Next Gen must be able to see themselves in our profession’ – Donovan   Demand for improved work-life balance remains and needs to be tackled – Donovan  New President takes office 37 years after late father, Cecil Donovan assumed same position 19 May 2023 – The newly elected President of Chartered Accountants Ireland has today highlighted the significant perception gap that exists among Gen Z considering accountancy as a career path.  Sinead Donovan, Chair of Grant Thornton Ireland and Partner in its Financial Accounting and Advisory Services practice has made positioning the profession to attract the next generation the key objective of her one-year term.   The AGM of Chartered Accountants Ireland, the longest-established professional accountancy body on the island of Ireland took place in Dublin today.  The new President takes office 37 years after her late father, Cecil Donovan and the Institute now has over 31,700 members in over 100 countries, and 7,000 students. Donovan cited new Chartered Accountant Ireland research, conducted under the auspices of Chartered Accountants Worldwide among Gen Z respondents in Ireland and around the world, to emphasise this perception gap among Gen Z.  The study aimed to find out how the qualification is perceived by this cohort, in the context of skills shortages affecting the accounting profession, and many other professions globally.  The survey results showed a significant perception gap between those surveyed who had no experience /engagement with chartered accountancy, compared to those who had commenced their training.  Respondents from Ireland reported seeing chartered accountancy as challenging (56%), numbers-based (34%) and boring (19%). They were considerably less likely than the global average to view the profession as purpose-led (2%), creative (0%) or exciting (4%). Encouragingly however, once they started their chartered accountancy training, Irish respondents were far more likely to view it as varied (increased from 8% to 25%) and purpose-led, and those describing it as “boring” halved.    Donovan noted,  “It’s clear that once students commence their training, they get a much better sense of what the qualification is about, but for those who haven’t made the decision yet, the perception gap is pretty stark.  Irish students recorded a significant difference in perception, which shows us there is work to do.  Engaging the next generation of accountants and the next generation of leaders will be front of mind for the Institute this year.” Routes into the profession There are more routes into the profession today than ever before, but Donovan reflected on what now needs to be done to promote the qualification to the next generation, including changing the established and accepted ways of doing things.  She said, “If the next generation does not buy into what we do and see itself in our profession, it will be because we are not adequately selling it to them, whether at school or third level, or in the early stages of their professional training. I want to ensure that students understand what ACA is and what the benefits of entering the profession are. Gone are the days of calculators and ledgers – our focus now is on technology; data analytics; leadership skills and global developments. Being an Irish Chartered Accountant is respected around the globe and the qualification enables truly global travel and ability to do business.  “There has been a lot of attention in public discourse about the need to step up post pandemic and help students and new recruits adapt to the working environment.  I firmly believe there is also a need for us to re-examine that status quo and use this opportunity to ensure the environment is one that works for the next generation of the profession too.  Those at the start of their careers are seeking a greater degree of flexibility and better work-life balance.  Our profession is in the middle of a recruitment and retention challenge and if we don’t step up to harness this talent pool, we are missing out.”        

