The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The fund will be used by Enterprise Ireland and IDA Ireland to support client companies to reduce their industrial emissions between now and 2030 through the Environmental Aid scheme. The Minister also published the Decarbonisation of Industrial Heat Roadmap, which sets out what the operating environment for energy used in manufacturing will look like in the future. It identifies the key interventions necessary to decarbonise heat-use in manufacturing sectors, including the supports that are available to companies, forthcoming regulations, and the policies underpinning them. Commenting, Minister Burke said “I’m ringfencing €300m in funding to give these companies certainty that the government will support them in making these significant investment decisions so that Ireland can achieve our 2030 abatement target,” he said. Dara Calleary, junior minister for enterprise, said it was the job of every business, large and small, to decarbonise. “While it’s something we all have to do, it should also be seen as an opportunity for businesses to improve their competitiveness … Becoming more sustainable can help a business to attract and retain talented staff, as well as meeting the growing customer demand for greener products and services”. The vast majority of industrial emissions are generated by companies primarily in the food and beverage, cement, pharmaceutical, and chemicals sectors that are supported by Enterprise Ireland and IDA Ireland.

  In this week’s Sustainability/ESG bulletin, read about the Government’s announcement of €300 million for decarbonisation of manufacturing sectors in Ireland. Also covered is the new Greenhouse Gas (GHG) Emissions Reduction strategy, a new public procurement strategy, and the new Sustainable Development Goal (SDG) Champions for 2024-5, as well as updates from Northern Ireland, Europe and IFAC, and the usual awards, jobs, articles, resources and events.   Ireland news €300 million to drive the decarbonisation of manufacturing sectors The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The Minister has also published the Decarbonisation of Industrial Heat Roadmap, which sets out what the operating environment for energy used in manufacturing will look like in the future. Read more  Government approves new greenhouse gas (ghg) emissions reduction strategy The Government has approved Ireland’s updated Long-term Strategy on Greenhouse Gas (GHG) Emissions Reduction. The strategy, which updates one prepared in 2023, links the shorter-term Climate Action Plans and Carbon Budgets and the longer-term objective of the European Climate Law and Ireland’s National Climate Objective. New public procurement strategy to be developed The Government has announced it is to develop a new national public procurement strategy to build on the public procurement reform programme established in 2013 and to align with the 2023 Better Public Services: Public Service Transformation 2030, . The move is to help achieve the Government’s long-term vision for public procurement, i.e. that it be sustainable, innovative, transparent and cost-effective. Adoption of Ireland’s revised National Recovery and Resilience Plan The EU Economic and Financial Affairs Council’s (ECOFIN) has adopted Ireland’s modified National Recovery and Resilience Plan (NRRP), which includes Ireland’s €240m REPowerEU Programme. Ireland’s modified plan is now worth €1.15 billion (in grants) and covers 19 investments and 11 reforms. The overall objective of Ireland’s NRRP is to contribute to a sustainable, equitable, green and digital recovery effort, in a manner that complements and supports the Government’s broader recovery efforts from the global Covid 19 pandemic. Government approves General Scheme of Environment (Miscellaneous Provisions) Bill 2024 The Government has approved the General Scheme of the Environment (Miscellaneous Provisions) Bill 2024. This Bill is intended to streamline the EPA’s licencing system by providing definite timeframes for decisions and more options for the Agency to efficiently regulate lower-risk activities and minor changes to licences. It also ensures that appropriate and proportionate environmental protections are in place. The General Scheme will be the basis of the Bill which will be brought to Government before being published and introduced in the Oireachtas. Government green lights sustainable water project A project, described as one of the largest and most important infrastructure projects in the history of the State, has received Cabinet approval in principle this week. The Water Supply Project aims to  develop a new, climate-resilient, long-term water source to meet the demands of a growing population and economy, including the need for housing and mitigating against the impacts of climate change. Following Cabinet approval, Uisce Eireann will submit a Strategic Infrastructure Development application to An Bord Pleanála next year with construction estimated to take 4-5 years. 20 New Sustainable Development Goal (SDG) Champions announced for 2024-2025 20 new organisations from across Irish society have been appointed Sustainable Development Goal (SDG) Champions, bringing to 54 the number of Champions in Ireland from programmes since 2019. These include Musgraves, the GAA, Macra na Feirme and Chambers Ireland. The chosen organisations will help raise awareness of the importance of the UN SDGs as a roadmap for a safer, fairer, more prosperous and sustainable future for all, that leaves no-one behind. UK/Northern Ireland news Funding for decarbonisation/waste reduction Funding has been made available under the Creative Catalyst Challenge Fund to finance research and development (R&D) of an innovative new product/system or process that decarbonises or reduces waste within the creative industries, reducing climate impact and/or leading towards net zero. The bespoke fund offers a total grant pot of £250,000 for creative entrepreneurs and businesses working within the creative industries in the UK. Find out more here. Carbon literacy training for businesses Accredited carbon literacy training is being offered to businesses in Northern Ireland by Business in the Community (BITC). The training is designed to improve understanding of