After the Spring Budget took place last month on Wednesday 6 March, the Spring Finance Bill 2024 (official title Finance (No. 2) Bill 2023-24) was published. The Bill reflects many of the tax measures announced as part of the Spring Budget. Second reading of the Bill has now been scheduled and will take place on Wednesday 17 April 2024.  Later this week on Thursday 18 April 2024, Tax Administration and Maintenance Day is due to take place. This now annual fiscal event is expected to contain details of the Government's work in simplifying administration of the tax system. Next Monday’s edition of Chartered Accountants Tax News will report on the announcements made in full. 

In the return of our weekly miscellaneous updates, read the latest news and information bulletin from HMRC and a new digital service is to be launched from March 2025 for alcohol duty approval, returns, and payments for UK producers. HMRC is writing to some taxpayers to confirm that boiler upgrades may qualify as repairs and details of common errors made in corporate interest restriction returns have been published. The Government has also published a Written Ministerial Statement on the addition of an anti-abuse rule to the UK’s Pillar Two rules and HMRC has published its framework for co-operative compliance, a set of principles that both large businesses and HMRC should apply to the way they work. And finally, the regulations which provide for offset of tax under the off-payroll working rules came into effect from 6 April 2024.  Correction to treatment of boiler upgrades  We understand that in 2023, HMRC sent letters to wealthy taxpayers and their appointed agents which said that boiler upgrades were capital and not revenue in nature and did not constitute a repair.   In recent weeks HMRC has been contacting the same taxpayers to advise that this was not correct. Note that the original letter asked those who received it to check the property pages of their 2021/22 Self-Assessment return. The letter sets out that anyone who amended their return to treat a boiler upgrade as not being a repair should email responseteam5@hmrc.gov.uk if they believe they are entitled to claim more tax relief on such expenses as a result of this incorrect advice.   Pillar Two - addition of anti-abuse rule   Last month, the UK Government published a Written Ministerial Statement setting out details of the addition of an anti-abuse rule to the UK’s Pillar Two rules. This will be legislated for in a future Finance Bill but will apply from 14 March 2024 and not from 15 December 2022 as recommended by the OECD.  The addition of this anti-abuse rule is in response to Administrative Guidance published by the OECD in December 2023 which includes anti-avoidance rules where multinational enterprises sought to enter into certain transactions or arrangements with the intention of exploiting the Transitional Country by Country Reporting safe harbours for the Pillar Two regime.   Off-payroll working tax offset now possible  The Income Tax (Pay As You Earn) (Amendment) (No. 2) Regulations 2024 came into effect from 6 April 2024. These regulations allow HMRC to offset taxes already paid by a worker and their intermediary on income from engagements under the off-payroll working (IR35) rules against a subsequent PAYE liability of the deemed employer in respect of the same income.  

Revenue has updated the Tax and Duty Manual regarding the deduction of tax from interest payments by certain deposit takers.   The updated manual provides that deposit interest arising on the following deposits can be paid without deduction of Deposit Interest Retention Tax (DIRT):  a deposit that is solely in respect of a general payment, and work related payment if applicable, under the Mother and Baby Institutions Payment Scheme, and  a deposit that is solely in respect of monies that are beneficially owned by a Pan European Pension Product. 

The Parliamentary Budget Office (PBO) has published a paper titled Budget 2024: A Distributional Impact Analysis of Government and Opposition Tax and Welfare Packages on Irish Households. The paper analyses, by disposable household income decile and family type, the costs and distributional impacts of the government’s Budget 2024 tax and welfare packages and those proposed by Sinn Féin, Labour, Social Democrats and People Before Profit.  A fully interactive version of the results, allowing for direct comparison of the different Budget 2024 packages, is also available here. 

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service and Cabinet Office Borders bulletins are also available. Read the email from HMRC about the beginning of physical checks of imports from the EU of certain sanitary and phytosanitary (SPS) goods from 30 April 2024, which is effectively the next part of the UK’s Government’s implementation of its Border Target Operating Model and see below for some useful new resources in relation to the Windsor Framework.  Windsor Framework resources  The Northern Ireland Assembly’s EU Affairs Team recently published some new resources on the Windsor Framework which includes a summary of the UK and EU legislation required to implement it, information and flowcharts on the Stormont Brake, applicability motions, and the work of the Democratic Scrutiny Committee, and a timeline of the key events and milestones.  Miscellaneous updated guidance etc.   Recently updated guidance, and publications relevant to EU exit are set out below:-  Importing SPS controlled goods that interact with ALVS;  Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS);  Authorisation type codes for Data Element 3/39 of the Customs Declaration Service;  Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS);  Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS);  Reference Documents for The Customs Tariff (Suspension of Import Duty Rates) (EU Exit) Regulations 2020; and  Customs, VAT and excise UK transition legislation from 1 January 2021.   

