In Irish news this week, the US Administration has announced that it is extending the temporary suspension of tariffs on EU imports and Revenue has confirmed its continued commitment to the Small Company Administrative Rescue Process. In UK news, the Institute recommends that the medium sized transfer pricing exemption remains in place for Northern Ireland businesses transacting with Ireland, and ‘L-day’ will take place in a few days’ time on Monday 21 July. In International news, the European Commission has adopted an implementation regulation to facilitate automatic exchange of top-up tax information under DAC9.  Irish  President Trump signed the Executive Order to extend the suspension of ‘reciprocal tariffs’ on EU imports until 1 August 2025 and subsequently announced that a 30 percent tariff would be imposed thereafter.  Revenue issued a news update last week reaffirming its commitment to the Small Company Administrative Rescue Process (SCARP).  UK  The NI Tax Committee recommends in a consultation response that the medium sized transfer pricing exemption remains in place for NI businesses transacting with Ireland.    This year’s legislation day, or ‘L-day’ as it is sometimes known is scheduled for Monday 21 July.   International  The European Commission has adopted an implementation regulation to facilitate automatic exchange of top-up tax information under DAC9.  Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s post EU exit corner here. 

Burnout is no longer just an HR issue—it’s a leadership imperative. Here Niamh Manning, Marketing Executive for the Thrive Wellbeing Hub, explores how proactive, empathetic management can break the burnout cycle and build resilient, high-performing teams. Burnout has become one of the most pressing issues in the modern workplace, particularly for professional service industries where long hours, high-performance expectations, deadlines and client demands are quite typical. A work culture that prides itself on values of resilience, dedication and hard work can make burnout difficult to spot. While many organisations have HR policies and programs to combat burnout, it is managers who are often the cultural lynchpins and can be an impactful line of defence to break the cycle. It’s their ability to recognise and respond that can determine whether a team thrives or fractures. Managing burnout isn’t just a people issue – it’s a business-critical issue. A burned-out team are more prone to errors, more disengaged, and have low morale, resulting in an increased staff turnover and decreased client satisfaction. The manager toolkit: prevention through proactive leadership Understanding burnout Burnout doesn’t always look dramatic, and many suffer in silence, afraid to speak up fearing it could impact their career growth or be seen as a weakness. It often hides behind professionalism and a strong work ethic, but there are tell-tale signs. Burnout is a state of emotional, physical, and mental exhaustion caused by prolonged or excessive stress, often linked to work but also present in other areas of life. Burnout generally manifests itself in three key dimensions: emotional exhaustion, cynicism and lack of personal accomplishment. This can present in many ways such as reduced attention to detail, irritability or frustration, withdrawing from team collaboration, decline in responsiveness or reliability, or even overworking. As managers get a sense of employees from their daily interactions, they are uniquely positioned to detect behaviour changes and early signs of burnout and make meaningful interventions and changes, but only if they are equipped and empowered to do so. Modelling healthy work habits Leaders set the tone for what is acceptable and expected in the workplace, particularly for younger employees. Modelling healthy boundaries and habits such as logging off at the end of the normal working day, taking breaks and switching off when on annual leave allows employees the space to do the same. However, it is also important to be realistic that some busy periods with high workload volumes are often unavoidable; equally, it is important to know that burnout rarely arises from a busy period – it stems from sustained, unmanaged stress with little or no room for recovery. Psychological safety An integral aspect of high-performing teams and the foundation for creating a culture of wellbeing and productivity, psychological safety in a group involves individuals feeling safe to speak up and share their views and ideas without the fear of negative consequences. Managers can foster this sense of safety by intentionally creating an environment where team members feel safe raising concerns. This can be done in easy and practical ways such as encouraging open dialogue, creating space for feedback, actively listening and modelling vulnerability and empathy. Regular ones-on-one meeting is the perfect way to talk about project updates but also to check in on workloads, stress levels and the employee as a person. Reduce ambiguity, encourage growth Ambiguity and stagnation breeds anxiety. Those with undefined expectations and/or little autonomy in their roles are more susceptible to the effects of burnout. Managers must ensure that employees understand their responsibilities and how they contribute to the wider goals – clear expectations reduce cognitive load and allow employees to focus and prioritise their energies. Managers should encourage autonomy and growth by involving team members in decision-making, providing opportunities for skill development and encouraging ownership of project and duties. When people feel like they’re growing and contributing to something meaningful, they can become more resilient. Recognition and appreciation Reinforcing a sense of value and accomplishment in individuals and teams can help prevent burnout. Managers should regularly acknowledge team members’ efforts and accomplishments. Feeling seen and appreciated can go a long way in encouraging and providing meaning and purpose to team members. Managing burnout when it happens Despite best efforts, however, burnout does occur. When it does, the focus should shift to recovery and retention by allowing employees affected to step back without pressure and temporarily lighten their workload to allow for recovery. Burnout is a leadership issue Managers should not be expected to be therapists, but they are expected to lead and they can be influential agents of change. Despite this pivotal role, many managers are usually not trained to recognise or address burnout. Employers have a responsibility to invest in leadership development that includes emotional intelligence, mental health literacy, and coaching skills. Managers are the conduits of an organisation’s culture. When they are empowered to lead with empathy, clarity, and care, they can transform the workplace from a source of stress into a source of strength. A manager who prevents burnout is not only protecting their team’s health but also preserving the organisation’s long-term resilience and success. If you are experiencing burnout or looking to support someone with burnout, Thrive is the Institute’s dedicated wellbeing hub that can provide advice and support. For additional advice and manager resources, check out CAW’s Wellbeing Toolkit for managers in the accountancy profession.

