Featuring Richard Pengelly  Being a Chartered Accountant can lead to an interesting and varied finance career, but it also opens up wider opportunities for progression into leadership positions. Many Chartered Accountants have gone on to hold senior public sector positions both as Finance Directors and beyond - we met Richard Pengelly to ask him how being a Chartered Accountant supported his career journey and what advice he would give to other professionals as they progress through their career path.  Richard joined the Department for Finance in 1998 having worked in the Northern Ireland Audit Office and in private accounting practice and has gone on to hold the post of Permanent Secretary across a number of Northern Ireland Civil Service Departments such as the Department of Justice, the Department of Health and the Department for Regional Development. Currently, Richard is the Chief Executive of the Education Authority.  What advice would you give to someone as they look to a career in public sector finance?    I would say don’t be afraid of uncertainty or of trying something different - when an opportunity comes up say yes. If I hadn’t of said yes to trying new things, I wouldn’t be in this position today – each new opportunity leads to another, don’t hold yourself back from trying something new because you haven’t done it before. When you try something new or different you develop yourself and learn to adapt, as a leader the ability to be agile, learn and adapt becomes more and more important. Accountants fundamentally are intelligent, ambitious and work hard but all too often they don’t push themselves or think they’re good enough – my advice is back yourself and go for it.   What leadership skills do you think public sector accountants could focus on developing?   As finance professionals we tend to like the detail and when we work through an area we often become the experts in that subject however, as your brief becomes wider you cannot be the expert in everything. I can find myself in a meeting where I am the person who knows the least about a subject and it can be challenging to lean into that uncertainty but you need to think about your own expertise and experience – what you as a leader can bring to the discussion. As you progress in your career it can become less about technical capabilities and more about the people skills – Chartered Accountants are talented, capable and competent – these are skills that you bring to any discussion, meeting or role.   Do you think being a Chartered Accountant helped you throughout your career?    Being a chartered accountant has helped me in different ways, as an accountant you have a qualification that has enabled you to demonstrate the relevant learning and technical skills. In studying and working you develop skills and resilience, balancing studying, working and a home life. As you move into more of a leadership position the focus may move away from technical skills but as an accountant you carry the credibility and professionalism that comes with being an accountant. The transversal skills you develop are a great foundation to approach complex issues for example taking an opinion and examining an issue critically, looking for an evidence base. These professional and technical skills combine with the ethical framework  -  it is that sense of values and ethics that stays with you and supports you though making tough decisions when in a leadership position.    What advice would you give to accountants seeking to develop leadership skills?   Accountants need to proactively seek out opportunities to develop their leadership skills. At the early part of your career you could be in a small team doing a technical job – there may not be a lot of focus on developing leadership skills but you need to seek out opportunities to stretch that skill – you need to start to thinking about the building blocks you need to develop leadership skills and to prepare yourself for that leadership role.   Reflecting on my experience, I have seen technically good people not progress because they didn’t have the people skills or ability to communicate. I have seen competent people struggle because they have felt overwhelmed – not due to their technical skill set but when facing competing pressures, for example with prioritisation and setting clear direction. As you progress success and delivery become more about these leadership characteristics than pure technical skills alone.    What skills do you think accountants need to meet the current challenges across the public sector and into the future?   As a public sector leader it is important to become comfortable with change, it is ever present and we need to think about how we can be agile and responsive while retaining and meeting the requirements of a public sector office. Accountants need to support people to have the right conversation – it’s not about efficiency anymore but rather reengineering what we do and how we do it, we are facing demographic changes and increasing demand at the same time budgets are reducing - finance colleagues can help us unpick that conversation. The finance conversation needs to be more strategic, moving away from focusing on processes or operations but rather looking at the bigger issues – how do we align the resources we have to focus on the key things required to meet our future ambition.  The Ulster Society Public Sector committee recently hosted an online session focusing on leadership skills for finance professionals and an in-person event is planned for the near future – if you are interested in learning more about leadership in a public sector finance context make sure you come along. 

