Revenue has updated its Tax and Duty Manual regarding capital acquisitions tax collection and enforcement guidelines for payments in non-statutory instalments. The amended guidelines state that such payments are applied against tax first, then interest.

Changes to the Stamp Duties Consolidation Act 1999 introduced in section 68 Finance Act 2022 shall come into operation from 1 June 2023 per S.I. no.240 of 2023. The new sections - section 83DA and section 83DB SDCA 1999 - provide for repayment of stamp duty in certain circumstances. Sections 83E and 83F SDCA 1999 have been repealed.

In a competitive business landscape, recruiting top talent is a strategic imperative for organisations. Paul O’Donnell unveils the three Cs to attracting and securing the best candidates for your organisation’s success Great talent makes great organisations, not just because of their higher productivity but also the influence they have on the commitment and standards of others. Great talent is scarce, and as we head into more uncertain economic times the “war for talent”, as framed by Steven Hankin of McKinsey back in the 1990s, has already kicked off. Whether you hire directly or work with a search partner, the process of winning great candidates demands real attention to the full hiring cycle. To attract really great talent, organisations need more than the basics of a good recruiting process. Here are three key questions to ask and steps to take to ensure the best candidates say yes to your organisation. 1. Communication: What can your target talent pool read about you online? If you have a talent acquisition team or marketing function, dedicate a resource to continuously evaluating how the outside world sees your firm. What compelling story will your target talent pool read about the difference your organisation makes to its customers and community? What messages can they see from current employees as advocates for working with you? Where does your target talent pool like to spend time online, and is your message strongest here? 2. Contribution: What problem exists in your organisation by not having this role filled? Role and organisational purpose are the top attractions for the best talent. Does the organisation’s purpose matter to the candidate, and is your organisation the right place to address it? What difference can their effort make for stakeholders? These are your key questions externally and during your hiring process. 3. Character: What traits in the candidate does your firm want for the whole organisation? Complementary culture and values between a high performer and your organisation are essential. Losing a high performer over a lack of values alignment is optically poor and will reverberate internally and externally. Conversely, great talent can be extremely influential in changing the behaviour of those around them, so mapping the characteristics you seek for the whole company before hiring anyone new is vital. In an excellent article in MIT Sloan Management Review, “Make Leader Character Your Competitive Edge”, Mary Crossan, Bill Furlong and Robert D. Austin describe how character, when valued equal to competence, can result in better decisions and outcomes. The next time you hire externally, consider communication, contribution and character to put your own organisation first in the candidate’s decision-making process. Paul O’Donnell is CEO of HRM Search Partners

As artificial intelligence increasingly becomes integral to business operations, establishing an effective AI policy is crucial for boards. Stephen Conmy delves into the key steps boards should take to create a comprehensive AI policy  Creating your company’s artificial intelligence (AI) policy involves carefully considering various ethical, legal and operational aspects. Here’s a 10-step guide to how a board of directors can develop an AI policy – and communicate it effectively to the executive management team and staff. 1. Establish a working group Form a working group of board members, executives and relevant stakeholders to lead the AI policy development process. This group will oversee policy creation, gather necessary expertise and ensure representation from various departments and stakeholders. 2. Educate the board All board members should have a foundational understanding of AI and its ethical implications. Board members should have training sessions or workshops to familiarise themselves with essential AI concepts, such as algorithmic bias, privacy concerns and AI’s potential impact on employment. 3. Define the policy’s objectives Identify your organisation’s primary objectives in adopting AI technology. These objectives will shape the overall direction of the policy. This may include improving your company’s efficiency, enhancing customer experience or promoting innovation. 