carbon literacy and to explore the opportunities, risks and challenges of climate change. The training is accredited to meet the Carbon Literacy Standard and independently verified by The Carbon Literacy Project. Find out more here. Grant competition – ethnic minority entrepreneurs The Minorities Recognition Awards NI (MRANI) and Techstart Ventures have teamed up to launch the Innovators grant competition for ethnic minorities in Northern Ireland. The collaboration offers entrepreneurial individuals from ethnic minority backgrounds, who are resident in Northern Ireland and have a novel business idea, a chance to apply for grant funding of up to £10,000 to further develop their ideas. Find out more here. Greenhouse gas emissions bulletin A statistical bulletin on greenhouse gas emissions for Northern Ireland from 1990-2022, has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA), and shows a decrease in 2022 of 3.0 percent compared with 2021, with a longer-term decrease of 26.4 percent compared with emissions in 1990. Read more here.   Europe News The European Environment Agency (EEA) has announced a decline in key air pollutant emissions across most EU Member States. 11 Member States – including Ireland – failed to meet their emission reduction commitments in 2022 for at least one of the five main air pollutants. The agency also published a review of the EU’s Climate-ADAPT online platform, which shows that sharing examples of adaptation actions can boost learning across the EU, Member States as well as regional and local authorities to help societies better prepare for climate change. The platform currently includes 134 case studies for learning and to inspire action.   The EU Commission has launched the European Solar Academy, the first in a series of EU Academies to be set up under the Net-Zero Industry Act (NZIA) to have in place the necessary skills along the net-zero technologies value chains. The role of NZIA academies is to develop learning content and programmes together with the industry, to ensure that sufficient skills and workforce in the value chain.   The European Union has disbursed €2.967 billion via the Modernisation Fund to support 39 energy projects in 10 EU Member States. These investments will support the modernisation of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency. The goal of the investments is to help Member States to meet their climate and energy targets and contribute to the EU's long-term target of reaching climate neutrality by 2050.   The EU Commission has announced it proposes to allocate €2.4 billion for environment and climate action, from a proposed annual EU budget of €199.7 billion for 2025. Of the €2.4 billion, €771 million is for the LIFE programme to support climate change mitigation and adaptation, and €1.5 billion is for the Just Transition Fund to make sure that the green transition works for all. The proposed annual budget aims to support the EU in meeting its political priorities while integrating the changes agreed in the mid-term revision of the Multiannual Financial Framework (MFF) in February 2024.  World news The International Federation of Accountants (IFAC) has released resources to help accountants understand sustainability assurance. Sustainability Assurance: What to Expect is part of a part of IFAC’s ongoing initiatives to convene, inform and mobilise sustainability reporting and assurance stakeholders. IFAC is also inviting organisations to reach out to them with opportunities for further collaboration, and is encouraging producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance. Also, to mark World MSME Day (27 June), IFAC has published an article on Rising to the Challenges of Sustainability: New Opportunities for Supporting Small Businesses, outlining the four key challenges and opportunities  for the accountancy profession that identified by IFAC and shared with the United Nations toward the end of 2023. Did you know? A Pride festival in the UK has gained recognition for combining both inclusivity and sustainability in its operations. Read about Worthing Pride here. Webinar  You can watch back the June Webinar 2024 of Practice News from Chartered Accountants Ireland, which features key regulatory updates from our Professional Standards team, as well as an overview from the Department of Enterprise, Trade & Employment on upcoming key changes to Irish Company Law, as well as how the implementation of CSRD will impact you and your clients.  (0:55:47 – 1:22:54) Podcast In Deep Impact Investing, podcast hosts Kimberly Griego-Kiel and Johann Klaassen discuss traditional investment norms and a new age of sustainable impact investing that aligns with personal values and plays an active role in global environmental and societal rejuvenation. Listen at Beyond Profits: Investing for a Sustainable Tomorrow (Ep. 102) – Deep Impact Investing (blubrry.net) Articles Peter Burke announces €300m for ‘competitive priority’ of reducing manufacturing emissions (Business Post) As new CSRD rulebook puts sustainability on a level footing with financial reporting, the work involved is “far from appreciated” (The Currency) How to secure funds for sustainability projects (ICAEW) What does the Corporate Sustainable Reporting Directive mean for the Global South? (World Benchmarking Alliance) PwC’s Global CSRD Survey 2024 -The promise and reality of CSRD reporting (PwC) Businesses need more time to implement CBAM (ICAEW) Resource: AI & CSRD webinar recording What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar earlier last week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Find out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here. Upcoming Events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Chartered Accountants Ireland, Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, closing date for entries. Includes two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities By email, 12 July   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September   Environment Ireland, Environment Conference In person, Croke Park, 17 October   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 Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 25 July, 14:00-15.30 Zoom 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. 

