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TaxFax - 15 October 2021

Bulletins, Reports and Submissions Irish Tax Institute
2021-10-15
Brexit: Commission proposes bespoke arrangements for the Ireland/Northern Ireland Protocol … The Commission believes that this package of measures will address the Brexit-related problems regarding the movement of goods from Great Britain to Northern Ireland that have been raised by Northern Irish people and businesses. These measures come in addition to the package
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TaxFax - 8 October 2021

Bulletins, Reports and Submissions Irish Tax Institute
2021-10-08
Revenue has recently replied to confirm that section 1032 TCA 1997 was amended to retain the status quo for UK residents post Brexit. Under section 1032(2) certain non-resident individuals may be entitled to a portion of tax credits and deductions. In this regard, following the amendment to section 1032, UK residents are treated the same as residents of other EU Member States. … ...strengthen housing, climate ambitions, transport, healthcare, jobs growth in every region and economic renewal for the decade ahead. The NDP aims to prepare Ireland for population growth of approximately 1 million people between 2016 and 2040 and help to deal with the ongoing challenges of COVID-19 and Brexit. … Commission welcomes the adoption of the Brexit Adjustment Reserve … The European Commission has welcomed the adoption and signature by the co-legislators of the Regulation establishing the Brexit Adjustment Reserve (BAR). With an amount of €5.4 billion in current prices, the BAR will counter the adverse consequences of the withdrawal of the UK from the EU for SMEs and regional and local coastal communities in the EU.
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TaxFax - 11 February 2022

Bulletins, Reports and Submissions Irish Tax Institute
2022-02-11
I've always said that to remove the Universal Social Charge, particularly since I became Minister for Finance, with what happened with Brexit, and now where we are with Covid, isn't a feasible prospect. What we can do, is we can reduce the amount of income at which we're paying the higher rates of USC, and the higher rates of personal tax. And my own party, and...
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TaxFax - 7 January 2022

Bulletins, Reports and Submissions Irish Tax Institute
2022-01-07
...duty collected, services provided to customers, compliance rates and yield from risk-focussed interventions. Revenue also published information on its continued delivery of the COVID-19 support schemes to businesses affected by the pandemic, Local Property Tax (LPT) statistics for 2022 and key customs related information following Brexit.
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TaxFax - 30 July 2021

Bulletins, Reports and Submissions Irish Tax Institute
2021-07-30
The eBrief notes that the changes are technical in nature. They ensure that the status quo regarding eligibility for the allowance or tax credit is retained, following Brexit.
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TaxFax - 23 July 2021

Bulletins, Reports and Submissions Irish Tax Institute
2021-07-23
Ireland to receive funding from EU Brexit Adjustment Reserve … Ireland will receive just over €1 billion of Brexit funding, the biggest single allocation for any Member State, representing just over 20% of the total fund. On Wednesday, the Minister for Public Expenditure and Reform, Michael McGrath T.D., briefed the Government on the funding Ireland will receive under the EU’s €5 billion Brexit Adjustment Reserve (BAR). … The aim of the BAR is to provide financial support to the most affected Member States and sectors to deal with the adverse consequences of Brexit. Following political agreement in June between the EU Council of Ministers and the European Parliament, the BAR Regulation is expected to be formally adopted in September. … “Six months since the end of the Brexit transition period, we are seeing the impact that Brexit is having on trade and on particular sectors such as fisheries. With the support and solidarity of the European Union, the Brexit Adjustment Reserve will allow us to put in place measures to deal with the consequences of Brexit into the future.”
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TaxFax - 18 June 2021

Bulletins, Reports and Submissions Irish Tax Institute
2021-06-18
VAT postponed accounting and Brexit – Institute webinar recording … Revenue joined an Institute webinar this week to provide an update on postponed accounting and Brexit. You can view a recording of the 20-minute update, including a Q&A with Ray Ryan, Assistant Principal, Revenue Customs Division  …  https://taxinstitute.ie/wp-content/uploads/2021/06/Postponed-Accounting-Brexit-Slides.pdf … In the context of Brexit, it notes that uncertainties around non-tariff trade impediments remain a risk given Ireland's strong linkages with the UK. Noting that future corporation tax receipts could be impacted by a possible adoption of an international minimum tax that is higher than Ireland’s 12.5% rate, it...
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TaxFax - 9 July 2021

Bulletins, Reports and Submissions Irish Tax Institute
2021-07-09
Brexit Update … Interim Report on the Impacts of Brexit … Read the Seanad Interim Report on the Impacts of Brexit
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TaxFax - 11 September 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-09-11
Government publishes Brexit Readiness Action Plan and General Scheme of the 2020 Brexit Omnibus Bill … On Wednesday, the Government published its Brexit Readiness Action Plan and a General Scheme of the 2020 Brexit Omnibus Bill. The Action Plan outlines a broad range of changes that will occur in less than four months’ time, regardless of the outcome of the ongoing EU-UK negotiations and aims to provide clear and concise advice on steps that businesses and individuals need to take now... … “In less than four months’ time, regardless of the outcome of the current negotiations, the UK will be outside the EU’s Single Market and Customs Union. The Government’s Brexit Readiness Action Plan published today lays out the profound changes that are going to take place as a result of Brexit and the steps Irish businesses and individuals should now take. We know this is already an extremely challenging time for businesses across the country. The Government will continue to provide support and guidance, and working together, taking action now, we can reduce the impact of Brexit as much as possible". … https://www.enterprise-ireland.com/en/funding-supports/Brexit/Ready-for-Customs/?_cldee=eW1vcnJpc0B0YXhpbnN0aXR1dGUuaWU%3d&recipientid
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TaxFax - 12 March 2021

Bulletins, Reports and Submissions Irish Tax Institute
2021-03-12
Recording of complimentary webinar on doing business post-Brexit … ...The Manual was also updated to reflect Finance Act 2020 changes to the section titled “Electric vehicles including motorcycles” (Section 3.4).  In addition, a new section titled “Removal to Great Britain or Northern Ireland” has been inserted to reflect changes following the end of the Brexit transition period (Section 5.6.3).
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