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TaxFax - 20 November 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-11-20
...Covid Restrictions Support Scheme (CRSS), Mr. Cody noted that over 10,000 businesses have registered for the scheme with the first payments, which amount to well over €20 million, being made by the end of this week. Mr. Cody also spoke about Revenue’s engagement on Brexit preparedness and contingency planning.   … The Chairman also responded to Committee member queries on a range of topics including Brexit-related preparations, tackling “bogus self-employment” and the Temporary Wage Subsidy Scheme (TWSS).  … Brexit preparations: Revenue advises businesses to take immediate action … In a press release on Tuesday, Revenue advised businesses who have not fully prepared for Brexit to act now to avoid significant disruption in their international trade. Revenue has been carrying out an extensive trade engagement campaign, with letters and phone calls to businesses who Revenue believe may be most impacted by Brexit and engagement through trade and representative bodies.
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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 - 27 November 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-11-27
New Brexit Loan for Small Business … ..., the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar T.D., opened a new scheme intended to help small businesses prepare for the UK’s exit from the EU Single Market and Customs Union at the end of 2020. The new Microfinance Ireland (MFI) Brexit Business Loan will provide up to €25,000 to businesses whose turnover already is or is likely to fall 15% or more or if the business has a short term cashflow need as a result of Brexit. Loans are available for between six months and three years. …  https://merrionstreet.ie/en/News-Room/Releases/Tanaiste_Opens_New_Brexit_Loan_for_Small_Business.html … Preparing for Brexit Customs guidelines
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TaxFax - 9 October 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-10-09
Revenue Brexit Webinars – recordings now available … Revenue hosted a series of live streamed Brexit information sessions on Monday and Tuesday this week, to help businesses identify and understand the potential customs implications of Brexit and how the challenges can be addressed. The recordings of the Brexit guidance and supports presentations and Brexit technical sessions presentations are now available on Revenue’s website.  … “countdown to Brexit is rapidly closing to zero” …  and stressed that despite the ongoing negotiations between the EU and UK on the free trade agreement, there are only 88 days to go until 1 January 2021 when Brexit will happen. Commissioner Harrahill acknowledged the pressures on businesses due to COVID-19 and the uncertainty and concerns arising from the evolving situation, but noted,
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TaxFax - 6 November 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-11-06
This week, the Institute submitted its views on strategic issues for consideration as the Department of Enterprise, Trade and Employment prepares its Statement of Strategy for 2021-2023. In the context of the ongoing COVID-19 pandemic and the possibility of a ‘no trade deal’ Brexit, the Institute set out a number of recommendations for consideration, including:
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TaxFax - 2 October 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-10-02
On Thursday, Minister for Finance, Paschal Donohoe T.D. met with the Oireachtas Committee on Budgetary Oversight to discuss the Budget forecasts and priorities, debt sustainability, Brexit, pandemic-related support from the EU, and international corporate tax reform. … Additionally, the prospect of a disorderly end to the Brexit transition period is also adding complexity to Budget decisions. The Department of Finance is projecting GDP growth of 1.5%, while Modified Domestic Demand will increase by around 4% next year. All projections have been made on the assumption that broad access to a vaccine will not... … This week, the Department of Finance also published the economic forecasts that will underpin Budget 2021, which have been endorsed by the Irish Fiscal Advisory Council. The forecasts show that both COVID-19 and a disorderly end to the Brexit transition period will have a significant impact on the Irish economy. … Brexit: Revenue contact businesses raising concerns about level of Brexit readiness
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TaxFax - 18 September 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-09-18
...T.D., outlined the areas of focus for Budget 2021, which will be presented on Tuesday, 13 October. Budget 2021 will focus on providing further support to the economy, prioritising the management of the COVID-19 crisis and will be based on the assumption of a disorderly Brexit. Any further measures will be targeted at the three priorities in the Programme for Government – health, housing, and climate change. … The Budget 2021 Tax Strategy Group (TSG) Papers were published this week. The 12 TSG papers which cover topics including Income Tax, Corporation Tax, PRSI for Self Employed Workers, Brexit Readiness Customs and Excise Issues and Response to COVID 19, explore various options for tax policy changes in Budget 2021.   … ...in respect of the introduction of the ATAD interest limitation rule, while Ireland remains of the view that the extended deadline of 1 January 2024 should apply, work has commenced to bring forward the transposition process. The effects of the COVID-19 pandemic and the expected end of the Brexit transition period at the end of December 2020 are being considered in progressing the transposition. Considering these factors, the TSG indicates that it may be appropriate to continue to make progress on transposition in 2020, with a view to producing a detailed Feedback Statement for consultation with stakeholders... … Brexit seminars – Revenue booklet on information sessions on 5 and 6 October
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TaxFax - 11 December 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-12-11
Brexit: Irish VAT registrations for UK companies … ...district and explain that they wish to change the effective date and seek a VAT number with effect from a current date. Following this, a VAT number should be activated/issued. This will enable a business to apply for an EORI number in advance of the end of the Brexit transition period on 31 December 2020.   … ...may have been some delays relating to registrations involving UK companies seeking a domestic VAT number, as they may not have had activity in Ireland. However, the numbers will issue once the relevant checks have been carried out and it is clarified that the number is required due to Brexit. … Revenue initially agreed to both systems running in parallel until 15 December 2020. However, having listened to the concerns raised through ongoing engagement with software developers, trade and business and recognising that this is a very challenging environment for businesses both in terms of Brexit and COVID-19, Revenue is providing additional time for customs agents and businesses to transition to the AIS.  
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TaxFax - 13 October 2020 - Budget 2021

Bulletins, Reports and Submissions Irish Tax Institute
2020-10-13
and the challenges presented by a 'no-trade deal'  Brexit.  …  ...The Institute welcomed the continued support that Budget 2021 gives to businesses and employees most impacted by the COVID-19 pandemic.  In particular, we welcomed the recognition of the predicament of the self-employed who are unable to meet their current income tax liabilities. The Institute wrote to Minister Donohoe last week about the plight of small business owners who were falling throug
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TaxFax - 16 October 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-10-16
Brexit: Statement by Michel Barnier … Following the European Council meeting on 15 October, Michel Barnier, the European Commission's Chief Negotiator on Brexit, issued a press statement following his joint press conference with President of the European Council, Charles Michel.  … Mr. Barnier’s proposal to the UK team is that intensive negotiations must continue in the little time that is left in order to reach an agreement by the end of October. Mr. Barnier will continue discussions today with David Frost, the UK’s Chief Negotiator on Brexit.
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