The recent launch of our New York chapter, held on Monday 10 March at the Consulate General of Ireland in New York, was met with much enthusiasm from members. This event marks an exciting milestone, and the Institute is confident that it will open up new opportunities for the growing network of Irish Chartered Accountants in the New York area. Conall McGonagle FCA will lead this newly established chapter, working closely with Gillian Duffy, District and Global Member Manager. Following this, President Barry Doyle, Deputy President Pamela McCreedy, and District and Global Member Manager Gillian Duffy continued their US outreach engaging with members across the region. There are over 800 Chartered members living and working in the US, many of whom are based in New York and Washington, DC. The team had the opportunity to engage with members and stakeholders at events including the IBEC St. Patricks Day Dinner; the NI Bureau Breakfast; the St. Patrick’s Luncheon at the British Embassy; the American Chamber of Commerce Ireland's Business Breakfast, and the Ireland Funds Gala, attended by senior leaders from both Ireland and Northern Ireland. This outreach is vital to supporting our members overseas and in strengthening our enduring business ties with the USA, ensuring the continued stability and growth of our international relationships. Members who would like to know more about the New York Chapter – or any other overseas member chapter – can contact Gillian Duffy directly.

The UK Government has published in draft the Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025. They have not yet been adopted and that date is currently unknown. If adopted the legislation will repeal most requirements relating to the reporting of directors’ remuneration by quoted companies that were added in 2019 to implement the EU revised Shareholder Rights Directive. The explanatory memorandum explains that those requirements overlapped considerably with the reporting framework as it was before the Directive’s implementation, or added no material value to shareholders so this legislation would remove most of these requirements, to avoid duplicative or unnecessary reporting. It will also make changes to the existing audit regulatory framework to address some gaps or inconsistencies in regulations that have been identified by Government and the audit regulator, the Financial Reporting Council (FRC). The changes form part of wider action being taken by the Government to streamline the UK’s non-financial reporting framework. Readers can find more information about the changes in the explanatory memorandum to the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025. 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.  

Members in Australia represented the Chartered Accountants Ireland Australian Society at the Irish Australian Chamber of Commerce lunch in Melbourne and in Sydney at the Lansdowne Lunch. Check out the photos here.

In recent months the Institute has approved certain Institute Registered Auditors (audit firms), and responsible individuals (RIs) at those firms, to carry out sustainability assurance engagements in Ireland, pursuant to the EU Corporate Sustainability Reporting Directive (CSRD) as transposed into Irish law.  These are referred to as ‘approved firms’ and sustainability assurance service providers (SASPs) respectively.   The recent Omnibus proposals from the EU Commission have created uncertainty over the scope of the CSRD going forward.  Audit firms should be alert to these emerging developments when considering whether and/or when to seek approval to carry out sustainability assurance engagements.  Transitional (‘grandfathering’) arrangements for SASP approval The EU Omnibus package does not include proposals to directly change the transitional (‘grandfathering’) arrangements for SASP approval. Therefore, it remains the case that an individual approved as a RI in Ireland before 1 January 2026 can avail of transitional arrangements when applying for approval as a SASP.   Under those transitional arrangements a RI is eligible for SASP status if he/she undertakes a minimum of 60 hours of CPD in the relevant subjects.   Note that a RI who is approved as RI in Ireland before 1 January 2026 does not have to apply for SASP status before 1 January 2026 to be eligible to avail of the transitional arrangements described above.  A person approved as RI on/after 1 January 2026 who applies for SASP status will be required, by law, to complete an examination and 8 months relevant practical experience to gain the sustainability assurance qualification. Eligibility for approval to carry out sustainability assurance engagements The eligibility criteria for SASP and firm approval are set out in the Institute’s Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland (the Audit Regulations).   The Institute has prepared FAQs to provide information for audit firms and RIs considering applying for approval to carry out sustainability assurance engagements. For audit firms who do wish to apply for approval at this time, the audit compliance principal can start the application process by contacting sasp-applications@charteredaccountants.ie to request the relevant application forms.    When an audit firm first applies for approval to carry out sustainability assurance engagements at least one RI at the firm must also submit an application for approval as a SASP. Ongoing obligations of approved firms and SASPs Once approved to carry out sustainability assurance engagements, an approved firm and SASP have ongoing obligations in relation to SASP CPD, compliance with relevant provisions of the Audit Regulations and annual regulatory fees relating to sustainability assurance approved status.  Regulatory Fees It is necessary for the Institute to collect regulatory fees to fund the Institute’s work in providing a robust regulatory framework for approved firms and SASPs.  Each application for SASP status is subject to an approval fee.  From 2026, ongoing annual regulatory fees will also be payable by approved firms. Applications for RI status in 2025 An applicant for SASP status must be a RI in Ireland.  As outlined above, an applicant who is approved as RI before 1 January 2026 can avail of transitional arrangements when applying for SASP status (even where that SASP application is made at a date after 1 January 2026).  If an audit firm wishes to designate new RI(s) during 2025 with the intention of ensuring that the RI status of that person is approved by the Institute before 1 January 2026, the firm is advised to submit application(s) for RI status to the Institute as soon as possible, and at the latest by   1 August 2025.    Early application allows time, in most cases, for assessment of the application by the Institute, including where necessary, consideration by the Quality Assurance Committee, before the end of 2025. The Professional Standards Department cannot provide guaranteed timelines for consideration and approval of RI applications as time required depends on the nature of the application.  Complex or incomplete applications for RI status may take longer to process than well-presented, detailed applications which clearly demonstrate an applicant’s competence and experience.  While the transitional arrangements for SASP status may encourage some firms to consider appointing more RIs during 2025 than might otherwise have been intended by the firm, firms are reminded that only appropriately qualified and experienced individuals can be granted RI status in accordance with the Institute’s Audit Regulations. Application forms for RI status are available on the Institute’s website.  Queries regarding RI applications can be directed to authorisations@charteredaccountants.ie.

