Revenue has updated its Stamp Duty Euroclear Manual regarding electronic share trading rules, procedures, practices, guidelines and interpretations. The updated manual sets out the procedure that is to be followed when claiming relief from stamp duty under any of the provisions of Chapter 1 of Part 7 of the Stamp Duties Consolidation Act 1999.

Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime.

Revenue has updated its Stamp Duty Manual to reflect recent amendments provided for by Finance Act 2023. Section 81AA SDCA 1999 provides for relief from stamp duty on transfers of land to young trained farmers. The updated manual has been amended as follows: The extension of young trained farmer relief to 31 December 2025. To comply with EU State aid rules, a reduction from four years to three years in respect of the period of time that a person may obtain a relevant farming qualification after acquiring land and qualify for relief under section 81AA. Section 81C SDCA 1999, farm consolidation relief, has also been extended until 31 December 2025 and the Stamp Duty manual has been updated accordingly.

Check out the latest items on the Agent Forum. Remember, in order to view each item, you must be signed up and logged in. All agents, who are a member of a professional body, are invited to join HMRC’s Agent Forum. This dedicated Agent Forum is hosted in a private area within the HMRC’s Online Taxpayer Forum. You can interact with other agents and HMRC experts to discuss topical issues and processes.

Sierra Leone has joined the international fight against tax evasion as the 168th member (37th African member) of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). Sierra Leone will also join the Africa Initiative, a programme to support domestic revenue mobilisation and the fight against illicit financial flows.

In a recent report, the OECD explains that tax revenues in Latin America and the Caribbean have returned to their pre-pandemic level due to the overall economic recovery and higher commodity prices.

In January, the Institute, under the auspices of the CCAB-I, responded to the European Commission’s public consultation on the Business in Europe: Framework for Income Taxation (BEFIT) initiative. The European Commission has now published its final summary report from the responses received. The report suggests that most organisations who responded, including CCAB-I, consider existing regulation to be sufficient.

The European Commission welcomed the political agreement reached by the EU Finance Ministers on 16 May 2023 on new tax transparency rules for all service providers facilitating transactions in crypto assets for EU-resident customers (commonly known as DAC8). The new reporting requirements will enter into force on 1 January 2026.

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. Each year, the FRC carries out an annual review of FRS 101 to provide additional disclosure exemptions as International Financial Reporting Standards (IFRS) evolve and to respond to stakeholder feedback about other possible improvements. Earlier this year, the Financial Reporting Technical Committee of Chartered Accountants Ireland responded to this consultation, agreeing with the FRC's proposals.

Readers can now read details of the submission by the Corporate Enforcement Authority (“CEA”) in May 2023 to the Irish law reform commission’s consultation on Liability Of Clubs, Societies and Other Unincorporated Associations. The CEA response is supportive of the proposition that detailed consideration should be given to utilising the ‘existing solution’ referred to in the paper and extending the applicability of the Company Limited by Guarantee (‘CLG’) regime to address the issues raised with unincorporated associations. Readers can also go to the Institute webpage on our technical hub titled “Entities other than companies “ to read a number of other linked articles of interest on this subject .   This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