By Graeme Wilkinson, Convenor of the Ulster Society Public Sector Sub-Committee  Chartered accountants play a critical role in supporting the effective delivery of our public services. With unprecedented financial pressures on the public purse and ever-increasing demands to improve services the role of Chartered Accountants in the public sector is more critical now than ever.   There are a growing number of Chartered accountants working in a variety of roles in the public sector and at different stages of their career.  The Ulster Society already offers a range of support to members working in the public sector with plans to build upon this in the future.    To do this, the Society has a Public Sector Committee made up of Chartered Accountants working in the public sector in Northern Ireland who are keen to offer their expertise and make a difference to fellow members. Graeme Wilkinson, Director of Skills in the Department for the Economy has recently been appointed as Chair of the committee.    Graeme says, “Supporting our members is a key priority for the committee over the next few years.  For many members, the workplace has been transformed.  We want to ensure that our members at all stages of their career feel supported and value the services of the Institute.  We also hope to provide an opportunity to network and share experiences.”  Supporting members  The committee is working with the Institute team to review the current training provision and to identify opportunities to enhance the offering to best meet the needs of members. They are also reflecting on the most appropriate mode of delivery with webinars offering a convenient and accessible platform, particularly for those members working across the country.     Graeme says: “How we meet has changed irrevocably since 2020. Whilst we recognise that meeting together in person is important to catch up with contacts and broaden networks, time is a limited commodity for many of us and can be a barrier to attending events.  We hope to bring a balanced offering for members who wish to keep up to date with relevant issues and also provide opportunities for members to meet together for those all-important catchups.  We are hoping members will take time to try out something new and provide feedback to make sure we are meeting the needs of our members. “  The committee plans to offer opportunities for members to meet in person during the year and are looking at developing a half day conference on topics which are relevant to those members working in the public sector.  The committee recognises members avail of CPD from a range of sources and hope to supplement with topics that will be of most interest and also work with other professional institutes to bring a diverse perspective on the topics covered.   Innovation  The committee have discussed the current issues facing the NI public sector and recognise the need to future proof services. The challenges ahead will require the adoption of greater innovation and embracing technology to address some of the knotty problems that have bedevilled us for decades. Creating a culture of innovation is a key policy focus in the economic strategy and a theme for the Ulster Society this year.   Graeme says, “We need to think differently about how we deliver public services. With squeezed budgets and increasing cost pressures we must put our best efforts into alternative solutions to address old and new problems. Technology has provided the potential, but far and away the biggest barrier to change is developing the all-important mindset of innovation in our people. Chartered Accountants working in the public sector have a unique perspective and are often in a prime position to provide solutions.  Therefore, we must support these drivers for change and innovative thinkers.”  The Northern Ireland Audit Office have recently launched their report on “Innovation and Risk Management - A Good Practice Guide for the public sector”.    Dorinnia Carville, Comptroller and Auditor General, commented: “With the realities faced in the public sector changing fast the need to innovate and adapt and to so with speed is no longer an option but a necessity.  If we are to meet the level of innovation required to deliver on government and citizen’s needs and expectations this means that public sector organisations need to take a more deliberate approach to innovation management.   "Innovation will be a critical corporate capacity for public services seeking to reconcile these factors and ensure public services are better targeted, more responsive to end user expectations and needs, and provide better value for money."  There is certainly a role for Chartered Accountants to show thought leadership by providing members with a forum to discuss potential and their experiences with other members facing similar challenges.    In looking ahead to the incoming period in office Graeme commented, “I am looking forward to supporting members working in the public sector through the Public Sector Committee.  Having worked with some great Chartered Accountant’s throughout my career I have had first-hand experience of where we have delivered for the benefit of citizens right across the province.  I would like to encourage members to invest in their personal development by participating in the upcoming events and to get in touch if they would like to know more”.

