Zealand, Singapore, South Africa, and Spain. These profiles include new sections regarding hard-to-value intangibles and the simplified and streamlined approach for baseline marketing and distribution activities.

Last week, the Government published its Summer Economic Statement 2025. The document sets out the Government’s medium-term budgetary strategy and outlines the fiscal parameters within which discussions will take place ahead of Budget 2026. The Government also published the revised National Development Plan where they set out the strategy to address the current infrastructure deficit. The Institute’s Director of Members and Advocacy, Cróna Clohisey issued a press release last week following publication of the revised plan. The overall package of tax reductions and public spending increases for Budget 2026 will amount to €9.4 billion, an increase of 7.3 percent on the revised 2025 General Expenditure Ceiling, with the total tax package amounting to €1.5 billion. You can read our key takeaways from the release of the Summer Economic Statement and revised National Development Plan here. Following publication of the Summer Economic Statement, the Minister for Finance, Paschal Donohoe TD, noted the following: “The changing tariff landscape and increased protectionism is a key challenge for Ireland’s economic model. While the economy has remained resilient, the government will be proactive in our response. While continuing to advocate for multilateral cooperation, the SES provides resources to enhance our economic competitiveness by making large-scale investments in our public infrastructure and continuing to improve public services. In responding to emerging economic threats the government is also conscious of the delicate position of the public finances. At a headline level our public finances are in a strong position, with budgetary surpluses expected this year and next. However, our fiscal strength is underpinned in a large part by volatile corporation tax receipts, which represents a significant vulnerability. We are committing to a multi-dimensional but focussed approach in response to this challenge; boosting our public infrastructure stock, improving our competitiveness and safeguarding the public finances are the three key pillars of our approach. Through the publication of a revised NDP we are making available a record level of funding for public investment, with a particular focus on investment in the key strategic areas of water, energy, transport and housing. This will improve our public services, increase domestic and foreign investment and boost our competitiveness. We will also continue to invest in the Future Ireland and the Infrastructure, Climate and Nature Funds. These investments will strengthen our public finances in the medium to long term and help to address the costs associated with structural challenges, such as aging and decarbonisation. The emerging challenges that we face requires a budgetary strategy that is flexible, responsive and consistent with increasing Ireland’s competitiveness. In practice, this means using public resources to invest in productivity enhancing initiatives, while guarding against overly procyclical spending and building-up fiscal buffers. The budget package of €9.4 billion announced today strikes an appropriate balance between these considerations. It represents the critical first step in implementing Programme for Government commitments across the economy and is consistent with our response to the challenges being faced.”

Last week, the FISC Subcommittee delegation met in Dublin with members of the Oireachtas, representatives from businesses and other stakeholders, including the Institute’s Director of Members and Advocacy, Cróna Clohisey. The areas of discussion included tax policies, the fight against tax avoidance, and tax simplification.

The OECD Council has decided to renew the mandate of OECD Secretary-General Mathias Cormann for a second and final 5-year term from 1 June 2026. 

The Tax Strategy Group (TSG) has published its annual papers in advance of Budget 2026. The TSG is chaired by the Department of Finance and comprises senior officials and advisers from several governmental departments and offices. The TSG is not a decision-making body, rather its purpose is to outline the tax policy considerations for the Government and the options available to it in forming this year’s Budget. The allocation for taxation measures in this year’s Budget is €1.5 billion (out of a total package of €9.4 billion). This is the starting point for making informed predictions of what we could see announced later this year. For example, increasing the standard rate band from €44,000 to €46,000 would cost the Exchequer €505 million (full year cost), with an increase in the primary tax credits (e.g. personal and employee tax credits) of €100 costing the Exchequer €570 million (full year cost). Assuming we will see some increase in the standard rate band and tax credits (as in recent years), it suggests that a substantial portion of the tax budget will need to be deployed toward income tax. This is not informed by anything other than a high-level review of the TSG papers themselves. On the corporation tax side, there is helpful commentary on the position of the OECD Two-Pillar Agreement. Regarding Pillar One, agreement has yet to be found and the path forward remains challenging. In relation to Pillar Two, the coexistence of the Pillar Two rules and US tax system is currently being worked through as the US view their domestic measures as equivalent to the Pillar Two rules. However, there are important distinctions between the two systems with potential for a lower effective rate for US headquartered multinational enterprises. In this year’s papers, the TSG notes that the near-term outlook is clouded in uncertainty due to tariffs and geopolitical shifts. The full list of papers released by the TSG are as follows: Income Tax (TSG 25/01) includes a summary of tax yields, information on the distribution and burden of income tax and USC and vulnerabilities within the personal income tax system. Other items discussed include the rent tax credit, SARP, tax relief for micro-generation of electricity and accelerated allowances for slurry storage. Tax relief for gym membership and a measure regarding farm income volatility were also examined. Social Protection (TSG 25/02) discusses government priorities and costing options for Budget 2026. Corporation Tax (TSG 25/03) provides an overview of corporation tax trends, current status of the OECD BEPS Project (including Pillar One and Pillar Two), EU tax developments, an update the Funds Sector Review 2030 and business support measures. Enterprise Tax Supports (TSG 25/04) examines tax-based enterprise support schemes to benefit the SME sector. Capital Taxes (25/05) contains a review of Capital Acquisitions Tax, OECD recommendations and international comparisons and models costings for possible changes. A Capital Gains Tax review is outlined along with the cost of changes to the headline rate. Stamp Duty Pensions and Property Taxes (TSG 25/06) outlines the current position, latest statistics and developments in Stamp Duty, the pensions landscape, the Residential Zoned Land Tax, the Vacant Homes Tax and Local Property Tax. It also sets out a proposed change to the reporting requirements for Approved Retirement Funds. Value Added Tax (TSG 25/08)  outlines the rates and structures of VAT and recent VAT changes and provides international comparisons with the EU and UK. In addition, it looks at policy changes in VAT and future VAT developments.

The OECD has published a report which provides a comprehensive assessment of Thailand’s social protection system. Social protection financing needs are expected to rise significantly in Thailand due to its rapidly ageing population, and the impacts of climate change, and the report explores potential reforms in areas including VAT, corporate and personal income taxes, with a view to generating additional tax revenue.

On the 17 July 2025 the 2025 National Risk Assessment was published.  It is the fourth comprehensive assessment of money laundering and terrorist financing risk in the UK. It is the UK's stock-take of the collective knowledge of money laundering and terrorist financing risks and builds on the understanding of the risks identified in the 2015, 2017 and 2020 NRAs. Member firms are advised to review the assessment carefully and to update their AML risk assessments and policies and procedures accordingly.