The Parliamentary Budget Office (PBO) has recently updated its comparative tool which allows users to compare their 2022 PAYE annual earnings to others in their county. It also helps them to assess affordability of property in the county. 

Revenue has updated the CAT Manual which provides an overview of the rules that apply for CAT purposes where a person receives a benefit as a result of the exercise of, the failure to exercise, or the release of a power of appointment. The updated guidance has been revised and refreshed throughout to provide clearer and more comprehensive guidance on the application of these rules. 

Businesses can only grow if owners are able to give time and attention to new ideas. Moira Dunne outlines how you can win back time to put towards developing your business In most businesses, the primary focus is on customer satisfaction and delivering products and services to the highest standard. To stay competitive and evolve, however, businesses must also continuously develop and improve their offerings. Coming up with new ideas to innovate isn’t a problem for many business owners who are able to carve out time to work on them – but for others, doing so can be a challenge. So, what is the best way to prioritise business ideas within the cut and thrust of a busy day, often while juggling urgent requests from important stakeholders? We know that, if we don’t develop the business, it can stagnate. This can lead to anxiety that makes us want to do everything at once, resulting in decreased productivity and little business growth. Win back time To include longer-term development activities in your schedule, you need to start working smarter to free up some time each week. There are three simple steps that can help you take back time to focus on bigger projects that can ultimately move the dial for your business. 1. Think Think about what you need to do to develop the business. Do you need a strategy? Do you need to improve your products? How can you innovate in new areas? Start capturing those great ideas that swirl around your head on paper. Then, review the list, prioritise and make a plan to deliver. 2. Understand Before you can win back time, you first need to understand where time is currently wasted. By using a simple time log template or any task tracker app, you can gain insights into your time usage. Popular apps include ToDoist.com, Monday.com or Zapier.com. This exercise can reveal patterns and trends that allow you to adjust your focus and activities to win back time – this time can then be redirected into higher-value business activities. 3. Identify Winning back time each week may require some hard decisions. Consider the following: What is the best use of your skill, knowledge and experience? Do you spend too much time on tasks that could be delegated? Do you focus on the operational work because the more strategic projects are harder to think about or work on? Are you reluctant to delegate because you don’t think tasks will be done to your standard? These are all common challenges when a business wants to grow and develop. You may decide to let go of tasks you enjoy working on. You may have to trust others within the team to step up and do the job. Be prepared to train some team members to achieve the long-term gain that benefits the business. Changes you can make today Actions you can take to win back time today will vary from business to business. Here are some for your consideration: Complete high-value tasks early in the week to give you momentum and motivation, which will also minimise the odds of getting pulled off track. Spend less time on low-value tasks by batching them together to complete at set times in the day. Leave the low-focus tasks until your low-focus time of day. Give yourself permission to say no. Protect time for high-value work by establishing routines, such as days without meetings or time blocks when you do not look at emails. Delegate or outsource what you can. Include regular reviews and feedback to ensure success. Share a document with the whole team to capture new ideas on an ongoing basis. Review this document at a set time, list and prioritise, then select the key ideas to progress. Moira Dunne is Founder of beproductive.ie