4. Assess the ethical principles and values Determine the ethical principles and values that guide AI development and deployment within your organisation. It would help if you considered fairness, transparency, accountability and well-being concepts. These principles will help establish a solid ethical foundation for the AI policy. 5. Evaluate legal and regulatory compliance Understand the legal and regulatory landscape surrounding AI, including data protection laws, privacy regulations and industry-specific guidelines. Ensure the AI policy meets these requirements to avoid legal risks and uphold compliance. 6. Identify potential AI use cases and risks Identify the specific use cases and applications of AI within your organisation – where will it be used, by whom and for what purpose? Assess the associated risks, including potential biases, security vulnerabilities and unintended consequences. Next, develop guidelines and best practices to mitigate these risks. 7. Establish accountability and governance Who will be responsible for your AI policy? Define the roles and responsibilities of stakeholders involved in AI development, deployment and monitoring. Establish clear lines of accountability and governance mechanisms to ensure ethical decision-making and risk management throughout the AI life cycle. 8. Ensure transparency and explainability Promote transparency and explainability in AI systems by requiring clear documentation, responsible data practices and understandable algorithms. Ensure that stakeholders, including employees and customers, can comprehend the basis of AI decisions and raise concerns if necessary. 9. Encourage continuous monitoring and evaluation Implement mechanisms to monitor an AI system’s performance, impact and adherence to ethical standards over time. Regularly evaluate the policy’s effectiveness and make necessary adjustments based on feedback and emerging best practices. 10. Communicate the AI policy Craft a comprehensive AI policy document that encompasses all the elements above. The policy should be written in clear, accessible language and provide practical guidance. Communicate the policy approach to the executive team and staff through various channels, such as company-wide emails, town hall meetings and training sessions. Stephen Conmy is Head of Content at The Corporate Governance Institute

The Economic Crime and Corporate Transparency Bill 2022 aims to bolster corporate transparency and combat economic crime. Maeve Hunt explains the two key takeaways for entities registered at Companies House and their directors In the single biggest change to the role of the UK Register of Companies since it was created in 1844, the Economic Crime and Corporate Transparency Bill 2022 seeks to make a number of modifications to company law with the aim of enhancing corporate transparency and reducing economic crime. To facilitate this, the Bill seeks to make further provisions about companies, limited partnerships and other kinds of corporate entities, and around the registration of overseas entities. The legislation, on receiving Royal Assent, will affect all those who interact with Companies House, whether individuals (directors, secretaries and people with significant control of entities registered at Companies House) or entities, including companies, limited partnerships, limited liability partnerships and overseas businesses. There will also be an impact on agents of such entities, such as those who provide company secretarial services. At the time of writing, the Bill is in the reporting stage in the House of Lords, which gives all members of the Lords a further opportunity to examine and make amendments to the Bill. Once the Bill becomes legislation, there will be a period of transition to allow individuals and companies sufficient time to comply with the additional requirements. There are two key considerations for entities registered at Companies House and their directors: identity verification and increased filing on the Register.   Identity verification To enhance the transparency of controllers and owners of businesses on the Register, Companies House will introduce mandatory ID verification for directors, company secretaries, people with significant control and others associated with those entities, such as their agents. The ID verification process will use technology to verify the identity of the person in question by comparing their photograph with an official government ID, such as a UK-issued passport. A director, company secretary or person with significant control will not be considered legally appointed until the ID verification process is completed, and they will be unable to act in that capacity or make filings at Companies House. This will cover both UK-resident and non-UK-resident individuals. For newly appointed individuals, the process will