Welcome to this week’s Technical Roundup.    In developments this week, the IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements; a new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions. Read more on these and other developments that may be of interest to members below.  Audit IAASA has published its 2022 Annual Audit Programme and Activity Report. This report provides a summary of the activities performed by IAASA during 2022 to oversee the audit profession in Ireland. Financial Reporting The IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements. While the IFRS for SMEs Accounting Standard does not explicitly refer to climate-related matters, there are many areas of the standard where entities should consider climate-related matters and how this impacts accounting treatment. The educational material has been developed in response to feedback from some members of the SME Implementation Group and respondents to the 2022 Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. This feedback identifies that interest in the potential effects of climate-related matters on SMEs’ financial statements is growing among users of those statements. The UK Endorsement Board has adopted Lease Liability in a Sale and Leaseback- Amendments to IFRS 16. The Amendments add subsequent measurement requirements for sale and leaseback transactions to improve the requirements for such transactions in IFRS 16 Leases. These amendments were issued in September 2022 by the International Accounting Standards Board. The amendments have an effective date of 1 January 2024, with early application permitted. The European Council has extended the scope of rules to transfers of crypto assets, with the intention of making it more difficult for criminals to circumvent anti-money laundering rules via crypto currencies. Under the new rules, crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of crypto transfers, regardless of the amount being transacted. Sustainability In a EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts on 8 June to discuss the skills and education needed for finance professionals to contribute to a green and just transition. Insolvency The Insolvency Service in the UK is seeking views on proposed changes to its statistics publications to ensure it continues to produce relevant statistics that meet users' needs. The consultation closes on 30 June 2023. Other The FRC is hosting a webinar on the proposed revisions to Technical Actuarial Standard 300 (TAS 300) and the introduction of Technical Actuarial Standard 310 (TAS 310) relating to pensions. The proposed revisions include requirements for providing advice on setting actuarial factors and for bulk transfer exercises including buyout transactions with an insurer and transfers to a pension superfund. TAS 310 sets out the standards for actuarial work in relation to collective money purchase pension schemes.  The CCAB-I Business Law Committee has published a Technical Alert entitled Questions and Answers on the provision of PPSN for directors on certain CRO filings. This document outlines what is required under the new requirement, the potential issues arising and some practical guidance on actions that directors and their advisors can take to prepare for the new requirement which comes into effect on 11 June 2023. The European Securities and Markets Authority has released the latest edition of its Spotlight on Markets Newsletter. This Newsletter includes details of the third edition of the ESMA’s Data Quality report. On 8 May 2023, the Department of Enterprise Trade and Employment (DETE) launched a public consultation on proposals to enhance the Companies Act 2014. DETE has published a press release and consultation paper ion their website. The Institute will be making a submission in response to the consultation on behalf of members and all submissions can be emailed to companylawconsultation@enterprise.gov.ie .The closing date is no later than 5pm on 9 June 2023. A new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions. Global Fight, Local Actions: Anti-Corruption Advocacy Workbook for PAOs equips PAOs and accountancy profession leaders with the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs. For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.     

The Minister for Finance, Michael McGrath TD, has published an analysis by his department entitled Future-proofing the Public Finances – the Next Steps. A key recommendation in the analysis is the establishment of a long-term public savings vehicle to ensure that windfall corporation tax receipts are not used to fund permanent expenditure increases or tax reductions. Secondly, such a fund could contribute to meeting budgetary pressures in the future. The report also notes that, under almost all of scenarios simulated, the drawdowns from such a long-term public savings vehicle would still not be sufficient to cover the full increase in ageing-related costs expected by 2030. Therefore further reforms to the pension system – including increases to the rate of PRSI – will be required. Commenting on the scoping paper, Minister McGrath said: “The analysis published by my department today highlights some of the vulnerabilities the public finances face from both revenue and expenditure perspectives. On the revenue side, while the headline budgetary accounts look to be in very good shape, this is largely the result of corporation tax receipts, which have increased more than five-fold in the past decade. My department estimates that around half of these receipts could be potentially transitory in nature. Looking ahead, Government is also aware of the major expenditure challenges on the horizon. Shifting demographics and adapting to the climate and digital transitions will impose large costs on the public finances. While the Irish demographic picture is currently favourable, developments in the coming decades will mean that we will be spending significantly more just to maintain the current level of service, all because of an ageing population. The paper my department published today outlines some of the options available to Government to help to mitigate against these risks to the public finances. Taking into account this analysis, it is my intention to bring forward proposals for a long-term savings vehicle which will be used to pre-fund part of the future costs of structural change. The paper also discusses different approaches to using the windfall receipts including for a new long-term savings vehicle, and using a portion to pay down debt and for additional, targeted capital investment. I was pleased to brief cabinet on this paper yesterday. Subject to government approval, setting up such a long-term savings vehicle will require primary legislation.” Further information is available on gov.ie.