The research and development tax credit encourages new ways of thinking… just not, as it seems, from everyone, writes Dr Brendan McCarthy The most recent Worldwide R&D Incentives Reference Guide from EY demonstrates how most of the 46 jurisdictions discussed in the guide give preferential tax treatment to business research and development (R&D) expenditure in broadly similar ways. Subject to maintaining detailed records, eligible companies can typically offset the credit against their other tax liabilities or claim a refund in the form of cold, hard cash. When we consider the amount of money large pharmaceutical, medical device and other similar companies are likely to invest in R&D on an ongoing basis, it should come as no surprise that this credit can often run into many hundreds of thousands of euros, facilitating even further investment in R&D by both multinational companies and SMEs year after year. Ireland remains an outlier, however, in two important respects. First, for accounting periods commencing on or after 1 January 2024, eligible companies in Ireland can now claim a credit of 30 percent (previously 25%) of qualifying R&D expenditure, payable in three annual instalments. This amount exceeds that offered by most Western countries (in some cases by double digits) and is twice that offered by New Zealand, a similarly sized economy. However, apart from the level of the credit itself, what sets the Irish regime even further apart from most other jurisdictions is the concept of ‘key employees’. Recognising the reality that it is not companies that have innovative ideas but rather the people working for them, eligible companies have a further option: they can choose to use the credit to reduce the income tax liabilities of their R&D workers. Not all workers are eligible. Irish legislation stipulates that they must spend at least half of their time working in R&D, cannot be company directors, and cannot hold more than a five percent stake in their company. In other words, they must be bona fide R&D workers and cannot have a vested interest in the idea's success. Opting to surrender the credit in this way presents a dual benefit – not only does the company stand to benefit from the R&D underway, but the wider workforce is also incentivised to continue their good work. Even the most well-meaning of provisions can have unfortunate consequences, however. Having satisfied the criteria of being a key employee, the legislation states that the individual’s effective tax rate, after claiming the credit, can be no lower than 23 percent. This stipulation inevitably favours those paying tax at the higher rates (predominantly, the more senior and thus higher-paid workers), effectively leaving those paying the lower rates (the lower-paid, junior staff) out in the cold. Research has shown that employee input, or ‘voice’, can make a positive contribution to an organisation through, amongst other things, increased innovation, the identification of new and more efficient work practices, and the early detection and prevention of problems. This is irrespective of the employee’s rank or tenure within the organisation. Yet, this same research has also shown that employees, particularly those at the most junior levels, frequently withhold their voice on a wide variety of matters. One of the primary reasons for this is an overwhelming sense of futility, fuelled by an awareness of their low rank or position and a sense of ‘it’s not my place’. The requirement that the R&D worker’s effective tax rate can be no lower than 23 percent arguably adds fuel to this fire. By favouring those on higher incomes, the message seems to be that innovative ideas from lower earners are not worth the company’s time or investment. This baffling provision is not only overtly managerially biased but is patently contra to the spirit of the legislation, the primary objective of which was the promotion of new ideas and new ways of thinking. Moreover, it is hopelessly out of date. The provisions governing the R&D tax credit were first introduced into Irish tax two decades ago. Together with one of the lowest corporation tax rates on trading profits in the world, it remains central to the country’s efforts in attracting foreign direct investment. By leading the way in championing the contribution of ‘key employees’ and recently increasing the amount of the credit from 25 to 30 percent, successive Irish governments have not only shown a continued commitment to the R&D tax credit regime but also a willingness to make adjustments to its provisions, in a more equitable pursuit of its overall objective. So, it is fair to say that the Irish R&D tax credit encourages new ways of thinking… just not, as it seems, from everyone. It’s time we gave this some thought. Dr Brendan McCarthy is Assistant Professor in Tax at the University of Limerick