By Graeme Wilkinson, Convenor, Ulster Society Public Sector Sub-Committee  In March 2022, the Minister for the Economy published a new Skills Strategy for Northern Ireland, ‘Skills for a 10x Economy’. Throughout the extensive research and stakeholder engagement process that underpinned the development of the strategy, and ever since, a consistent message has been delivered by business leaders in Northern Ireland: access to talent and skills is the number one issue impacting our economic performance.   The Skills Strategy covers a broad range of areas where transformation is required however I would like to highlight what I believe is a fundamental challenge facing our economy: addressing Northern Ireland’s ‘low-skills equilibrium’. As set out in ‘Skills for a 10x Economy’ a low-skills equilibrium is characterised by a low level of skills in the population and a corresponding demand for low-skilled workers who receive low pay. This provides little incentive for workers to invest in their own skills and many businesses accepting the constraint that this puts on their growth potential. It is also linked to the key economic challenges we face: low wages, low productivity and low levels of in-work progression.   A strong demand for graduates is evident within the economy and, whilst there are some challenges related to anticipated supply, the key issue at this level is to improve the overall alignment of qualifications to labour market need and to address the issue of underutilisation (the effective utilisation of graduate skills). The low-skills equilibrium is more evident below degree level.   Data gathered on job advertisements placed in 2022 showed that, where qualification requirements were specified, approximately 45% were aimed at individuals with high level qualifications (degree level or above), approximately 40% were aimed at individuals with low level qualifications (GCSE or below) with just 15% aimed at individuals with mid-level qualifications. This problem is known as ‘the missing middle’ and means that there are very few opportunities for individuals to progress in the labour market without attaining degree level qualifications. It also means that businesses are overlooking the potential benefits provided by higher education, and professional and technical education, below degree level.   The NI Skills Barometer forecasts anticipated skills demand over the next decade. It highlights that mid-level qualifications will be the most significant area of undersupply under a high economic growth scenario. This suggests that employers have identified the need for higher level qualifications to unlock growth but have not yet addressed it through their recruitment practices.   With regards to the overarching concern on access to talent and skills, it is important to acknowledge that labour supply in Northern Ireland is constrained with the latest NISRA statistics showing the unemployment rate at 2.8%. Changing demographics, changes to migration policy and low unemployment rates mean there will be no significant addition to labour supply over the course of the next decade.   Therefore, we need to focus on improving the efficiency of our skills system to ensure outcomes better reflect emerging labour market need and support our overall progress towards the objectives of our economic vision by supporting innovation, inclusivity and sustainability. In government, our primary focus is to work with stakeholders to develop the strategic skills framework which provides enhanced efficiency on the supply side. The low skills equilibrium is a supply and a demand problem and it is employers who hold the key to unlocking demand.  I am keen to continue the conversation with businesses across Northern Ireland on how we deliver a step change in the demand for skills and qualifications. Collaboration will be central to successful change, supply and demand must move, as much as possible, in tandem to deliver improved efficiency. We have set out in ‘Skills for a 10x Economy’ the new initiatives which will be added to our existing mid-level education offer, including a particular focus on upskilling and reskilling the workforce through an increasing focus on adult learning, an area where Northern Ireland performs poorly compared to other OECD countries.   In conclusion, there is no quick fix to the labour supply challenge. By working collaboratively, I believe our efforts to address this challenge can provide a catalyst to change how our labour market functions. Change which supports improving innovation performance, increased productivity and better jobs for more people across Northern Ireland. 

