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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 … At a recent TALC Indirect Taxes sub-committee meeting, the Institute raised members’ concerns about the timeframe for registering UK companies for VAT in Ireland, where they intend to act as importer into Ireland and need to obtain an Economic Operators' Registration and Identification (EORI) number. An Irish tax registration number is required in order to register for an EORI number. An EORI number is required for... all imports from non-EU countries (i.e. including the UK from 1 January 2021). … Revenue acknowledged that there 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’s press release also includes a reminder that Brexit is now just 20 days away. Businesses who move goods to, from or through the UK (excluding Northern Ireland) will be required to complete customs formalities from 1 January 2021. Revenue’s press release includes a reminder of the important preparatory steps businesses should take to minimise the impact of Brexit.
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TaxFax - 11 September 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-09-11
...SME survival and recovery, the President identified as priorities; reducing the high rate of CGT and revision to some of the conditions for the Employment and Investment Incentive (EII), Key Employee Engagement Programme (KEEP) and Entrepreneur Relief to ensure that they are effective and competitive with the UK. She also sought for the continuation of the 3% reduced interest rate on delayed tax payments in the longer term, as a more reasonable and fairer rate than the current 8%/10% rates of interest.  … 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 to prepare for the end of the transition period on 31 December 2020. … The guidance in the Action Plan covers a number of topics including; the trade in goods and services, customs processes, import duties, EU Single Market accreditations, use of the UK land bridge, retail trade including online retail with the UK, the transfer of data, recognition of qualifications, and many other issues which will arise at the end of the transition period. … “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...
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TaxFax - 23 October 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-10-23
Brexit: Statements following fourth meeting of the EU-UK Joint Committee … The fourth regular meeting of the EU-UK Joint Committee on the implementation and application of the Withdrawal Agreement, co-chaired by Commission Vice-President Maroš Šefčovič, took place in London on Monday, 19 October 2020. … ...existing implementation gaps and delivering results, so that the Withdrawal Agreement is fully operational as of 1 January 2021. He also welcomed the clear political steer and commitment given by Michael Gove, Chancellor of the Duchy of Lancaster and co-chair of the Joint Committee, so that the EU and the UK can reach mutually agreed solutions on all outstanding issues on the table, in particular with regard to the Protocol on Ireland and Northern Ireland. … ...significantly intensify. It was also agreed that the next meeting of the Joint Committee would take place in mid-November. In addition, the first joint implementation report will be published in the coming days, providing a first overview of national implementation measures with regard to residence in the EU and UK and will be updated at least every three months until the end of 2021.
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TaxFax - 24 July 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-07-24
...% and 10% are, based upon prevailing market rates, clearly penal and tax legislation already imposes a myriad of fixed and tax geared penalties, so such a high rate of interest appears unjustifiable. An interest rate of 3%, which is still higher than that imposed in the UK, would recompense the exchequer and act as a disincentive to late payments. This is a good and fair reform that should be maintained beyond the current crisis.” …  In order to put in place the staff, software and IT systems needed to be ready for new customs arrangements from 1 January 2021 as a result of Brexit, the government will introduce a €20 million Brexit fund to help SMEs involved in exporting and importing with the UK and further afield. … After intense negotiations, EU leaders agreed a package of €1.8 trillion on 21 July, which combines a specific recovery effort under the Next Generation EU (NGEU) Fund worth €750 billion, and the new Multiannual Financial Framework (MFF) 2021-2027 budget worth €1,074 trillion. … For the NGEU, the European Commission will be authorised to borrow funds on the capital markets on behalf of the EU up to the amount of €750 billion. The EU shall use the funds borrowed on the capital markets for the sole purpose of addressing the consequences of the COVID-19 crisis. The funds borrowed may be used for loans up to an amount of €360 billion and for grants up to an amount of €390 billion. Member...
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TaxFax - 10 July 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-07-10
...area frequently attend meetings, given the importance of the issues under discussion. The Eurogroup President has a vital role in shaping the agenda and policy response to major economic issues, including the economic impact of the current COVID-19 pandemic. Minister Donohoe is one of the longest-serving EU Finance Ministers and members of the Eurogroup. … ..., to ensure that we have a consensus-based approach to the recovery of our economies and our societies. I will bring to the table Ireland’s experience as a small Member State that has been a Programme country but which has also seen its economy and society transformed through EU membership.” … UK Chancellor announces Plan for Jobs to help the UK's recovery … Delivering his Summer Economic Update in Parliament on Wednesday, the UK Chancellor of the Exchequer, The Rt. Hon. Rishi Sunak MP, announced a package of measures to support jobs in the UK, following the COVID-19 restrictions, 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. … ...not getting Brexit ready. The truth is that Brexit takes full effect from 1 January 2021 and there won’t be any change in that. This means that customs procedures will apply from 1 January to trade with and through Great Britain, regardless of the outcome of the current EU/UK talks.” … Brexit: Commission sends letter of formal notice to the UK for breaching its obligations under the Withdrawal Agreement … https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1798
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TaxFax - 28 February 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-02-20
EU News … European Commission receives mandate to begin negotiations with the UK … The European Council has authorised the opening of the future partnership negotiations with the UK. The negotiating directives adopted are based on existing European Council guidelines and conclusions, as well as the agreed between the EU and the UK in October 2019.  … The UK has also published its negotiating mandate, 
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TaxFax - 18 September 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-09-18
https://www.dfa.ie/media/dfa/eu/brexit/keydocuments/General-Scheme-of-the-2020-Brexit-Omnibus-Bill.pdf …   which provides information about the impact of the UK’s withdrawal from the EU in the area of customs and taxation. The webpage is updated regularly and contains helpful links to Revenue and Government resources and Institute representations. …  received from Revenue outlining how to submit a DAC6 Report on ROS, following publication of Revenue’s Manual on the EU mandatory disclosure regime (DAC6) and discussions at a meeting of the TALC BEPS Sub-committee in early July. The Institute sought further clarifications from Revenue in respect of the DAC6 online reporting, including whether registration as an agent would be possible. We also raised concerns over the... … First Annual Report on Ireland's financial transactions with the EU released
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TaxFax - 9 October 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-10-09
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,  … ...registered business in Ireland advising them to make sure they are prepared for Brexit. The letter, which will issue to approximately 225,000 businesses registered with the Companies Registration Office over the coming days, will set out what they need to do to get their business ready for the UK’s departure from the EU Single Market and Customs Union. A checklist will be included with the letter, which will among other things, help businesses to find out: … what changes are coming regarding EU product certification … Commission to issue EU SURE bonds of up to €100 billion as social bonds
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TaxFax - 18 December 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-12-20
EU Mandatory Disclosure Regime - DAC6 Schema update … EU Mandatory Disclosure of Reportable Cross-Border Arrangements …  https://taxinstitute.cloud.panopto.eu/Panopto/Pages/Viewer.aspx?id=092ed885-132a-4ebe-9caf-ac8400e27118&_cldee=bWhlYWx5QHRheGluc3RpdHV0ZS5pZQ%3d%3d&recipientid … The EU-UK Joint Committee met virtually yesterday, 17 December, to endorse all formal decisions and other practical solutions related to the implementation of the Withdrawal Agreement, as of 1 January 2021. It follows an agreement in principle reached by the Joint Committee Co-Chairs, European Commission Vice-President Maroš... Šefčovič and the UK Chancellor of the Duchy of Lancaster, Michael Gove, last week.
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