On 19 June, continuing with the Legal Series with A&L Goodbody, the Ulster Society hosted a webinar on 'When contracts go wrong - remedies, termination and heads of loss'. James Flanagan, Partner in A&L Goodbody’s Litigation team presented on when contracts go wrong, including managing disputes, how to prepare for termination and what constitutes loss, such as indirect or consequential loss. When Contracts Go Wrong - June 2024 slidedeck

In Irish news, priority email address functionality is now available for MyEnquiries, Revenue commits to updating procedures regarding its Tax and Duty manuals, and we bring you updates from a recent TALC meeting. In UK news, we remind you about the upcoming 2023/24 expenses, benefits, employment related securities, and PAYE settlement agreement deadlines, and set out how one of the Institute’s recommendations in relation to changes to the geographical scope of Agricultural Property Relief has been implemented in the latest Finance Act.  Ireland Revenue is now providing a facility in MyEnquiries for users to mark a designated email address as the priority email address for sending Revenue-initiated queries. Revenue commits to updating procedures regarding its Tax and Duty manuals. Read our update from the recent TALC Collections meeting.   UK We remind you about the upcoming 2023/24 expenses, benefits, employment related securities, and PAYE settlement agreement deadlines. Read about how one of the Institute’s recommendations in relation to changes to the geographical scope of the Inheritance Tax relief for Agricultural Property has been implemented in the latest Finance Act.   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 EU exit corner here.  