As Ireland’s accounting landscape evolves, Mary Cloonan explores how managing partners are embracing strategy, talent and technology to drive sustainable growth Ireland's accounting and advisory landscape continues to change rapidly, driven by shifting client expectations, rising regulatory demands and the relentless advance of technology. In this dynamic environment, managing partners are setting their sights beyond technical excellence, focusing on the strategic priorities underpinning sustainable growth. 1. Strategic growth: moving beyond compliance services Compliance remains the foundation of many firms, but the real opportunities lie in advisory services. Firms that successfully integrate advisory services into their core offering articulate their value beyond audit and tax. Managing partners are doubling down on deepening client relationships, leveraging data-driven insights and building service lines that proactively solve business challenges. The firms leading here don’t just respond to client needs—they anticipate them. Whether operating as a private equity-backed firm or an ambitious, partner-led practice, this forward-thinking approach is essential in a market where maximising opportunities is key. 2. Talent and leadership: expanding the skills at the top table Attracting and retaining top talent remains a pressing challenge. The demand for skilled professionals continues to outstrip supply, making investing in people, once you have them, more critical than ever. Beyond competitive salaries, firms are re-evaluating their reward structures—moving beyond traditional partner compensation models to recognise and incentivise high-performing professionals at all levels. Retention strategies now include structured career development, leadership training and clearer pathways to partnership or senior roles. In response, firms are also reshaping their leadership structures, recognising that sustainable growth demands more than technical expertise. Many are introducing chief operating and growth officers to drive efficiency and business development, allowing partners to focus on client service and strategic direction. This shift doesn’t dilute the role of partners—it strengthens it. Successful firms focus on creating leadership teams with complementary skill sets—bringing together deep technical expertise with strong commercial and strategic oversight to drive long-term success. 3. Technology: a business enabler, not just an efficiency tool Artificial intelligence (AI), automation and cloud-based platforms are reshaping how firms operate. However, the most successful firms view technology as more than an efficiency driver—it is a catalyst for growth. Managing partners are focused on embedding digital tools to enhance client experience, improve decision-making and open new revenue streams. The challenge is not simply adopting technology but ensuring it aligns with long-term strategy and delivers real, tangible value. 4. Evolving client expectations: the shift to proactive advisory Today’s clients expect more than just number-crunching. They want proactive, strategic advice. The firms thriving in this environment prioritise client experience—offering insights beyond compliance, providing forward-looking business advice and positioning themselves as indispensable strategic partners. Accessibility to senior leadership is also becoming a key differentiator. Firms fostering a culture in which partners actively engage with clients—offering guidance, insight and responsiveness—will build stronger, longer-lasting relationships. (Subhead) 5. Sector expertise and the power of visible experts Many firms have deep expertise in key sectors, but too often, this knowledge stays within the firm rather than being shared with the market. Managing partners recognise the need to position their professionals as visible experts, ensuring their insights reach the right audiences. The firms that stand out are those actively showcasing their sector specialisms through thought leadership, media engagement and targeted industry participation. From publishing reports to speaking at events, firms that invest in visibility strengthen their reputation, attract new business and reinforce their position as trusted advisors in specialist fields. 6. Future-proofing: succession, sustainability and the long view Sustainable growth requires thinking beyond the next financial year. Managing partners are placing greater emphasis on leadership development, succession planning and business models that support long-term success. Whether through equity restructuring, alternative fee models or cultural shifts towards more collaborative leadership, firms are reimagining their future. Environmental, social and governance (ESG) also plays a growing role in client advisory services and shaping firms’ strategies. This is particularly relevant as private equity investment reshapes parts of the sector, presenting opportunities for ambitious firms—both partner-led and externally backed—to capitalise on emerging trends. Looking ahead The role of the managing partner is evolving. Success today requires balancing technical expertise with commercial acumen, embracing diverse leadership perspectives and ensuring firms remain agile in a changing landscape. Those who put client care at the heart of their strategy—while fostering accessible, forward-thinking leadership—will be best placed to seize the opportunities ahead. Mary Cloonan is the Founder of Marketing Clever 