The European Commission has adopted an Implementing Regulation which aims to provide technical solutions to facilitate the automatic exchange of top-up tax information return between Member States under the Directive on Administrative Cooperation (DAC9). The objective of the regulation is to ensure taxpayers comply with their Pillar 2 Directive obligations, while minimising the administrative costs associated with tax compliance. 

The OECD has published a report titled Revenue Statistics in Asia and the Pacific 2025 which provides harmonised data on tax revenues for 37 economies in the region, including Niue for the first time. The report finds that on average tax revenues have increased which is mainly driven by higher VAT receipts.

The OECD has published an overview of the wide-ranging activities delivered last year by the OECD Centre for Tax Policy and Administration and the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) in supporting developing countries improving their tax systems. There has been increased demand by developing countries for supports offered by the OECD, which include policy analysis and design, tax administration, international collaboration, and multilateral and bilateral capacity building.

Revenue has updated the filing guidelines for DAC 2 – Common Reporting Standard (CRS) to confirm that the CRS XML Schema Version 3.0 and User Guide 4.0 recently published by the OECD will come into effect from 1st January 2027 and will be used for all filings from that date onwards. The guidelines have also been updated to include a link to CRS Schema information under Annex 3 of Standard for Automatic Exchange of Financial Account Information in Tax Matters.

The Revenue Economic Research Unit has  published a news update regarding a survey it is conducting of taxpayers who interact with Revenue’s customs services. This short online survey is being carried out with a view to understanding customs issues encountered by taxpayers and to assist in improving the quality of the services provided by Revenue. Revenue has confirmed that the survey is not connected with a taxpayer’s customs affairs. Taxpayers who have been selected to complete the survey will receive an email invitation to complete it before 18 July 2025.

The Central Statistics Office (CSO) has published the Annual National Accounts 2024 which confirms that Gross National Income (GNI*), a key deglobalised measure of Ireland’s economic performance, increased by 4.8 percent last year. GDP grew by 2.6 percent, primarily driven by growth in sectors dominated by domestic activity. In 2024, Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government and investment spending, rose by 1.8 precent. Total exports grew by 8.6 percent, which was driven by an increase in services exports of 10.9 percent. Total imports grew by 2.7 percent last year.  Commenting on the publication, Minister for Finance Paschal Donohoe T.D. said: “I welcome today’s data which confirm robust growth in the domestic economy last year. Inflation eased considerably throughout 2024, which boosted real incomes. As a result, consumer spending grew solidly by just under 3 per cent, supported by strong growth in employment. Overall, Modified Domestic Demand (MDD) increased by 1.8 per cent in 2024, while GNI* increased by almost 5 per cent. From a policy perspective, we need to continue to calibrate economic and budgetary policies that recognise the changed external backdrop. In particular, this means focusing on boosting the competitiveness of the economy and continuing to build up our fiscal buffers. The government will set out its updated strategy in the Summer Economic Statement later this month”.