Welcome to this week’s Technical Roundup.    In developments this week, the Financial Reporting Council has welcomed the Financial Conduct Authority's recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares; IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing €2.5m Disruptive Technologies Innovation funding. Read more on these and other developments that may be of interest to members below.  Financial Reporting The Institute has recommended, in its response to FRED 82, that the FRC allow small companies an additional three years before they must apply the proposed leasing amendments set out in the Periodic Review of FRS 102. This recommendation is in recognition of the increased compliance demands and reporting requirements which some smaller companies will be exposed to as a result of the changes, as well as the potential consequence that some companies will increase in size as a result of the change. The European Financial Reporting Advisory Group (EFRAG) has issued its April 2023 update. This summarises public technical discussions held and decisions taken during the month. The Financial Reporting Council (FRC) has welcomed the Financial Conduct Authority's (FCA) recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares.   The FCA's proposals aim to improve the competitiveness of the UK equity market by creating a more attractive and compelling option for companies considering a share listing in the UK. The proposals include replacing the current standard and premium listing share categories with a single listing category for commercial company issuers of equity shares, retaining the sponsor regime with modifications, and retaining discrete listing categories for other types of instruments. Audit Chartered Accountants Ireland has responded to the IAASB consultation on the Proposed Part 10, Audits of Group Financial Statements of The Proposed ISA For Audits of Financial Statements of Less Complex Entities (ISA for LCE).  The initial proposed ISA for LCE (in 2022) excluded all groups from the scope of the standard, the proposed changes would include some groups, a move we welcome in our response. The IAASB envisions approving a final standard in December 2023. Institute responses to recent consultations can be read here. Accounting The International Accounting Standards Board (IASB) have issued their April 2023 Update which highlights preliminary decisions and projects affected by these decisions. Anti money laundering In April 2023 the UK National Crime Agency has issued its latest edition of its booklet “Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes” and this booklet replaces all previous glossary codes publications. Sustainability Would you like to know more about the Corporate Sustainability Reporting Directive (CSRD)? Join Dee Moran, Professional Accountancy Lead, Chartered Accountants Ireland and Lisa Campbell, Head of Operations in IAASA to understand more about the directive and what future developments might mean for your organisation. There will also be an overview of the proposed European Sustainability Reporting Standards, an update on the assurance of sustainability reporting and an opportunity to ask questions. The webinar will take place on 25 May at 10am and you can register here to attend. Other IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing  €2.5m Disruptive Technologies Innovation funding. The Charities Regulator has recently issued its latest newsletter  and includes new guidance on charity registration and information on the Charities Regulator stakeholder forum . For further technical information and updates please visit the Technical Hub on the Institute website.   

Chartered Accountants House was full of buzz and chatter on Wednesday 3 May 2023 when almost 50 students and their teachers arrived to celebrate their success in the Boot Camp 2023 Be the Boss Challenge.    Senior cycle students from Our Lady's Secondary School, Castleblayney, Edmund Rice College, Carrigaline and Maynooth Post Primary school submitted entries – team or individual – and were invited to attend the prizegiving ceremony.    The students heard from Director of Education Ian Browne about the education offering from Chartered Accountants Ireland and how the Boot Camp programme these students completed is a good taster for work and training in accountancy. They then heard from Boot Camp creator, Brian Feighan FCA. Brian gave a quick overview of the background and rationale for Boot Camp and summarised the merits of each of the four finalist's entries. Following the prize announcement, we heard this year's Chartered Star Peter Gillen ACA, who gave the attendees an insight into what his career journey has been like, from his primary business degree to his current role as Sustainability Manager in Grant Thornton. Peter announced the winning entry and awarded them their prize. Finally, we heard from Institute President Pat O'Neill, congratulating the students on their success, and about how much the economy needs more Chartered Accountants to address the supply shortage. All of our speakers certainly agreed having read the entries that they would make excellent Chartered Accountants in the future!    We were delighted to receive some feedback from the proud teachers as the students made their way home. "Many thanks for a brilliant event - it was very well organised and the perfect length to hold their attention!" and "The students are still buzzing...the set up was fantastic"    We would like to thank the 40+ teams/individuals who entered the competition, and all who came along to make it such a positive day.  The finalists were:  Individual entrant Orlaith McNeill from Maynooth Post Primary School, Co. Kildare  Team "CDM" from Our Lady's Secondary School, Castleblayney, Co. Monaghan  Team "Financial Four" from Edmund Rice College, Carrigaline, Co. Cork  Team "It all Adds Up" from Our Lady's Secondary School, Castleblayney, Co. Monaghan We were also delighted to be joined by team Three Seáns and a Liam, a commendation-winning team, also from Edmund Rice College.  It was a difficult decision for the judging panel, and the winning team were announced as It all Adds Up. Well done to the team!    If you would like to know more about Boot Camp, you can read about it here, or contact the programme coordinator, Veronica Byrne.  You can view photos from the event here.