Sean Nolan and Joe Struble outline how the introduction of the new Corporate Transparency Act will impact Irish companies operating in the US Irish companies with business ties to the United States are now subject to new regulatory requirements under the US Corporate Transparency Act (CTA) 2021, which took effect on 1 January this year. This new legislation imposes stringent reporting obligations on both US and foreign companies, including those from Ireland, as part of a broader effort to combat financial crimes such as money laundering and terrorist financing. The legislation, while US-based, has significant implications for Irish businesses due to the global nature of modern commerce and close economic ties between Ireland and the US. The CTA also applies to individuals who own investment properties in the US through investment companies. What is required? The CTA mandates that all companies, including foreign entities registered to do business in the US, file a beneficial ownership information report with the Financial Crimes Enforcement Network's (FinCEN) new Beneficial Ownership Secure System (BOSS). This system is designed to increase transparency by disclosing the identities of the beneficial owners of companies, thereby reducing the potential for illicit activities facilitated through corporate anonymity. We are seeing a surge in requests for compliance assistance from Irish businesses uncertain about their obligations under the new US law. This emphasises the importance of compliance given the severe penalties for non-compliance, which include a daily default penalty of US$500 and potential imprisonment. Compliance burden The legislation reflects a strong commitment by law enforcement agencies in both Ireland and the US to tackle financial crime. It also introduces a significant compliance burden for legitimate businesses, however, which must now ensure they are fully prepared to meet these new requirements. For entities formed in 2024, the deadline to file their BOI reports is within 90 days of formation. Entities formed before 2024 have until 1 January 2025 to file. The required information includes detailed personal data about the beneficial owners, such as names, addresses, dates of birth and identifying numbers from documents like passport or driver’s licence. The BOSS database will be accessible to various US agencies, including those involved in national security, intelligence and law enforcement, as well as to state and local and enforcement agencies with court authorisation. This broad access aims to enhance the US government's capabilities in preventing, detecting and prosecuting international crime and terrorism. CTA filing requirements For Irish-owned companies operating in the US, analysing the CTA filing requirements and preparing an initial filing for a foreign-owned company can be complex. This is because of the limited availability of exemptions and the challenges in documenting beneficial ownership. The new Corporate Transparency Act aligns with several aspects of the European Union’s directives aimed at preventing money laundering and terrorist financing, which have been part of Irish law since 2016. The Act represents a significant shift towards greater corporate transparency and could set a precedent for future legislation in other jurisdictions, impacting global business operations. The implications of non-compliance could extend beyond financial penalties, potentially complicating future business dealings in the US due to criminal records against company owners or principal shareholders. Sean Nolan is a partner with Clark Hill in Dublin and Joe Struble is a corporate attorney with Clark Hill in San Antonio in the US

Thought leadership can be highly effective in professional services marketing, especially for accountancy firms. By showcasing expertise, firms can enhance their reputation and attract clients. Mary Cloonan explains how In today's competitive business-to-business landscape, thought leadership has emerged as a vital marketing strategy, especially for the accountancy profession. By establishing themselves as industry experts, firms can differentiate their services, build trust and attract high-value clients. Outlined below are seven steps you can take to enhance your firm’s marketing offering through the medium of thought leadership. Establish authority: thought leadership positions firms as knowledgeable leaders in their field. By consistently sharing insights, research and expert opinions, they demonstrate their expertise and reliability. Enhance brand visibility: regular publication of thought-provoking content can help firms stay top-of-mind among potential clients and industry peers. This increased visibility can lead to greater brand recognition and credibility. Build trust and relationships: clients are more likely to trust and engage with firms that provide valuable, insightful content. Thought leadership can foster long-term relationships by demonstrating a deep understanding of industry challenges and solutions. Drive business growth: thought leadership content can generate leads by attracting professionals seeking expert advice. It helps in converting prospects into clients by showcasing the firm's ability to solve complex problems. Validate and engage: content published by thought leaders acts as a validation point, which can reinforce your firm's expertise. This content can be shared on social media and forwarded to clients and prospects, further extending its reach and impact. Differentiation: in a crowded market, thought leadership sets firms apart. By sharing unique perspectives and innovative solutions, firms can differentiate themselves from competitors. Continuing Professional Development (CPD): Hosting, or offering to participate in, CPD events and workshops can help to educate clients on industry trends and also demonstrate the firm's expertise, fostering a culture of continuous learning and professional growth. How to implement thought leadership content To implement your thought leadership content, consider the following: Content creation: publish whitepapers, blogs and research reports regularly and bear in mind that this can be more effective if the research is industry-specific. Speaking engagements: participate in industry conferences and webinars. Social media: leverage platforms like LinkedIn to share insights and engage with your audience. Client education: host CPD events to educate clients on industry trends. The power of thought leadership For accountancy and advisory firms, thought leadership can be more than just a marketing tactic. It can offer a strategic approach to building authority, fostering trust and driving growth. By consistently demonstrating expertise and providing value, firms can create lasting client relationships and achieve sustainable success. Moreover, leveraging published content as validation on social media and for client communications amplifies its effectiveness with a view to building credibility with prospective clients. Mary Cloonan is the founder of Marketing Clever.