As US President Donald Trump presses ahead with his tariff-led trade policy, John O'Loughlin considers the Irish, UK and EU response and offers his advice to businesses on managing the risks  On Monday, 10 February, President Trump signed a proclamation imposing a 25 percent tariff on all steel and aluminium imports, irrespective of the country of origin, due to be implemented on 12 March. While tariffs had already been in place for both steel and aluminium, certain countries, including the UK and countries in the European Union (EU), were previously exempted. The introduction of Trump’s new policy measures will now see the 25 percent tariff apply to all third countries, including those in the EU. Additionally, on Thursday, 13 February, President Trump signed a Presidential Memorandum introducing the “Fair and Reciprocal Plan”. This plan instructs the Trump Administration to investigate and produce a report detailing proposed remedies to counter non-reciprocal trading arrangements with trading partners. In the context of this memorandum, the potential introduction of “reciprocal tariffs” would see the US apply tariffs to third country goods matching the tariffs those countries impose on US goods.  For example, the White House Fact Sheet accompanying this memorandum specifically highlighted the disparity between the 10 percent tariff imposed by the EU on imported cars, compared to the US tariff of 2.5 percent. Irish reaction In response to the implementation of US tariff measures on China, and the threat of further tariffs being imposed in the EU, the Irish Government has proposed two new advisory bodies.  The Strategic Economic Advisory Panel would be based in the US and specifically tasked with strengthening US-Irish relations and advising on how to address potential policy changes introduced by the Trump administration. The plan is that the panel would comprise influential professionals drawn from a range of business sectors operating in the US. The second proposed body is the Consultative Group on International Trade Policy, which would facilitate dialogue with key stakeholders in international trade. This group would meet at least once every eight weeks, providing guidance on addressing trade challenges and opportunities. EU commentary European leaders have expressed concerns about President Trump’s recent tariff threats, warning of potential economic harm to EU member states. Spain’s Economy Minister Carlos Cuerpo stressed the need for a united EU response to protect businesses and ensure fair competition.  At a recent summit, European Commission President Ursula von der Leyen acknowledged the growing uncertainty surrounding US trade tariffs and affirmed the bloc’s readiness to defend itself. “When targeted unfairly or arbitrarily, the European Union will respond firmly,” von der Leyen stated. Discussions also focused on maintaining transatlantic unity while seeking diplomatic solutions to prevent escalating trade tensions.  French Foreign Minister Jean-Noël Barrot urged the European Commission to take decisive action, arguing that the EU must be prepared to implement retaliatory measures if necessary. His position reflects a broader consensus among EU leaders to stand firm against unwarranted economic actions that could harm European businesses and consumers. More recently, on 10 February 2025, the EU Commission issued an official statement regarding potential US tariffs on EU-sourced steel and aluminium. The Commission emphasised that it would not respond to any announcements without written clarification and reiterated that it sees no justification for imposing tariffs on its exports. Echoing the sentiments of the foreign ministers of EU member states, the Commission affirmed that any future actions would aim to protect the interests of European businesses, workers and consumers against unjustified measures. UK position In contrast to the EU, President Trump has made generally positive comments relating to the UK, suggesting that potential UK tariffs could be “worked out”. This has resulted in a subdued response from the UK, with no clear signs that a trade war could break out between the two nations. Preparing for the future Since the inauguration of President Trump, we have seen increased engagement from businesses on the tariff issue, motivated by a desire to understand the practical implications of these changes and how they might impact business performance. To determine this potential impact, companies should take the following steps: Assess the customs origin of goods shipped to the US to determine exposure to potential tariffs. Gain oversight of the end-to-end supply chain, gathering the right data to assess the impact on material sourcing and tariff exposure for component parts. Understand how tariffs might impact software/service business due to reduced demand from existing customers. Assess the legal structure of the business and how transfer pricing arrangements could be used to mitigate tariff impact. John O'Loughlin is Partner of Global Trade and Customs at PwC Ireland

Ireland’s pension system stands at a critical juncture driven by evolving market conditions and demographic shifts. Rav Vithaldas delves into the details The pension market in Ireland is characterised by a growing shift towards defined contribution (DC) schemes, consolidation and regulatory compliance. Our pension system comprises a basic state pension, employer-provided occupational schemes and private personal plans, all incentivised with tax benefits and options for voluntary contributions. According to the Central Bank of Ireland (CBI), the total assets of the Irish pension fund sector increased by 2.4 percent in the third quarter of 2024 to total €142 billion. The most prominent pension funds among our occupational pension schemes include master trusts, designed to provide a governance structure that allows multiple employers to participate in a single, centrally administered, pension arrangement. This can be particularly beneficial for small and medium-sized enterprises (SMEs) that may not have the