need to be completed prior to appointment. For existing roles, there will be a transition process to allow ID verification to be completed. If the verification is not completed within this timeframe, the individual will be removed from their role in that entity. Separate provisions will cover those who do not hold UK-issued identification, such as overseas nationals, or those unable to use the web-based service. For corporate directorships, similar provisions will also apply. A UK company will only be able to be appointed as a corporate director when all its directors are natural persons, and those natural persons are subject to appropriate ID verification checks. Non-UK companies will no longer be permitted to act as corporate directors. These provisions also extend to directors of overseas companies registered at Companies House. Improving financial information on the Register Currently, 3.1 million sets of accounts are published on the Register each year, and access to these accounts is arguably the most valuable service that the Register provides. Companies House will require all financial statements submitted to be in Inline Extensible Business Reporting Language (iXBRL) format. These tags are machine-readable, which will make the data easier to interrogate, compare and check, aiding Companies House in carrying out its new responsibilities for maintaining the integrity of the data it holds, identifying and addressing errors, and sharing data under certain strict conditions with other bodies such as law enforcement. Companies House currently accepts accounts in iXBRL format, as well as in paper format and most companies will be required to include a set of accounts in a similar, but not identical, format when filing their corporation tax returns with HMRC. There are currently reduced filing options for some companies where they meet the ‘small’ or ‘micro’ criteria set out in the Companies Act 2006. Such entities currently have an exemption from filing their Profit & Loss Account, and, for small companies, a Directors’ Report. A micro company is exempt from having to prepare a Directors’ Report. These reduced filing options will be removed, meaning small and micro companies will file their full financial statements, including a Profit & Loss Account and Directors’ Report (where applicable), which will be publicly available. Maeve Hunt is a Director of Audit and Assurance at Grant Thornton NI

  In this week’s Sustainability/ESG bulletin, read about Ireland Strategic Investment Fund’s €68m investment in international decarbonisation funds, the Department of Enterprise Trade and Employment’s responsible business webinar, and Ireland’s request to the EU for a modification to Ireland’s recovery and resilience plan. Also covered is the decrease in Northern Ireland’s business sector emissions, the EU’s progress towards socio-economic Sustainable Development Goals and the usual as articles, podcasts and events.  Ireland Strategic Investment Fund invests €68m in international decarbonisation funds The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), is investing €68m in two leading international decarbonisation funds as part of its €1bn 5-year climate action investment programme. The funds are managed by Energy Impact Partners LP (EIP), which plans to invest in emerging Ireland-based decarbonisation and energy technology companies. Commenting, Paul Saunders, Head of Climate with ISIF said “This investment demonstrates clear intent around the strength and scope of ISIF’s climate investment plans. It shows how we can leverage our investment capability to build a deeper, stronger network with climate investors from all over the world - and ultimately attract more international capital to Ireland while supporting emerging Irish businesses in this space.” Department of Enterprise, Trade and Employment’s ‘Responsible Business’ resources Over 300 delegates registered for the Department of Enterprise, Trade and Employment’s webinar on Responsible Business initiatives, which took place on 23 May. The event opened with remarks from Minister Simon Coveney, T.D., who stated that the event was part of a series of initiatives planned by the Department to provide guidance to businesses on new wide-ranging initiatives being developed to address increasing stakeholder demand for businesses to act responsibly and with accountability. The event included presentations from officials on three initiatives with implications for Irish businesses: the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct; the EU Corporate Sustainability Reporting Directive (CSRD); and the proposed EU Directive on Corporate Sustainability Due Diligence (CSDDD). Further details can be found on the Department’s website on Responsible Business. Ireland requests modification to recovery and resilience plan