Organisational practices and culture often drive workplace conflicts. Ian Brinkley examines the impact of conflict and how it can be resolved and prevented in the future The modern workplace is often a place of harmonious or at least tolerable relationships, but sometimes things go wrong. Ranging from one-off tiffs to more serious and systematic incidents, conflict can occur even in the best run workplace. In early 2024, the Chartered Institute for Personnel Development (CIPD) conducted a large-scale workplace survey in the UK focused on the incidence, impact and resolution of conflict. What is conflict? According to the survey, conflict included feeling humiliated or undermined at work, being shouted at or in a heated argument, verbal abuse, unfair allegations, sexual and physical harassment, intimidation and assault and discrimination for a protected characteristic such as race, gender, disability or age. (The survey question did not mention religion.) About 25 percent of the UK workforce reported at least one form of conflict in the preceding 12 months. The most common conflicts involved being humiliated or undermined at work, being shouted at, followed by verbal abuse and discrimination linked to a protected characteristic. The most serious incidents, such as sexual and physical assault were thankfully rare. Most attention focuses on formal processes such as industrial tribunals, grievances and mediation as a means to resolve disputes. However, in practice, very few reported conflicts ever make it to this stage – just one percent ended up in employment tribunals, for example. The most common reactions are informal. About half of those who reported conflict reported that they let it go. Involving managers and HR was the second most common way of resolving conflict. Unresolved conflict About two-thirds of conflicts are either fully or partially resolved. However, one-third are not resolved at all. Unresolved conflicts may not be escalated because they are not serious enough, especially “one-offs”, or because people fear the repercussions if they do. The survey does not tell us directly which is more likely, though evidence on the impact of the conflict suggests the former is more common. Most people who reported conflict also said they had good working relations with managers and colleagues. However, they were more negative when it came to specific actions – for example, whether they were always treated fairly. We think this apparent contradiction is down to people making a distinction between working relations in general and specific incidents. Conflict also had relatively little impact on voluntary effort. Those who reported conflict were almost as likely to say they were willing to work harder than they needed to in order to help their organisation and just as likely to say they would help colleagues under pressure or make innovative suggestions. However, we do find a clear negative association between conflict and a range of other indicators of the quality of work. For example, those who report conflict are much more likely to say work had adversely affected their mental health and that they experienced excessive workloads and work pressures most or all of the time. We cannot tell from the survey whether the conflict was the cause of these negative impacts or whether workplaces, where work quality was already poor, are more likely to suffer conflict. Both are likely to be true. A decrease in workplace conflict The survey asked about conflict in 2019 and since then there has been a significant decrease from 30 to 25 percent of the workforce. There are, however, two important caveats. First, the improvement was largely confined to older white males in permanent, higher-skill white-collar jobs without disabilities. There was little or no improvement for the young; those in temporary or zero-hours jobs and short-hour contracts or those with disabilities, ethnic minorities and women. Non-heterosexual workers also saw less conflict over this period, but it still remains at a high level. In 2024, the latter groups reported significantly higher levels of conflict than the former, and since 2019 that gap has widened. Second, the fall in conflict has also been greatest for those groups that saw the biggest rise in home-working. Those who work at home are less likely to report conflicts such as being shouted at or subject to verbal abuse. Reducing workplace conflict No strategy to improve the quality of work can fully succeed unless the incidence of conflict is reduced, especially among the “left behind” groups. Improving the relative bargaining power of those who are more likely to report conflict may help. Legislative change focusing on formal dispute resolution may be justified but is unlikely to make much difference to the overall incidence of workplace conflict. The biggest impact is going to be from organisational practice. Improving work quality in workplaces with below-average work quality is an obvious priority, but even well-run organisations can suffer conflict. In both cases, mitigating some of the underlying causes of conflict, such as excessive workload combined with helping line managers manage conflict better in the future, will be required if progress is to be made over the next five years. Ian Brinkley is a labour market economist

