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Special Finance (No. 2) Bill 2023 TaxFax

Bulletins, Reports and Submissions Irish Tax Institute
2023-10-19
Section 27 of the Bill amends section 669O, which is in Chapter 5 of Part 23 TCA 1997. This Chapter outlines the specific income tax and corporation tax treatment in relation to payments received under the Brexit Voluntary Permanent Cessation Scheme. The amendments relate to the elections made for a deduction of certain amounts of temporary tie up payments. … ...Section 27 of the Bill clarifies that the deductions can be made against payments in 2021 and 2022. In addition, once a licence holder has given notice of their election in writing, has amended their return within 4 years after the end of the chargeable period in which the Brexit compensation sum is received and has made a valid claim, Revenue will not be prevented from making a repayment.
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TaxFax - 2 February 2024

Bulletins, Reports and Submissions Irish Tax Institute
2024-02-02
Brexit: Proposal on new EU-UK joint solution under the Windsor Framework adopted … On Tuesday, the European Commission adopted a proposal setting out a new EU-UK joint solution under the Windsor Framework regarding the use of tariff-rate quotas (TRQs) by Northern Ireland (NI) businesses....The proposed solution follows the February 2023 commitment to work on a joint solution so that NI businesses could use TRQs for commodities originating from the rest of the world. At the time
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TaxFax - 24 March 2023

Bulletins, Reports and Submissions Irish Tax Institute
2023-03-24
...Act 2022 amendment clarifies the tax treatment of an authorised unit trust, where particular conditions are satisfied. The Finance Act 2020 amendment clarifies the interaction of the offshore fund legislation with respect to the migration of Irish securities from the CREST system to Euroclear Bank in March 2021 following Brexit. … Brexit: Joint Committee adopts new Windsor Framework arrangements and Partnership Council meets
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TaxFax - 2 June 2023

Bulletins, Reports and Submissions Irish Tax Institute
2023-06-02
Brexit: EU takes further steps to implement the Windsor Framework … The EU is continuing to put in place the Windsor Framework which was politically agreed between the European Commission and the UK government on 27 February 2023 to address, in a definitive manner, the challenges concerning Northern Ireland following the UK’s withdrawal from the EU....On Tuesday, the European Council adopted three regulations aimed at implementing the joint solutions agreed with
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TaxFax - 2 December 2022

Bulletins, Reports and Submissions
2022-12-02
Speaking about Brexit, President von der Leyen said, “ … Our Union was once founded as a peace project. Here, on the island of Ireland, Europe demonstrated this unique power to bring about peace. Europe's role in the peace process brought Europe right back to its roots. This has made Brexit even more painful for all of us. Its consequences are most deeply felt on this island, well beyond the economic dimension. But Brexit has also thrust Ireland and the rest of the EU closer together. Ireland has benefited from the ironclad solidarity of the Union and all its Member States, big and small.” … By applying common sense and focusing on the issues that really matter in Northern Ireland, I believe we can make progress in resolving the practical matters surrounding the Protocol. We are listening closely to business and civil society stakeholders in Northern Ireland but the consequences of Brexit and the kind of Brexit chosen by the UK cannot be removed entirely. The solutions we find must ensure the Single Market continues to function, in Ireland and elsewhere in the European Union.” … BREXIT: Provisional agreement on a regulation on autonomous measures
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TaxFax - 3 March 2023

Bulletins, Reports and Submissions Irish Tax Institute
2023-03-03
Brexit: EU and UK reach political agreement in principle on the Windsor Framework … On Monday, the European Commission and the UK government reached political agreement in principle on the Windsor Framework. This Framework constitutes a comprehensive set of joint solutions aimed at addressing, in a definitive way, the practical challenges faced by citizens and businesses in Northern Ireland....The joint solutions cover, amongst other matters, new arrangements on customs, agri-fo
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TaxFax - 24 February 2023

Bulletins, Reports and Submissions Irish Tax Institute
2023-02-24
...20 billion will be made available to finance the investments and reforms. Member States will have further opportunities to request loan support including in the case of requests above 6.8% GNI where the relevant conditions apply. Member States will also have the possibility of voluntary transfers from the Brexit Adjustment Reserve (BAR).
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TaxFax - 26 August 2022

Bulletins, Reports and Submissions Irish Tax Institute
2022-08-26
Government launches second call for €100m Brexit response scheme for agri-food sector …  https://merrionstreet.ie/en/news-room/news/government_opens_second_call_under_100m_brexit_response_scheme_for_agri-food_sector.174697.shortcut.html
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TaxFax - 16 September 2022

Bulletins, Reports and Submissions Irish Tax Institute
2022-09-16
“Over the last several years, we have found ourselves facing a series of unprecedented global shocks: Brexit, a pandemic and the conflict in Ukraine.”
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TaxFax - 6 January 2023

Bulletins, Reports and Submissions Irish Tax Institute
2023-01-06
Tax treatment of payments received under the Brexit Voluntary Permanent Cessation Scheme … Tax Treatment of Payments Received Under the Brexit Voluntary Permanent Cessation Scheme
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