Tax must be considered as part of the Corporate Sustainability Reporting Directive’s double materiality assessment, explains Aidan Lucey The aim of the EU’s Corporate Sustainability Reporting Directive (CSRD) is to drive accountability and transparency by mandating companies operating in the EU to disclose information on material sustainability topics publicly. Even if companies have reported non-financial data in the past, they will likely need to expand the nature and extent of their disclosures. For some companies, tax could be considered a material sustainability topic, given the significance of tax contributions to society and heightened investor scrutiny. This means they will need to disclose information on tax publicly, too. Therefore, companies must understand the specific tax disclosures that may be required under CSRD. CSRD and double materiality Companies within the scope of CSRD are required to make disclosures on material sustainability topics in accordance with the European Sustainability Reporting Standards (ESRS). The ESRS covers sustainability topics across environmental, social and governance pillars and prescribe specific disclosure requirements. To determine the sustainability topics to be disclosed, companies must carry out a double materiality assessment. This involves assessing a company’s impact on the environment and society (“impact materiality”) and an assessment of how sustainability topics may affect the future performance of the company (“financial materiality”). If a sustainability topic is material to a company, but is not addressed by the ESRS, the company must still disclose information about it to enable readers to understand its sustainability-related impacts, risks and opportunities. Tax as a material topic Interestingly, the European Financial Reporting Advisory Group (EFRAG), which developed the CSRD standards, explicitly calls out tax as one of the topics on which organisations could make disclosures. In determining what sustainability topics are material for a business and its stakeholders, companies must consider many factors. While materiality considerations will differ for every organisation based on their specific sustainability and stakeholder profile, a range of factors could make tax a material consideration. These are outlined below. Social impact Tax is not just a cost of doing business, it is also a social responsibility. The taxes paid by an organisation, including those that it collects on behalf of governments, can represent its biggest monetary contribution to society. Those taxes fund public services, green infrastructure and community projects. Consequently, tax can be seen as a powerful indicator of a company’s societal impact. To assess this impact, stakeholders are demanding a greater level of tax transparency. They want to understand a company’s approach to tax, how tax matters are governed, and how much taxes are paid. Investors Tax is being factored into investor considerations when assessing the sustainability of a business. An organisation’s approach to tax can pose significant risks that affect investment returns in the medium and long term. To address these concerns, investors are taking steps to influence companies to make more comprehensive tax disclosures that will allow them to evaluate not only financial aspects but also governance and reputational risks associated with their approach to tax. Some investors have released codes of conduct encouraging transparency on tax from investee companies. Others have filed shareholder motions mandating tax disclosures under GRI 207, a specific tax standard released by the Global Reporting Initiative (GRI) to enable companies to disclose tax as part of their sustainability reporting. Tax disclosures under the CSRD can provide companies with an opportunity to build trust with investors, customers and society. Even where a company concludes that tax is not a material topic in its own right—possibly because other sustainability topics are viewed as higher priorities—tax disclosures could be considered under an existing ESRS. Tax disclosures required Where an organisation deems tax a material topic, EFRAG has indicated that GRI 207 could be used as the basis for its tax disclosures. GRI 207 consists of four categories of disclosures: Disclosure 207-1: Approach to tax. This requires an organisation to disclose details on its tax strategy, who oversees it, and how it aligns with its broader sustainability strategy. Disclosure 207-2: Tax governance, control, and risk management. This requires the disclosure of information about an organisation’s tax governance structure and how tax risks are identified, managed and monitored. Disclosure 207-3: Stakeholder engagement and management of concerns related to tax. This disclosure considers how an organisation engages with its stakeholders on tax matters. Disclosure 207-4: Country-by-country reporting. This disclosure requires an organisation to report on quantitative data, including its revenue, tax, and business activities on a country-by-country basis. A double materiality assessment is an essential step towards CSRD compliance. Full engagement between tax departments and sustainability teams will ensure that tax impacts, risks and opportunities are identified and considered in the double materiality assessment. Aidan Lucey is Tax Leader for CSRD at PwC Ireland

Are you a finance professional with governance responsibilities looking to boost your career prospects and become a leader in governance too? If so, you may be interested in the Fast Track Programme offered by the Chartered Governance Institute UK & Ireland (CGIUKI), the leading professional membership body for governance, with over 130 years of experience. The Fast Track route to our Qualifying Programme is a shortcut to achieving chartered status as a governance professional, opening up a range of exciting and rewarding career opportunities. The programme is designed for professionals who already have relevant experience and qualifications in the accountancy field. Instead of completing the full seven modules of the Qualifying Programme, eligible professionals only need to complete two modules and pass the exams to become chartered members of CGIUKI. “By qualifying in governance you get to see how a company runs from behind the scenes – from the top down to the bottom up.” Francesca Goddard, Joined CGIUKI in 2017 Why qualify to become a Chartered Member of CGIUKI? Becoming a Chartered member of CGIUKI, in addition to your status in the accountancy field, has many benefits, such as: Accelerated career advancement: You can obtain chartered status within a year* and stand out from the crowd – governance expertise will enhance your professional profile.  Dynamic and exciting career path: You can access diverse roles in various sectors, from board-level positions to strategic advisory roles, and make a positive impact on the organisations you work with. Boardroom-ready: You will be recognised as a qualified governance expert, commanding respect, and leading to greater earning power. “I joined CGIUKI  to progress my career in governance.” George Mills, Joined CGI in 2020 By joining CGIUKI, you will also become part of a second professional body, adding another string to your bow. You will gain access to our expert guidance on governance, as well as our events, webinars, and publications.  What if I don't want to study for exams? If you are not interested in gaining chartered status in governance, but still want to join our governance community to access our resources and expertise, you can apply for Affiliated Membership, a non-chartered route that does not require any exams or CPD. Affiliated Members enjoy a range of benefits, such as access to our guidance notes, technical briefings, and events/webinars. Affiliated Membership may be suitable for those who are responsible for governance to some extent in their roles, but do not want to pursue Chartered status. How can I find out more? If you are curious about the Fast-Track Programme or Affiliated Membership, click here for more information. Our website also features testimonials from our members. We are happy to book a consultation with you to answer any questions you may have and guide you through the application process.  Don't miss this opportunity to fast track your career and join the leading professional body for governance. Contact us today and discover how CGIUKI can help you achieve new heights.  “The Fast-Track course has been so beneficial. Learning about the structure of Governance has been invaluable.” Shami Nathoo, CGI Fast Track Student Find out more about the Fast-Track Programme or Affiliated Membership at cgi.org.uk. *Two postgraduate-level modules with exams offered June and November each year This article is sponsored by CGIUKI