resources to manage their own standalone pension schemes. The introduction of master trusts is part of a broader trend towards pension consolidation and is in line with the EU’s Institutions for Occupational Retirement Provision (IORP) II Directive, which aims to improve the governance and transparency of occupational pension schemes. Challenges in the Irish pension system Ireland’s pension system faces two challenges: rising occupational pension coverage and consolidating DC funds. Auto-enrolment is the main strategy employed to expand coverage, targeting about 800,000 workers without employer pensions, but its implementation has been delayed. With auto-enrolment on the horizon, master trusts are expected to manage more assets in the coming years, largely driven by regulatory changes. Initially, SMEs were the ones transitioning to master trusts, but as trust in this market strengthens, larger entities are also increasingly opting for master trusts. Consolidation is also progressing, driven by the IORP II Directive, which reduced the number of defined benefit (DB) schemes from 766 to 480 within a year. The industry goal to reduce group DC schemes to 500 or fewer indicates that about 12,000 schemes are yet to be consolidated. Age of retirement Along with these structural changes, the Irish pension market is increasingly integrating environmental, social and governance factors, driven by regulatory compliance and a desire to align with beneficiary values. Pension funds are updating policies, conducting ESG analyses, practising active stewardship and applying exclusionary screens. They are also investing in ESG assets, exploring impact investments, focusing on enhanced transparency and education, and participating in global initiatives like Principles for Responsible Investment (PRI). Despite these trends, Ireland continues to grapple with challenges arising from the absence of a legally mandated retirement age. This situation has led to issues such as a lack of clarity regarding retirement timing, inconsistent retirement ages in different companies (complicating the prediction of pension liabilities and funding), the potential for age-based discrimination and challenges for trustees managing delayed benefit payouts. In 2025 and beyond, Ireland's pension sector will likely be shaped by several key themes: Auto-enrolment rollout: From 30 September 2025, employers will be required to integrate auto-enrolment systems, which will require careful planning for compliance and a smooth transition. State pension sustainability: With demographic changes, there will be more focus on the financial sustainability of state pensions and retirement age policies, necessitating vigilance and flexibility. Flexible retirement: Employers and trustees must accommodate varying retirement preferences while adhering to regulations. DB scheme challenges: Financial pressures and solvency requirements for DB Schemes demand proactive risk management and member protection. Governance and investment strategies: Evolving market conditions and changes to the Standard Fund Threshold call for improved governance and investment strategies, with a growing emphasis on ESG factors. Digital resilience: Cybersecurity and data protection will become more critical, requiring ongoing investment in technology and strict operational standards. AI in pension administration: Artificial intelligence will bring process enhancements to pension administration but must be implemented with careful ethical and regulatory considerations to maintain trust and integrity. While these new trends in the Irish pension market address challenges arising from the lack of a statutory minimum retirement age, our perspective on Ireland’s pension system is that it currently stands at a critical juncture whereby: An ageing population necessitates reforms for better pension coverage and retiree adequacy; The shift from DB to DC schemes offers flexibility and improved risk management; Auto-enrolment pension schemes aim to boost participation and secure retirement for more workers; Master trust consolidation in Ireland indicates a move towards more efficient and professional pension management, driven by regulatory changes, cost pressures and a push for better governance; and Sustainable investing within pension funds showcases a commitment to ESG, aligning with responsible investing trends and mitigating ESG risks. Overall, these developments reflect a proactive approach to evolving market conditions and demographic shifts, aiming to ensure the sustainability and adequacy of retirement provisions for Irish citizens. Rav Vithaldas is Partner and Pensions Assurance Leader at EY Ireland 

In Irish news, the OECD has published the Economic Survey of Ireland 2025, and we issue a reminder that the deadline for submitting the 2024 Special Assignee Relief Programme employer return is 23 February 2025. In UK news, the UK Government has launched a consultation on e-invoicing and HMRC’s Making Tax Digital user research programme is seeking volunteers. In International news, the OECD is to publish a consolidated report on Amount B as part of the Two-Pillar solution on BEPS. Ireland 1. Read about the OECD’s recently published Economic Survey of Ireland 2025 and the key messages from the report. 2. We remind readers that the Special Assignee Relief Programme (SARP) employer return for 2024 is due for submission by 23 February 2025. UK 3. The UK Government has launched a consultation on e-invoicing which will run for twelve weeks. 4. HMRC’s Making Tax Digital programme is looking for volunteers to assist with user research. International 5. Read about the consolidated report to be published by the OECD on Amount B. 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 post EU exit corner.