Ireland has submitted a request to the European Commission to modify two measures within its recovery and resilience plan. The measures include one aimed at encouraging private investment in energy efficiency through a guarantee scheme, and another aimed at increasing the supply of social and affordable housing. First published in 2021, Ireland’s recovery and resilience plan outlines how Ireland intends to utilise grants from the EU’s Recovery and Resilience Facility to support economic and social recovery, and address green and digital issues, as the country emerged from the COVID-19 pandemic. The Commission has up to two months to assess whether the modified plan still fulfils the assessment criteria in the Recovery and Resilience Facility (RRF) Regulation, after which it may make a proposal for an amended Council Implementing Decision to reflect the changes to the Irish plan. Report notes decrease in Northern Ireland’s business sector emissions Northern Ireland’s 2020 greenhouse gas emissions reduced by 24 percent since 1990, according to the 15th annual Northern Ireland Environmental Statistics Report. The report, published by the Department of Agriculture, Environment and Rural Affairs (DAERA), found that businesses accounted for 13 percent of all greenhouse gas emissions in the region in 2020, compared to agriculture (27 percent), transport (16 percent) and energy supply (14 percent). According to the report, the largest decreases were in the energy supply, waste management and business sectors, a reduction driven by improvements in energy efficiency, fuel switching from coal to natural gas, and the introduction of methane capture and oxidation systems in landfill management. Tax Update (From our colleagues in the Tax Team) HMRC has recently updated its plastic packaging tax guidance as the tax is now more than 12 months old. HMRC has also published a consultation seeking views on draft legislation amending the Plastic Packaging Tax regulations. Report finds EU’s socio-economic Sustainability Development Goals show most progress The statistical office of the European Union, Eurostat, has published an overview of progress towards the Sustainable Development Goals (SDGs) in the EU. Findings from the report indicate that the EU has made most progress towards ensuring decent work and economic growth (SDG 8), with the EU's employment rate in 2022 reaching a new record high of 74.6. The report is published together with the European Semester Spring Package, in order to increase its relevance for policy, and for the first time included analysis of the short-term impact of current crises on the SDGs, such as the energy crisis in the context of Russia's war against Ukraine and the aftershocks of the COVID-19 pandemic. Technical Sustainability Accounting Updates From our colleagues in Professional Accountancy  The European Financial Reporting Advisory Group (EFRAG) is holding a symposium on Connectivity between financial reporting and sustainability reporting at the European Accounting Association Annual Congress which will take place in Helsinki and Espoo on 26 May, 2023. The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has  published its 2022 Annual Report, which provides an account of its joint work completed over the past year.  It focused on issues of cross-sectoral relevance, such as joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. IAASA, Ireland’s accounting enforcer, has published a Paper “Transparency Regulations – information requests”. This Paper lists some information requests that IAASA has made to companies as part of its financial statement examinations. Podcasts By 2050, almost 70 percent of the world’s population will live in cities — and nearly 1,000 cities will see their average high temperatures hit 35C (95F) during summer months. This episode of Bloomberg’s podcast Zero, interviews UN Habitat’s first ‘global chief heat officer’ about what urban centres, including businesses, can do to prepare.  Institute interview - Corporate Sustainability Reporting Directive This week, Dee Moran, Professional Accounting Lead with Chartered Accountants Ireland, interviewed Lisa Campbell, Head of Operations in Irish Auditing & Accounting Supervisory Authority (IAASA) to understand more about the Corporate Sustainability Reporting Directive (CSRD) and what future developments might mean for Irish organisations. Also in the webinar was an overview of the proposed European Sustainability Reporting Standards (ESRSs) and an update on the assurance of sustainability reporting, followed by a questions and answers session. Watch webinar. (This interview was the first in our series on EU sustainability reporting. For the second event, Dee will be joined by Orla Carolan, Director in Grant Thornton. Find out more and register here.) Recording A recording, slides