In Irish news, the Department of Finance hosts the third meeting of the Business Tax Stakeholder Forum and the ROS pay & file extension date for 2023 income tax returns is announced. In UK news, read our update on Making Tax Digital for income tax and the Spring Finance Bill is progressing through Parliament. In International news, the European Commission commits funding to the OECD’s carbon mitigation program. Ireland Read our update of the third meeting of the Business Tax Stakeholder Forum hosted by the Department of Finance. Revenue announces the ROS pay & file extension date for 2023 income tax returns. UK Read our update on Making Tax Digital for income tax. The Spring Finance Bill is progressing through Parliament. International The European Commission commits funding to the OECD’s carbon mitigation program. 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.

As part of the public consultation on proposed amendments to its fraud standard (ISA 240) the International Auditing and Assurance Standards Board (IAASB) has published a new four-part video series. The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them. The proposed changes to ISA 240, published in February 2024,  significantly strengthen auditors’ responsibilities relating to fraud and the IAASB askes stakeholders to respond by June 5, 2024.

Chartered Accountants Ireland have responded to the consultation by IAASA on the adoption of a sustainability assurance standard in Ireland.    We believe that ISAE 3000 should be adopted for use for sustainability assurance reporting in Ireland as soon as is practical and that it remains in place until an EU standard is adopted. The first wave of reports will be required in early 2025 therefore it is imperative that a decision is taken quickly. We responded to the IAASB consultation on the proposed new standard ISSA 5000 in December 2023.  We are supportive of the development of this new assurance standard but the timeline for the finalisation and adoption of this standard in the EU means that an interim solution is needed for reporting.  

The Department of Finance held the third meeting of the Business Tax Stakeholder Forum at Government Buildings on Merrion Street last Friday morning. The meeting was chaired by Clare Costello (Acting Head of Tax for the Department of Finance). A delegation from the Institute, under the auspices of the CCAB-I, attended the meeting. Representatives from the American Chamber of Commerce, the Law Society, Enterprise Ireland, IBEC, and the Irish Tax Institute were also in attendance, as well as representatives from Revenue and the Department of Enterprise Trade and Employment. The agenda for these meetings is driven by the Department of Finance and the meetings are an opportunity to update stakeholders on the latest in tax policy on both the domestic and international fronts. Stakeholders in turn provide feedback to the Department of Finance on the matters raised. On the domestic front, the main topics of discussion were the first Participation Exemption Feedback Statement and the Strawman proposal, the review of interest deductibility (expected in Q3 this year), and the recent public consultation on share-based remuneration. The group was also informed that a report on the Funds Sector 2030 review and public consultation is expected by mid-summer. On the review of interest deductibility, the Department advised that this will be multi-year project. On the international front, the main areas discussed were the recent progress on Amounts A and B of Pillar One, the incoming OECD administrative guidance on Pillar Two, the UN Tax Cooperation initiative, and the latest developments with Ireland’s tax treaty network. Revenue’s Eugene Creighton (Assistant Secretary for International Tax) and John Bradley (Principal Officer – Transfer Pricing) gave a presentation on Ireland’s Competent Authority Function for Dispute Resolution under the Mutual Agreement Procedures (MAPs) and Advanced Pricing Arrangements (APAs).

The European Commission has signed an agreement with the OECD to provide financial support to the OECD’s Inclusive Forum on Carbon Mitigation Approaches (IFCMA). The IFCMA is a project which aims to optimise global emissions reduction efforts by better data and information sharing, evidence-based mutual learning, and inclusive multilateral discussions. The IFCMA was launched in February 2023 and has welcomed 58 members, including some from outside the OECD.

Revenue has announced the extended ROS filing and payment date for self-assessed income taxpayers and taxpayers liable to capital acquisitions tax (CAT). The due date for filing the 2023 Form 11 and the payment of taxes is Thursday 14 November 2024. This is also the due date for CAT returns and payments for beneficiaries receiving gifts/inheritances with valuation dates in the year ending 31 August 2024.  The extension is available to taxpayers who pay and file through ROS only. Where either one of these actions is completed other than through ROS, the deadline for submission and payment is Thursday 31 October 2024. 

Revenue has updated the Tax and Duty Manual on the importation of motor vehicles from the UK to reflect the extension, by the UK, of the VAT second-hand car margin scheme deadline to 30 April 2024. The updated manual outlines the registration requirements (section 10.1 and 10.2) and customs obligations (appendices 1.2 and 1.3) applicable to vehicles imported into the State from Great Britain via Northern Ireland and directly from Northern Ireland. 

Revenue has updated the Tax and Duty Manual regarding the Return Preparation Facility (RPF). The RPF can be used to prepare and save certain tax forms before filing via ROS. It is Revenue’s intention that the RPF will, in time, replace the ROS Offline application for the majority of forms.   The updated guidance advises that, when ROS is unavailable during upgrades, the RPF is available and can be accessed from the “ROS site down” message. It also includes information on two additional forms now available in the RPF, being the Capital Acquisitions Tax Form IT38 and the Excise Licence ROM1 Form. 

Readers are reminded  that there are just over two weeks left to the 1 May deadline for those within the Debt Warehouse Scheme (DWS) to either pay their warehoused debt or engage with Revenue on addressing the debt. Where the debt exceeds €500, taxpayers can enter into a phased payment arrangement (PPA). Revenue will require taxpayers to complete the Form ePPA1 when making a PPA application. 

Revenue has updated the Tax and Duty Manual regarding tax clearance for Standards in Public Office applicants.  The updated guidance reflects a legislative change to judicial appointments which now requires statutory declarations to be furnished to the Judicial Appointments Board not more than three months before a recommendation. 

Revenue continues to provide free webinars on the enhanced reporting requirements (ERR) for employers. Last week Revenue issued notifications of upcoming webinars to employers’ ROS inboxes. The notice contains a link to Revenue’s ERR webpage where a ticket can be booked to attend any of the additional webinars. Revenue has also posted informational videos on its website to assist employers with their ERR submissions. 

Revenue has updated the Tax and Duty Manual which provides guidance for MyAccount users. The manual is updated to include information regarding the advisory timeout message that will appear after 25 minutes of inactivity in MyAccount. Five minutes after this message appears the customer will be logged out unless there is further activity within the timeframe.