Chartered Accountants Ireland has issued its response to the Financial Reporting Council’s (FRC) Exposure Draft Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs("FRED 82"). FRED 82 forms part of the periodic review of FRS 102 and other standards maintained by the FRC (such as FRS 105). The most significant changes proposed by the FRC in FRED 82 include proposals to change the Revenue and Leasing requirements in FRS 102 to an accounting regime similar to that in IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leasing respectively, both of which have been in effect at IFRS level for several years now. Some of the key points raised by the Institute in its response include: The Institute conceptually agrees with the proposal to align lease accounting requirements in FRS 102 to reflect the on-balance sheet model from IFRS 16. The Institute recommended that smaller entities are given an additional three years to implement the proposed leasing amendments. This recommendation is in recognition of the increased compliance demands and reporting requirements which some smaller companies will be exposed to as a result of the changes, as well as the potential consequence that some companies will increase in size as a result of the change. The Institute has called for more guidance to be issued in defining the “obtainable borrowing rate” when accounting for leases and how this differs from the “incremental borrowing rate” under IFRS 16. While agreeing with the proposals to update sections 23 and 18 (Revenue) of FRS 102 and FRS 105 respectively, the Institute strongly recommended the inclusion of worked examples in an appendix to demonstrate the differentiating factors that may lead to changes in revenue recognition if the proposed amendments are adopted. The Institute highlighted some concerns regarding simplifications made to IFRS 15 principles in the proposed changes to FRS 102 and FRS 105, instead believing that these simplifications will add complexity to revenue recognition. Following the closing of the invitation to comment period on 30 April, the FRC will now consider the responses received and are expected to publish the final amendments later this year. An effective date of 1 January 2025 has been proposed for the changes.