Welcome to the latest edition of Technical Roundup. In developments since the last edition, IAASA has issued a revised version of ISA (Ireland) 505 – External Confirmations. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2024 with early adoption permitted.  The Financial Reporting Council has welcomed the culmination of the first phase of the government’s review of non-financial reporting requirements for UK companies which aims to simplify the reporting framework as part of its Smarter Regulation agenda. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council has issued its final amendments to the FRS 102 and FRS 105 accounting standards, which will finalise the periodic review of the standards. The amendments (of which most come into effect from 1 January 2026) include changes to revenue recognition rules under FRS 102 and 105, and changes in the way some leases are measured & recognised under FRS 102. For more information please see our recent news item. The FRC has issued some guidance material relating to the amendments. They are also planning a webinar to discuss the amendments to the standards on 15 May. The International Accounting Standards Board’s (IASB) deadline for responding to their recent Exposure Draft  Financial Instruments with Characteristics of Equity Proposed amendments to IAS 32, IFRS 7 and IAS 1 has passed. The Financial Reporting Technical Committee of Chartered Accountants Ireland has issued its response to this consultation, which includes some recommendations to the IASB in finalising the project. The UK Endorsement Board has also published its response to the same consultation. The IASB has announced that it plans to issue its next IFRS standard, IFRS 18 Presentation and Disclosure in Financial Statements, on 9 April 2024. The IASB, in conjunction with the Education Committee and the Financial Reporting Standards Committee of the European Accounting Association (EAA) is holding an education workshop on 22 April to provide an overview of the standard. The IASB has published for public comment the Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard, which supplements the exposure draft published in September 2022. The deadline for responding to this consultation is 31 July 2024. The IFRS Interpretations Committee (IFRIC) has issued its Q1 2024 podcast. This considers some recent activity, including the treatment of climate related commitments under IAS 37 Provisions Contingent Liabilities and Contingent Assets. IFRIC has also released its March 2024 update. The IFRS Foundation has issued its March 2024 monthly news summary as well as its National Standard Setters Newsletter. The IASB has also issued a March 2024 update and podcast. EFRAG, the European Financial Reporting Advisory Group has extended the deadline for responding to its two surveys on the post-implementation review of IFRS 16. The deadline remains open until 22 April 2024. The UK Endorsement Board has announced some outreach activities to understand UK stakeholder views on IASB’s Exposure Draft Business Combinations – Disclosures, Goodwill and Impairment. The FRC has published its Plan and Budget for 2024-25, outlining its aims for a year of consolidation and prioritisation to support public interest outcomes and UK economic growth. The UK Government has announced its plans to legislate following its non-financial reporting review. The planned measures include a planned increase to the company size thresholds by approximately 50%, as well as other measures designed to streamline and improve reporting requirements. The FRC has welcomed the announcement. The IFRS National Standard Setters March 2024 Newsletter has been issued which features details on the upcoming 2024 World Standard Setters Conference in London and ISSB recent highlights. Auditing IAASA has issued a revised version of ISA (Ireland) 505 – External Confirmations. The main changes to the standard relate to: Clarification on what constitutes an electronic external confirmation. Prohibition on the use of negative external confirmations. Strengthened link with ISA (Ireland) 330 The Auditor’s Responses to Assessed Risks. Enhanced requirements concerning the investigation of exceptions. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2024, with early adoption permitted. The revised ISA (Ireland) 505 is available here. Anti–money laundering and sanctions We have recently prepared an information booklet entitled The Economic Crime and Corporate Transparency Act 2023 – Changes in Companies House outlining the first set of changes introduced by Companies House on 4 March 2024. The Economic Crime and Corporate Transparency Act gives Companies House, along with the Registrar of Companies for Scotland and the Registrar of Companies for Northern Ireland, the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, its measures will lead to improved transparency and more accurate and trusted information on its registers. The Dept. Of Justice has recently published Guidelines for Designated Persons supervised by its Anti-Money Laundering Compliance Unit (AMCLU). The purpose of the Guidelines is to assist those Designated Persons supervised by the AMLCU in understanding and meeting their Anti-Money Laundering and Countering the Financing of Terrorism obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended and related Statutory Instruments. Please click here for a press release with some further details. Insolvency The CCAB-I Insolvency Committee has recently published Technical Alert - Cross Border Insolvency and Brexit. This Technical Alert considers the impact of Brexit on both the recognition of Irish Insolvency proceedings in the UK and the recognition of UK Insolvency proceedings in Ireland. Sustainability The International Sustainability Standards Board (ISSB) has issued an update on the jurisdictional progress made in adopting the IFRS Sustainability Disclosure Standards. This includes details of the countries who are consulting on their adoption, as well as those who have completed their jurisdictional consultations. The ISSB has issued its March 2024 update and podcast. The FRC has announced the launch of its first market study to examine the UK market for sustainability assurance services. The study aims to ensure this rapidly growing market is functioning effectively and providing high quality assurance over companies' sustainability reporting. The GRI has published three new guidance documents to support global policymakers. These documents cover Double Materiality, Due Diligence and the CSRD. The Ministers for Finance and for Public Expenditure recently published the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024. The Bill will provide for the establishment of the two funds in its title. One is the Future Ireland Fund which is for the purpose of supporting State future expenditure pressures including ageing, climate, digitalisation and other fiscal and economic challenges in a consistent and sustainable manner from 2041 onwards. The other is the Infrastructure, Climate and Nature Fund which is for the purpose of supporting State expenditure, in 2026 or any year after that to assist with climate change objectives and nature, water quality and biodiversity issues. The Fund will provide for resources for spending in a future downturn to support expenditure through the economic and fiscal cycle and to support designated environmental projects. Please click here for a press release on the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 which provides further information. Other news The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its third consultation package under the Markets in Crypto-Assets Regulation (MiCA). As part of the Financial Reporting Council (FRC)’s review of the UK Stewardship Code 2020, a series of roundtable discussions are being held on the efficacy of the 2020 Code in order to receive feedback on areas for potential improvement and the extent to which the Code continues to meet its stated purpose.  These discussions will run from 26 March to 7 May. The FRC and the Australian Securities and Investment Commission (ASIC) have announced a Memorandum of Understanding on Reciprocal Arrangements (MOURA) making it easier for auditors to work between both countries. The UK’s Financial Intelligence Unit has issued the 25th edition of its SARs in Action magazine which focusses on the Illegal Wildlife Trade. Powering Prosperity – Ireland’s Offshore Wind Industrial Strategy, is the first strategy of its kind for Ireland which aims to build a successful and impactful offshore wind energy industry.  It was developed as part of close ongoing collaboration between the Department of Enterprise, Trade and Employment and other government departments and agencies within the Offshore Wind Delivery Taskforce (OWDT). Proposed new company law provisions The Department of Enterprise, Trade and Employment published the General Scheme of Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 on 15 March 2024. The General Scheme proposes wide ranging changes to the Companies Act 2014. Changes which may be of interest to readers include a change to loss of audit exemption, receiverships, SCARP and winding up, three new grounds for involuntary strike off, changes for Corporate Enforcement Authority and provisions relating to IAASA. You can click here to read an Institute news item giving more detail about the proposed changes. Corporate Enforcement Authority Readers can also find more detailed information on changes that the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 proposes for the Corporate Enforcement Authority (CEA) in the CEA’s recently published  information note and press statement. For further technical information and updates please visit the Technical Hub on the Institute website.      This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.