and report from Accountancy Europe’s webinar - Towards digital corporate reporting with CSRD  - are now available. The webinar, which took place on 16 May, covered the role of different parties for an effective CSRD implementation, lessons learnt from the European Single Electronic Format (ESEF), the interconnectivity between financial and sustainability information via digitalisation, and current activities and plans of EU authorities for supporting digital sustainability reporting. Articles Five steps to improved ESG reporting  (Accountancy Ireland - Briefly) Prioritising ESG a struggle in current climate (ICEAW) France bans short-haul flights to cut carbon emissions (BBC News) “Greenhushing” is the new greenwashing (Bloomberg) UK students pledge ‘career boycott’ of insurers over fossil fuels (The Guardian) Upcoming Events   Business Post, ESG Summit, Croke Park, Dublin 30 May Dublin Chamber, 2050 Series, Urban Planning: What will Dublin look like in 2050? Dublin Chamber's series of events focusing on sustainable mobility, flexible working practices, a focus on renewable energy, circular economy adoption, and urban density. Dublin Chamber, 7 Clare Street, Dublin 2, D02 F902, Free. 8.30-10.00 1 June Accountancy Europe - Developing Green Skills for Finance Professionals – Building Capacity for a Fair and Sustainable Transition In this EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts to discuss the skills and education needed for finance professionals to contribute to a green and just transition. 8 June, 15:00 - 16:15 (Dublin time) Ulster Society, Chartered Accountants Ireland - Advising on Net Zero for clients: the opportunities and the threats This free webinar in partnership with British Business Bank and featuring Julia Groves, will address the issue of sustainability, and the responsibilities upon businesses and their advisers in meeting sustainability targets. This presentation will cover the basics of net zero and carbon accounting, the broader consideration of environmental, social and governance factors in business decision, why SMEs should take action, what they can do and how British Business Bank is involved.   8 June, 12:00 - 13:30 Chartered Accountants Ireland - Further your knowledge about the European Sustainability Reporting Standards In the second of our series on EU sustainability reporting, join Dee Moran, Chartered Accountants Ireland and Orla Carolan, Director in Grant Thornton to understand more about the requirements of the CSRD, the content and disclosures included in the first set of ESRSs and what undertakings should do to prepare for implementation. 8 June, 10:00 - 11:00 Northern Ireland Healthy Working Lives Conference 2023  This free conference, organised by Business in the Community Northern Ireland for 8 June from 8:45am to 1pm in Riddel Hall, Stranmillis Road, Belfast, will bring together expert speakers and key business representatives to discover how businesses can embed a human-centred approach into their organisation’s culture. 8 June The Northern Ireland Energy Summit Delivered in partnership with the Department for the Economy and the Centre for Advanced Sustainable Energy (CASE), the Northern Ireland Energy Summit will take place at the ICC, Belfast, on Wednesday 21 June 2023. The event will focus on building an informed consensus on how best to take Northern Ireland forward in meeting its renewable energy targets and net zero ambitions, whilst driving 10X economic growth across innovation, sustainability and inclusion. 21 June Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. 3rd or 4th Wednesday of every month Next: 28 June, 2023  14.00-15.00/30 Chartered Accountant House/Teams If you would like to attend please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Welcome to this week’s Technical Roundup.    In developments this week, the European Financial Reporting Advisory Group is holding a symposium on Connectivity between financial reporting and sustainability reporting at the European Accounting Association Annual Congress which will take place in Helsinki and Espoo on 26 May, 2023; the Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has published its 2022 Annual Report, which provides an account of its joint work completed over the past year.  Read more on these and other developments that may be of interest to members below.  