Welcome to this week’s Technical Roundup.   In developments this week, the European Commission’s EU Green Week is an opportunity to raise awareness, promote and discuss European environmental policy and will take place from Saturday, 3 June to Sunday, 11 June 2023 under the overarching theme of the European Green Deal; the Central Bank has published research and information on ongoing work to ensure consumers are protected in a changing economic landscape.    Read more on these and other developments that may be of interest to members below.   Financial Reporting The European Financial Reporting Advisory Group (EFRAG) is consulting on its draft endorsement advice letter on International Tax Reform – Pillar Two Model Rules. Comments are requested by EFRAG by 24 May 2023.  EFRAG has also issued its Recommendations and Feedback statement which summarises the main comments received by EFRAG on its recent discussion paper- Better Information on Intangibles – Which is the best way to go?  The IFRS Foundation has published its annual report and audited financial statements for the year ended 31 December 2022. Marking a transformative year for the IFRS Foundation, the report highlights significant accomplishments by its two boards, the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The two boards are united in the mission to provide better information about companies all over the world so that investors and other capital market participants can make better decisions―better information for better decisions.  Audit The Staff of the International Ethics Standards Board for Accountants released a jurisdictional PIE database to further support the adoption and effective implementation of the revisions to the definitions of listed entity and PIE in the International Code of Ethics for Professional Accountants. The revised PIE provisions specify a broader list of categories of entities as PIEs whose audits should be subject to additional independence requirements to meet stakeholders’ heightened expectations concerning auditor independence when an entity is a PIE.  The International Auditing and Assurance Standards Board issued proposed revisions to its current standard on going concern, International Standard on Auditing 570 (Revised), Going Concern.  The proposed changes aim to:  Promote consistent practice and behaviour and facilitate effective responses to identified risks of material misstatement related to going concern;  Strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional skepticism; and  Enhance transparency with respect to the auditor’s responsibilities and work related to going concern where appropriate, including strengthening communications and reporting requirements.  Comments are requested by August 24, 2023.  Sustainability  The European Single Electronic Format’s (ESEF) implementation has taught us that timely preparation and communication are the most important factors for the success of relevant IT projects. Now, EU Member States have started implementing the Corporate Sustainability Reporting Directive (CSRD) for transposition. Accountancy Europe is hosting a webinar on 16 May – ‘Towards digital corporate reporting with CSRD’ to explore this area.    The European Commission’s EU Green Week is an opportunity to raise awareness, promote and discuss European environmental policy. Organised by Directorate-General for Environment every year, this high-level event attracts policymakers, leading environmentalists, stakeholders from across Europe to discuss pressing issues related to environmental protection and sustainability. This year’s topic highlights the urgent need for sustainability in decision-making.  EU Green Week 2023 will take place from Saturday 3 June to Sunday 11 June 2023 under the overarching theme of the European Green Deal.  In the April 2023 issue of the ISSB podcast, ISSB Vice-Chair Sue Lloyd talks to Chair Emmanuel Faber about the latest developments and discussions from the board.  The discussion covers:  an update on foundational work;  summary of decisions made at the ISSB’s supplementary April 2023 meeting; and  decisions made at the April 2023 ISSB meeting on the ISSB’s Consultation on Agenda Priorities and the International Applicability of the SASB Standards project.  Accountancy Europe has issued a call for an ambitious EU Due Diligence Framework to meet the objectives of the Corporate Sustainability Due Diligence Directive. In its call, Accountancy Europe has set out its recommendations under the following headings;  Support Affected SMEs  Maintain Directors’ role and duties  Set up high quality independent third-party verification  Ensure workable rules for civil liability enforcement  In a recent webinar hosted by the International Federation of Accountants (IFAC), the International Public Sector Accounting Standards Board (IPSASB) and Accountancy Europe the issue of sustainability reporting in the public sector was discussed and the need to develop public sector specific sustainability reporting standards.  Other Areas of Interest   The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. While noting that EU financial markets remained broadly stable despite the challenging macro environment and recent market pressure in the banking sector, the three Authorities are calling on national supervisors, financial institutions and market participants to remain vigilant in the face of mounting risks.  A new resource, offering advice on how to improve your cyber security and links to information on dealing with cyber-attacks, has this week been published by NICVA (The Northern Ireland Council for Voluntary Action).  The resource, available at Advice for those experiencing cyber attacks | NICVA, was published following the news that hackers had stolen data from charities and community organisations in a cyber-attack on a Londonderry-based IT company.  The Central Bank has published research and information on ongoing work to ensure consumers are protected in a changing economic landscape.  This new research sheds light on the resilience of households to these developments and, more broadly, on how credit markets have been evolving in this rapidly evolving environment. The Central Bank is also publishing a note on the ongoing  work to ensure regulated firms meet the expectations set in its November 2022 Dear CEO Letter on protecting consumers in a changing economic landscape, relating to mortgages secured on a borrower’s primary residence.  The Irish Competition and Consumer Protection Commission recently launched a major campaign to help Irish consumers with their financial dilemmas. Read more in their news release here. The campaign highlights the CCPC’s online financial information hub (ccpc.ie/money) and the CCPC Money Tools – a suite of user-friendly online calculators and comparison tools designed to help everyone make good financial decisions. As part of the campaign, the CCPC is rolling out a series of videos answering real-life consumer questions collected from members of the public across Ireland.  The Decision Support Service was launched this week following the full commencement of the Assistant Decision-Making (Capacity) Act 2015 (as amended). The Act has established a modern legal framework to support decision-making by adults who may have difficulty making decisions without help. One of the key reforms is the abolition of the wards of court system. The DSS have published  13 Codes of Practice to provide essential guidance in relation to the practical implementation of the Act. For more information on the DSS, visit www.decisionsupportservice.ie.  The Minister for Finance recently signed an order to commence a large part of the Central Bank (Individual Accountability Framework) Act 2023 with effect from 19 April 2023. The Minister in a press release described the new legislation as a significant enhancement of the powers of the Central Bank and said he looks forward to commencing the remainder of the Act later this year. He said cultural and practical change in the banking sector and throughout the financial services industry is required to rebuild trust in the financial sector. The Central Bank (Individual Accountability Framework) Act 2023 should make a significant contribution to bringing about this needed cultural change. This is the ultimate aim of this legislation.  Please join us on 9 May for a webinar on “Navigating Ireland's New Protected Disclosures Law - Legal and Practical Insights” The session will be moderated by Stephen Lowry, Public Policy Manager in the Institute and Lilian Halpin, Technical Manager will take part in the panel with Barry Robinson, Head of Forensic Services at BDO in Ireland, Michael Deeny, Compliance Consultant and Annelie Demred, VP Strategy and Growth Whistlelink. There will be an overview of the new legislation, client insights and experience of implementation. We will also discuss European cross sector experience of protected disclosures legislation and there will be an option to stay on the webinar to view a demonstration of a compliance tool.  The Department of Enterprise, Trade and Employment is holding a webinar on Responsible Business, to be held on Tuesday, 23 May, from 10:00am – 11:30am. Responsible Business encompasses a range of initiatives – some voluntary, some mandatory – aimed at promoting positive business impacts on issues such as climate action and human rights, and it corresponds in important ways with the ESG (environment, social and governance) agenda that is now an established aspect of good corporate governance. In this online event, Minister Simon Coveney TD will provide opening remarks on the Responsible Business agenda. Officials from the Department will follow with short presentations, explaining three Responsible Business initiatives of which enterprises should be aware. The webinar will conclude with a Q&A session. You can register for the webinar here.   For further technical information and updates please visit the Technical Hub on the Institute website.      