From the Professional Accountancy team…… The Government has in recent days issued its Spring Legislative Programme 2025 the first since the new Government took office. In it there is some proposed legislation which may be of interest to members. Co-operatives The Co-operative Societies bill is listed for priority drafting. This legislation aims to place the co-operative model on a more favourable and clearer legal basis, thereby creating a level playing field with companies and encouraging the consideration of the co-operative model as an attractive formation option for entrepreneurs. Readers may recall that the previous Government in November 2022 approved the drafting of what was billed as ground-breaking legislation for the sector. The draft legislation proposes to repeal the Industrial and Provident Societies Acts 1893-2021 and provide a modern and effective legislative framework suitable for the diverse range of organisations using the co-operative model in Ireland. You can read more here by following the  link to the General Scheme of the Co-operative Societies Bill 2022. Readers can also go to the Institute’s technical hub pages where there is further information on this area. Other Also on the business regulation side, changes are proposed to the law on limited partnerships and business names. As we reported previously, heads of the general scheme for the Miscellaneous Provisions (Registration of Limited Partnerships and Business Names) Bill was published in July 2024  as both the limited partnership and business names legislation require updating to provide for modern business practices for those engaged in business using a business name or the limited partnership model .The Spring legislative programme indicates that work is ongoing on priority drafting of this legislation. Other legislation for priority publication is the National Cyber Security Bill to implement the Directive known as NIS 2 into Irish law. This directive was due to be transposed by 17 October 2024, so Ireland is overdue in its implementation. The previous government published heads of Bill of the National Cyber Security Bill in July 2024. Finally on this topic: - heads are in preparation for the Regulation of Artificial Intelligence Bill .The Bill will give full effect to the EU Regulation ,the Artificial Intelligence Act and will designate the National Competent Authorities responsible for implementing and enforcing the EU Regulation and will provide for penalties for non-compliance. - the Autumn 2024 legislative programme referenced heads in preparation and priority publication of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill. This was stated to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (2010 Act) to ensure that Crypto Asset Service Providers are covered by national law in relation to Ireland’s Anti-Money Laundering and Terrorist Financing regime. Readers might note that in December 2024 the Minister for Justice by SI 724 of 2024 prescribed crypto asset service providers as designated persons under the 2010 Act. - the Finance (Provision of Access to Cash Infrastructure) Bill 2024 which was published by the Dept of Finance last year  has been restored to the Dail order paper . This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

Accountancy Europe has in recent months issued a factsheet entitled “Navigating the EU Anti-Money Laundering Regulation: Key Issues for the Accountancy Profession”.The factsheet highlights the key changes introduced by the new AML Regulation passed in Europe in 2024 and emphasises the importance of early preparation for these upcoming changes. Please click the link above to access the factsheet and here to preview the publication’s key insights on their website .

Revenue has recently updated three other Tax and Duty Manuals on the annual average exchange rates, licences for employees in private security, and charges on income for corporation tax. Details on these updates are set out below. The manual Annual Average Exchange rates includes the average market mid-closing rate relative to the euro, for the calendar year 2024. The manual Mandatory Licences for Employees in Private Security provides details to relevant taxpayers on claiming tax relief for the cost of a mandatory licence required for the performance of the taxpayers employment duties. The manual on Charges on Income for Corporation Tax purposes has been updated to include a new section dealing with the dissolution of companies.

Revenue has updated the Tax and Duty Manual Guidelines on PAYE Assessments to reflect Finance Act 2024. The manual has been updated to reflect the amendment introduced to the four-year time limit for making or amending PAYE assessments by a Revenue officer.  From 1 January 2025, the four-year limit commences at the end of the year following the year of assessment in which the employer return for that income tax month is made.

Revenue has updated the Tax and Duty Manual Small Benefit Exemption (SBE) to reflect Finance Act 2024. From 1 January 2025, the SBE has been updated to allow employers to give up to five qualifying incentives in a tax year to employees without incurring a charge to tax. To avail of the SBE, the cumulative annual value of the incentives cannot exceed €1,500. The manual includes details of the applicable limits in prior years on the total value and number of incentives which qualified for the exemption. Additional examples have also been included in the manual.