Financial Reporting IAASA, Ireland’s accounting enforcer, has published a Paper “Transparency Regulations – information requests”. This Paper lists some information requests that IAASA has made to companies as part of its financial statement examinations. In its recent letter to the EC’s President Ursula von der Leyen & Commissioner Mairead McGuinness, Accountancy Europe have addressed the recent commitments by the EC to simplify reporting requirements in the green, digital and economic thematic areas. Specifically, the EC have recommended that any upcoming legislative proposals should not be rushed, should be based on independent and costed impact assessments, should be subject to public consultation and should be field tested. The Financial Reporting Council (FRC) has issued Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework - 2022/23 cycle. This completes the annual review by the FRC of the FRS 101 standard, which proposed no amendments. The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform. The IASB has also issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosure. These amendments are intended to enhance the transparency of supplier finance arrangements and include additional disclosures. The changes are effective for accounting periods beginning on or after 1 January 2024. The European Financial Reporting Advisory Group (EFRAG) is asking for preparers to provide input to an academic study on the effects of the adoptions of IFRS 15. This is to assist in EFRAG’s work on the post-implementation review of the standard. The UK’s Department for Business and Trade is seeking views on the non-financial reporting requirements UK companies need to comply with to produce their annual report, and whether company size thresholds remain appropriate. This consultation remains open until 16 August. The European Financial Reporting Advisory Group (EFRAG) is holding a symposium on Connectivity between financial reporting and sustainability reporting at the European Accounting Association Annual Congress which will take place in Helsinki and Espoo on 26 May, 2023. Audit The Financial Reporting Council (FRC) has announced the Audit Committees and the External Audit: Minimum Standard, which comes after careful consideration of the consultation responses received from stakeholders. Corporate Governance The Financial Reporting Council has launched a public consultation on proposed revisions to the UK Corporate Governance Code. This follows the UK Government's response to the White Paper, Restoring Trust in Audit and Corporate Governance, which identified areas of reform related to a particular focus on directors' responsibilities for internal control, risk, audit and corporate reporting. Comments on the questions set out in this consultation document are requested by Wednesday 13 September 2023. Other Safeguarding reports for payment and electronic money firms The Central Bank of Ireland have issued a communication to clarify the nature of the specific audit of compliance with the safeguarding requirements under the Payment Services Regulations (PSR)/ Electronic Money Regulations (EMR), as communicated in the Central Bank’s letter dated 20 January 2023, addressed to all payment and electronic money institutions authorised in Ireland. The European Securities and Markets Authority (ESMA) is consulting on draft regulatory technical standards (RTS) under the revised ELTIF Regulation. Interested stakeholders are invited to provide input by 24 August 2023.  ESMA will consider the feedback it receives to this consultation in Q3/Q4 2023 and expects to publish a final report and submit the draft technical standards to the European Commission for endorsement by 10 January 2024. The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has  published its 2022 Annual Report, which provides an account of its joint work completed over the past year.  It focused on issues of cross-sectoral relevance, such as joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. Sustainability Accountancy Europe has announced that it has joined EU Green Week, which raises awareness, promotes and discusses European environmental policy. For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.     

In this week’s EU exit bulletin, we bring you the latest guidance updates and publications relevant to EU exit. The House of Lords Protocol Sub-Committee is continuing its inquiry into the Windsor Framework. And the latest Trader Support Service and Borders Weekly Stakeholder Bulletins are also available. Miscellaneous updated guidance etc. The latest guidance updates, and publications relevant to EU exit are as follows:- Check simplified procedure value rates for fresh fruit and vegetables; Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS); Search the register of customs agents and fast parcel operators; Authorised Consignee Temporary Storage (ACTS) location codes for Data Element 5/23 of the Customs Declaration Service; Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS); Place of loading codes for Data Element 5/21 of the Customs Declaration Service; UK customs office codes for Data Element 5/12 of the Customs Declaration Service; Appendix 2: DE 1/11: Additional Procedure Codes; and Customs Declaration Completion Requirements for The Northern Ireland Protocol.