The Department of Enterprise Trade and Employment has announced that the European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 (S.I. No. 301 of 2024) were signed into law on the 19 June and come into operation on the 1 July 2024. The purpose of the Regulations is to adjust company size thresholds in line with 25 per cent inflation, thereby reducing the regulatory and administrative burden on some companies, which would otherwise become subject to audit and additional financial reporting requirements.  The Regulations, which transpose delegated Directive 2023/2775/EU, amend the Companies Act 2014 increasing company size thresholds as set out below. These size thresholds are contained in sections 280A to 280I of the Companies Act 2014, with company size being typically determined based on the company meeting two out of the three size criteria (with other relevant factors also applying). The increased size criteria are as follows; micro company –a balance sheet total of not greater than €450,000, a net turnover of not greater than €900,000 and no more than 10 average employees. small company – a balance sheet total of not greater than €7.5 million, a net turnover of not greater than €15 million and no more than 50 average employees. medium sized company – a balance sheet total of not greater than €25 million, a net turnover of not greater than €50 million and no more than 250 average employees. large company –continues to be defined as a company that does not qualify as micro, small or medium (ie. balance sheet total of greater than €25 million, net turnover of greater than €50 million and more than 250 average employees). Group size thresholds have also increased as set out below; small group- group balance sheet total of no greater than €7.5 million net (or €9 million gross), group turnover no greater than €15 million net (or €18 million gross) and no more than 50 average employees of the group. medium group- group balance sheet total of no greater than €25 million net (or €30 million gross), group turnover no greater than €50 million net (or €60 million gross) and no more than 250 average employees of the group. The measures apply for financial years beginning on or after 1 January 2024, enabling companies to benefit from the adjusted thresholds immediately.  Companies may elect to apply the measures on or after 1 January 2023. Please see the DETE announcement. Chartered Accountants Ireland are delighted to see this regulation signed into law, giving clarity to companies on size thresholds, and their reporting requirements.      

Revenue has updated the Tax and Duty Manual which outlines procedures to make an application to pay Local Property Tax (LPT) by SEPA monthly direct debit. Paragraph 4 of the manual has been revised to include Andorra and the Vatican City in the list of countries in the SEPA area, and the screenshots to demonstrate online procedures in appendix 7 have been refreshed.

Revenue has updated the Stamp Duty Manual which provides guidance on the exemption from stamp duty on conveyances and transfers of property between associated companies. The exemption is provided under section 79 SDCA 1999 and is generally referred to as “associated companies relief”. The manual has been updated to clarify the treatment that may apply where the transferred property comprises shares in a company that is liquidated or dissolved within a two-year period following the transfer, resulting in the extinguishment of those shares (section 5.3.1).

Revenue has updated the Tax and Duty Manual regarding the confidentiality of taxpayer information. The updated guidance addresses the authorised disclosure of taxpayer information in the context of Joint Audits carried out by Revenue officials in conjunction with nominated officials from other EU Member States(paragraph 4.13). Section 891L TCA 1997, introduced by Finance (No. 2) Act 2023, implemented article 12a of DAC7. A joint audit is an administrative inquiry conducted by Revenue and the competent authority of another Member State when linked to a person of common or complimentary interest in both jurisdictions. At a recent meeting of the TALC Audit Sub-Committee, Revenue confirmed that the joint audit process is outside the scope of the Compliance Intervention Framework.

Revenue has updated the following guidance to reflect increases in the 2024 tax rate bands and tax credits in Finance (No.2) Act 2023: High Income Individuals' Restriction regarding income chargeable to tax at the standard rate in joint assessment cases; PAYE reviews where Week 53 applies; and Guidance on the income tax treatment of married persons and civil partners.