The Commission has issued a reasoned opinion to Spain for failure to allow the deduction of directly related expenses when calculating withholding taxes on royalty payments received by non-resident taxpayers. Spain has two months to respond and take the necessary measures.

The European Commission has decided to refer Spain to the Court of Justice of the European Union on a failure to remedy an infringement in relation to the free movement of capital (Article 63TFEU) leading to a discriminatory tax treatment of non-resident taxpayers.

The European Commission has released its latest data on taxation trends in all EU countries, Iceland and Norway. The data provides statistical information on tax revenue by economic function, type of tax, level of government and implicit tax rates, enabling the assessment of tax systems from various perspectives.

The European Council has reached political agreement on a further amendment of Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC9). The amendment will streamline the filing obligations and reduce the compliance burden for companies arising under the Pillar 2 Directive, as it enables MNEs to file one top-up tax information return for the entire group at a central level.

The VAT in the Digital Age (ViDA) package was adopted on 11 March 2025 following further consultation of the European Parliament. Once enforced, Member States will be able to introduce mandatory e-invoicing under specific conditions, and improvements will be made to the Import One-Stop-Shop (IOSS) framework for improved controls.

Revenue has recently updated three other Tax and Duty Manuals. The updated manuals relate to the Form P11D, the pensions manual for overseas employment and statutory registration fees paid to the Health and Social Care Professionals Council. Details are set out below. The manual Form P11D includes further details on what is required to be included on the form, The pensions manual Overseas Employers, Overseas Employees and Employees seconded from Overseas has been updated to remove outdated material, and The manual Deduction for statutory registration fees paid to the Health and Social Care Professionals Council (CORU) has been updated to include the list of professions regulated by the CORU and the professions which have the CORU annual statutory fee included in the relevant flat rate expense allowance.

Revenue has updated the Tax and Duty Manual Schedule E expense deductions for employed consultants and non-consultant hospital doctors (NCHDs). The updates include a link to the manual General Rule as to Deduction of Expenses in Employment which provides further guidance on the following: The principles for determining tax deductibility of general expenses incurred in the performance of the duties of employment, and Flat rate expense allowances and the relevant claim process. The list of publicly funded hospitals in Ireland has been updated in Appendix 1.

Revenue has updated the Tax and Duty Manual Statement of Affairs (Probate) Form SA.2 to outline a change to the process for submitting requests for clearance from Revenue to distribute benefits to non-resident beneficiaries.  Requests for clearance must submitted individually for each beneficiary to protect the integrity of each beneficiary’s personal information. A solicitor can use a TAIN (“Transaction Advisory Identification Number”) to submit each request for clearance separately to Revenue. Information on the use of the TAIN is included in the manual.