On 18 May 2023, the Institute responded to the International Ethics Standards Board (IESBA) invitation for comments on their “Proposed Revisions to the Code Addressing Tax Planning and Related Services”. The proposals to amend the Code of Ethics for Professional Accountants are based on recommendations following extensive stakeholder engagement and review by the IESBA since 2019. The review was in response to increased public attention on the topic of tax avoidance, revelations arising from the “Paradise Papers” and the “Pandora Papers”, and global focus on the legality of tax mitigation schemes. The proposals define ‘Tax Planning and Related Activities’ as “a broad range of services designed to assist a client, whether an individual or an entity, in structuring the client’s affairs in a tax-efficient manner”. The IESBA builds upon the principles-based framework of the Code of Ethics and outlines the responsibilities of all professional accountants in respect of these services. Further requirements and guidance are included for Professional Accountants in Public Practice (PAPPs) and Professional Accountants in Business (PAIBs). The key IESBA proposals include: Outlining professional accountants’ public interest role in relation to tax planning services; Requirements in respect of any anti-avoidance legislation court or tax authority rulings, and addressing non-compliance with laws and regulations; Requirements for establishing a credible basis for tax planning advice and carrying out a ‘stand back test’ that considers “the reputational, commercial and wider economic consequences that could arise from the way stakeholders might view” the tax planning arrangement; Examples of ethical threats that can arise from providing tax planning advice, including potential steps professional accountants can take to either eliminate or safeguard against these; Requirements for communicating with clients or employers, including steps to take in the event of disagreement in respect of tax planning; and Requirements in relation to obtaining second opinions, referring or recommending third-party tax planning solutions or advisors. Some of the key points in the Institute’s response to the IESBA proposals focused on: The current size of the Code of Ethics and the opportunity to embed some of the proposals into existing requirements of the Code, including the Conceptual Framework; Concerns regarding the broad definition of ’tax planning’ and the necessity to include ‘related services’, which are typically more closely associated with routine compliance, such as the filing of tax returns and representing clients on compliance issues using tax authorities’ dispute-resolution mechanisms; Requesting further guidance on ‘credible basis’ and ‘stand-back’ tests, and positioning of these as part of the Conceptual Framework alongside other professional judgement requirements. Highlighting the important role of professional accountants in reducing the risk of unexpected tax costs for all taxpayers and ensuring higher compliance rates and collection of tax by assisting clients and employing organisations navigate complex local and global tax requirements; To consider the primacy and responsibility of local tax authorities in the enforcement of tax compliance, the policing of appropriate tax planning and their independent mechanisms to be first arbitrator in making a ruling rather than a court of law or a professional body; Highlighting the issue of competitiveness in the accountancy profession, the capacity of the profession to police and enforce new standards, and the need for a level playing field that ensures tax advisors who are not professional accountants are also accountable to high standards of ethical behaviour; and Providing suggestions in areas such as identifying threats and implementing adequate safeguards, the consideration of multiple uncertainties, and further considerations of the context and role of Professional Accountants in Business in respect of tax planning. The Chartered Accountants Ireland response to the IESBA is available here. The IESBA proposals are available on their website here. Níall Fitzgerald, Head of Ethics and Governance, Chartered Accountants Ireland  

The deadline for completing your 2022 CPD Declaration has now passed. We requested that it was completed and submitted by 28 April 2023. We would be grateful if you could complete your online CPD Declaration for monitoring purposes, by 31 May 2023. If you are unable to meet this timescale, please contact us immediately. Failure to submit your CPD Declaration in respect of the 2022 CPD year may result in this matter being referred to the Quality Assurance Committee. This may result in regulatory action, including an immediate audit inspection, the imposition of a regulatory penalty or the withdrawal of your audit registration. Further information on the IAASA CPD Guidelines, including checklists and specimen CPD records are available on the Institute’s website here.  If you need further assistance, please email any queries to ricpdobligations@charteredaccountants.ie  

In Irish news, Revenue issues a key clarification on the Code of Practice for Revenue Compliance Interventions and a new TDM has been published on foreign entity classification. In UK news, we want to hear your views on two consultations, and the 2022/23 P60 deadline is approaching. In International news, the European Commission has published its summary report on the recent BEFIT consultation.  Ireland Revenue is updating its policy around the “self-correction without penalty” provision within Chapter 2 of the Code of Practice for Revenue Compliance Interventions with immediate effect. Revenue has published a new Tax and Duty Manual on the classification of foreign entities for Irish tax purposes. UK The Institute is considering making submissions to HMRC on two consultations which are currently open and would welcome your views by 1pm on Monday 29 May 2023. The 2022/23 P60 deadline is approaching. International BEFIT summary report is published by the European Commission.   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.  

The CCAB-I Insolvency Committee has today published Technical Alert 03 2023 Changes to examinership regulations. This Technical Alert provides updates on significant changes to the examinership process following the introduction of The European Union (Preventive Restructuring) Regulations 2022 (SI 380/2022) and outlines a number of the key amendments to Companies Act 2014 arising from the transposition of EU Directive 2019/1023.