Next Gen must be able to see themselves in our profession’ – Donovan   Demand for improved work-life balance remains and needs to be tackled – Donovan  New President takes office 37 years after late father, Cecil Donovan assumed same position 19 May 2023 – The newly elected President of Chartered Accountants Ireland has today highlighted the significant perception gap that exists among Gen Z considering accountancy as a career path.  Sinead Donovan, Chair of Grant Thornton Ireland and Partner in its Financial Accounting and Advisory Services practice has made positioning the profession to attract the next generation the key objective of her one-year term.   The AGM of Chartered Accountants Ireland, the longest-established professional accountancy body on the island of Ireland took place in Dublin today.  The new President takes office 37 years after her late father, Cecil Donovan and the Institute now has over 31,700 members in over 100 countries, and 7,000 students. Donovan cited new Chartered Accountant Ireland research, conducted under the auspices of Chartered Accountants Worldwide among Gen Z respondents in Ireland and around the world, to emphasise this perception gap among Gen Z.  The study aimed to find out how the qualification is perceived by this cohort, in the context of skills shortages affecting the accounting profession, and many other professions globally.  The survey results showed a significant perception gap between those surveyed who had no experience /engagement with chartered accountancy, compared to those who had commenced their training.  Respondents from Ireland reported seeing chartered accountancy as challenging (56%), numbers-based (34%) and boring (19%). They were considerably less likely than the global average to view the profession as purpose-led (2%), creative (0%) or exciting (4%). Encouragingly however, once they started their chartered accountancy training, Irish respondents were far more likely to view it as varied (increased from 8% to 25%) and purpose-led, and those describing it as “boring” halved.    Donovan noted,  “It’s clear that once students commence their training, they get a much better sense of what the qualification is about, but for those who haven’t made the decision yet, the perception gap is pretty stark.  Irish students recorded a significant difference in perception, which shows us there is work to do.  Engaging the next generation of accountants and the next generation of leaders will be front of mind for the Institute this year.” Routes into the profession There are more routes into the profession today than ever before, but Donovan reflected on what now needs to be done to promote the qualification to the next generation, including changing the established and accepted ways of doing things.  She said, “If the next generation does not buy into what we do and see itself in our profession, it will be because we are not adequately selling it to them, whether at school or third level, or in the early stages of their professional training. I want to ensure that students understand what ACA is and what the benefits of entering the profession are. Gone are the days of calculators and ledgers – our focus now is on technology; data analytics; leadership skills and global developments. Being an Irish Chartered Accountant is respected around the globe and the qualification enables truly global travel and ability to do business.  “There has been a lot of attention in public discourse about the need to step up post pandemic and help students and new recruits adapt to the working environment.  I firmly believe there is also a need for us to re-examine that status quo and use this opportunity to ensure the environment is one that works for the next generation of the profession too.  Those at the start of their careers are seeking a greater degree of flexibility and better work-life balance.  Our profession is in the middle of a recruitment and retention challenge and if we don’t step up to harness this talent pool, we are missing out.”        

Environmental, social and governance reporting is now considered paramount for many organisations. Derarca Dennis outlines five essential steps for getting it right. Irish organisations of all sizes will be affected by an ever-increasing volume of environmental, social and governance (ESG) reporting requirements. Even businesses that fall outside the scope of the regulations and reporting standards are likely to be required to align with them to meet customer and stakeholder expectations and requirements. The EY Ireland CFO Survey 2023 points to ESG still being perceived as a compliance and regulatory issue rather than an opportunity. Only six percent of the respondents say increasing the sophistication of non-financial reporting is one of the top strategic areas of focus over the next five years, down from 15 percent in 2022. Irish finance leaders will, therefore, need to increase the sophistication of their non-financial reporting and prepare for the advent of new and more exacting regulations in the coming years. They must also put in place the systems that will enable them to move the dial from compliance to value-creating opportunities for their organisations. Improved reporting It is vitally important for every Irish organisation to assess their current and potential obligations under both existing and upcoming regulations and reporting standards. To prepare for what will be an ever-increasing compliance burden, Irish organisations need to take the following steps. Gap assessment Organisations should carry out an assessment of any gaps between their current disclosures and existing and future reporting requirements to ensure compliance with the reporting regime as it stands and identify measures required to meet the requirements of upcoming regulations and standards. It will also build internal competencies to assess any gaps that might emerge. Governance Adopting a clear governance structure for sustainability reporting and management across the business is vital for ensuring accountability of key performance metrics and targets. Engagement at board level through the establishment of a sustainability reporting sub-committee is an important element of such a structure. Data and controls The creation of a centralised data management system for ESG data owners to feed into will simplify the reporting process and establish internal controls surrounding ESG data. Assurance readiness Irish organisations should keep future compliance in mind when conducting changes to their systems and controls to avoid having to make further changes later. Early involvement of organisations’ audit committees can assist in this process. Double materiality assessment A requirement under the Corporate Sustainability Reporting Directive, double materiality can allow an organisation to map the impact their business has on stakeholders and the environment, as well as the financial impact that sustainability issues will have on cash flows. Training Organisations should provide training to employees on ESG matters and regulations to engender a broader understanding of these matters and their importance across the business. Integration The ESG agenda is evolving at pace. New regulations and reporting standards along with market pressure will require CFOs to integrate non-financial reporting into their existing systems. This will place a heavy burden on finance teams, but it will also present opportunities for value creation through increased efficiencies, enhanced risk management and improved competitiveness. Derarca Dennis is Assurance Partner at EY Ireland