The Minister for Finance, Michael McGrath TD, has welcomed European Commission approval of the enhancements to the Temporary Business Energy Support Scheme (TBESS) announced in Finance Bill 2023.The approval has been received under the State Aid Temporary Crisis and Transition Framework (TCTF). The enhancements announced in the Finance Bill (and which were called for by the Institute) include: Extending the scheme to 31 May 2023, with the option to further extend the scheme by Ministerial Order to not later than 31 July 2023, Reducing, with effect from 1 September 2022, the energy cost threshold for qualification for the scheme from a 50 percent increase in electricity or gas costs to a 30 percent increase, and Increasing, from 1 March 2023, the level of relief from 40 percent to 50 percent of eligible costs. The time limit for making claims under the scheme has also been extended. The enhancements are in addition to amendments made in February 2023 to increase the monthly limit to €15,000 per qualifying business in relation to a trade or profession, subject to an overall cap of €45,000 in cases where a business is carried on from more than one location. These changes took effect from 1 March 2023. Commenting, Minister McGrath said: “I am pleased to note that the European Commission has approved the enhancements to TBESS brought forward in Finance Bill 2023. These changes, in particular the lower entry threshold for the scheme, which is backdated to September 2022, will ensure that additional businesses can benefit from this vital support and I encourage businesses who have not already done so to register for and submit claims under the scheme.” As of 20 April, 28,035 businesses have registered for the scheme. Revenue has approved 35,613 claims to the value of €77.6 million.

Revenue has updated the TBESS guidelines to reflect the enhancements introduced in Finance Bill 2023. A qualifying business can submit claims on Revenue’s Online Service (ROS) for the March and April 2023 claim periods from Monday 17 April 2023. From the week commencing 24 April 2023, Revenue will begin reassessing claims already submitted for the period from 1 September 2022 to 28 February 2023 based on the revised 30 percent energy costs threshold. This means that it will not be necessary for a business to revise claims already submitted for these periods. Once claims have been reassessed, the business will receive a notification to their ROS inbox confirming the reassessment has occurred after which the payment due to the business will be processed. The updated TBESS guidelines also contain deemed reference unit prices for the May 2022 reference period, as provided by the Sustainable Energy Authority of Ireland (based on data provided by suppliers and the Commission for Regulation of Utilities). Further information is available in eBrief no. 096/23.

Revenue has published a new Tax and Duty Manual providing guidance on the operation of the digital games tax credit, as provided for in section 481A TCA 1997 and the Digital Games Regulations 2022. The aim of the measure is to provide an incentive to digital games developers to produce digital games that contribute to the promotion and expression of Irish and European culture. The relief is a corporation tax credit and it may be claimed by digital games development companies.    The relief is available from 22 November 2022 in respect of certain expenditure incurred by digital games development companies on the development of eligible digital games provided certain conditions are met.

Revenue has updated its process for identifying and contacting taxpayers and agents in instances of non-filing of Income Tax returns.  Previously a copy Reminder to File Notice issued to an agent for each notice issued to their linked clients.  To improve efficiency and enhance communications to agents, these agent copies will no longer issue. Instead, a single ROS inbox notification will be sent to each agent, listing out their clients based on linked TAIN that were issued the notice, with a reminder to the agent to file for their clients. The reminder to file outstanding Income Tax returns for the 2021 tax year were issued to taxpayers last week and agents will receive their respective notification lists in the coming days. A sample of the agent notification can be viewed here. 

Revenue has updated its Tax and Duty Manual regarding the tax treatment of the reimbursed travel and subsistence expenses to office holders and employees. The updated guidance clarifies that hybrid employees working part-time from home cannot claim expenses for travelling between home and the office. It also includes the new civil service rates effective from 1 September 2022.