Last week, the Minister for Social Protection, Dara Calleary T.D. launched a major national awareness campaign for the new Automatic Enrolment Retirement Savings System, called ‘My Future Fund’. In addition to the campaign, information resources are also available including a dedicated online hub and information videos. The available resources provide details on how auto enrolment will work, who will be auto enrolled, contribution rates and relevant information for employers and employee. Announcing the launch of the campaign, Minister Calleary said: “I believe that My Future Fund will transform how people save for their retirement. This landmark policy will help hundreds of thousands of hardworking people in Ireland put money aside for their life after work. Auto Enrolment has been talked about for decades. I am delighted that this is finally happening. My Future Fund will mean that two-out-of-three private sector employees who currently have no supplementary pension will get to enjoy a greater sense of wellbeing and financial freedom in the future."

Revenue issued a news update last week confirming its continued commitment to the Small Company Administrative Rescue Process (SCARP). In the update, Revenue outlined its role and responsibilities in the process and emphasized that its primary objective is to work constructively with financially distressed companies, while ensuring that public interest safeguards remain in place. Restructuring under SCARP can facilitate certain businesses which may be facing difficulties in repaying their debt obligations and were once viable to help them restart trading, thereby saving the business and jobs. Revenue outlines in the news item that for directors acting in good faith, SCARP remains a valuable and supported option to restructure a viable business. Under the Companies Act 2021, Revenue has a structured opt‑out right which is considered a legal safeguard to ensure the integrity of the SCARP process is not misused to evade tax liabilities. Since SCARP was introduced in December 2021, Revenue confirmed that there have been 99 applications for SCARP during which Revenue has exercised the opt-out in 19 cases.   Revenue confirmed that it will only exercise its opt-out right under clearly defined circumstances as follows: Where Revenue cannot quantify the debt due as a result of outstanding returns or other relevant information, an ongoing audit or intervention, or an active tax appeal, or Where the company or directors has a track record of non or poor compliance. A dedicated SCARP team has been established by Revenue to streamline communications and support viable outcomes.

Last week, President Trump signed the Executive Order ‘Extending the Modification of the Reciprocal Tariff Rates’ which effectively extended the suspension of ‘reciprocal tariffs’ on EU imports until 1 August 2025. These ‘reciprocal tariffs’ were originally announced by President Trump in April this year and had been suspended until 9 July 2025.  Following the announcement of this further suspension, the US President sent a letter to European Commission President Ursula von der Leyen announcing that a 30 percent tariff would be imposed on imports from the EU on 1 August 2025. In a statement following the announcement, the Tánaiste, Minister for Foreign Affairs and Trade and Minister for Defence, Simon Harris T.D. said: “There is no necessity to escalate the situation or to further increase the additional tariffs which have been imposed on the EU. The Government strongly supports the efforts by the European Commission to reach a mutually beneficial agreement with the US. The EU is at the negotiating table and will remain there. Now is the time to redouble our efforts and to seek to achieve positive results in the time available. The EU will remain united and focused as negotiations continue between now and 1 August.”

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Check when you can account for import VAT on your VAT Return, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020, Reference documents for The Customs (Reliefs from a Liability to Import Duty and Miscellaneous Amendments) (EU Exit) Regulations 2020, Reference document for authorised use: eligible goods and authorised uses, Customs, VAT and excise UK transition legislation from 1 January 2021, Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020, Reference Documents for The Customs Tariff (Suspension of Import Duty Rates) (EU Exit) Regulations 2020, Reference Document for The Customs (Origin of Chargeable Goods) (EU Exit) Regulations 2020, Reference Document for The Customs Tariff (Establishment) (EU Exit) Regulations 2020, and Export goods from the UK: step by step.