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Bulletins, Reports and Submissions Irish Tax Institute
2020-06-19
Revenue has confirmed, in anticipation of the expected agreement at EU level of the recent proposal by the European Commission to defer the exchange dates for DAC2, and the filing and exchange dates for DAC6, as a result of the impact of the COVID-19 pandemic, the deadline for the filing of DAC2 returns in respect of the 2019... … Following a meeting of EU Finance Ministers on 5 June, it was reported that a Directive introducing an optional 6-month deadline extension for reporting under DAC6 is expected to be adopted by Members States.  … EU-UK Statement on intensifying Brexit talks … On Monday, a meeting was held, via videoconference, between the UK Prime Minister, Boris Johnson, President of the European Council, Charles Michel, President of the European Commission, Ursula von der Leyen, and President of the European Parliament, David Sassoli, to take stock of progress made to date and with the aim of agreeing actions to move forward... in negotiations on the future EU-UK relationship. The parties noted the UK's decision not to request any extension to the transition period. The transition period will therefore end on 31 December 2020, in line with the provisions of the Withdrawal Agreement. The parties supported the plans agreed by Chief Negotiators David Frost and Michel Barnier, to intensify the talks...
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Bulletins, Reports and Submissions Irish Tax Institute
2020-06-12
https://taxinstitute.cloud.panopto.eu/Panopto/Pages/Viewer.aspx?id=2a745310-9a54-4920-8db8-abd401042480&_cldee=eW1vcnJpc0B0YXhpbnN0aXR1dGUuaWU%3d&recipientid=lead-07ef54d6c6fce911a813000d3a20f3f8-03e1aa133b8b4788bb552216f32bcbc6&esid=30e37779-cdac-ea11-a812-000d3a29a00b … Brexit: UK formally confirms it will not consider an extension of the transition period … The second meeting of the EU-UK Joint Committee under the Withdrawal Agreement took place today. In a press statement, European Commission Vice-President for Interinstitutional Relations, Maroš Šefčovič, noted that the Rt Hon Michael Gove MP has confirmed that the UK will not consider an extension of the Brexit transition period. The EU remains open to such an extension. However, the EU and UK both agreed on accelerating the implementation of the Withdrawal Agreement and to accelerate their work. They agreed that the Joint Committee should meet again in early September.    …  https://ec.europa.eu/commission/presscorner/detail/en/statement_20_1055
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Bulletins, Reports and Submissions Irish Tax Institute
2020-07-03
Revenue releases Manual on EU mandatory disclosure regime (DAC6) … Council Directive (EU) 2018/822 (DAC6) introduces a new EU mandatory disclosure regime for reportable cross-border arrangements from 1 July 2020. This afternoon, Revenue has released a new Manual which provides general guidance on how the regime will operate in Ireland. As reported in last week’s TaxFax, Ireland is exercising the option given to EU Member States in Council Directive (EU) 2020/876 to postpone the filing dates for the first returns of information relating to reportable cross-border arrangements by six months, given the impact of the COVID-19 restrictions on businesses. This means that reporting to Revenue will not begin until January 2021 at the earliest. Details... … Commission Statement on negotiations between the EU and the UK … Michel Barnier, the European Commission's Chief Negotiator on Brexit issued a Statement on Thursday following the restricted round of negotiations for a new partnership between the EU and the UK. In the Statement, Mr. Barnier noted that the aim was to get negotiations successfully and quickly on a trajectory to reach an agreement, however, serious divergences remain. The EU's position remains, based on the Political Declaration, that there will be no economic partnership without:
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Bulletins, Reports and Submissions Irish Tax Institute
2020-03-20
https://ec.europa.eu/commission/presscorner/detail/en/ip_20_496 … Commission publishes draft legal agreement for the future EU-UK partnership … The European Commission has published a draft legal agreement for the future EU-UK partnership. This translates into a legal text, the negotiating directives approved by Member States in the General Affairs Council on 25 February 2020, in line with the Political Declaration agreed between the EU and the UK in October 2019. … The published draft legal agreement follows consultations with the European Parliament and Council and aims to provide a tool to support the negotiations and to enable progress with the UK. Given COVID-19 developments, the EU and UK negotiators are continuing their discussions using alternative methods, such as, the use of video conferences to ensure substantive work on the legal texts on both sides continues over the coming weeks.
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Bulletins, Reports and Submissions Irish Tax Institute
2020-01-31
EU News … The Withdrawal Agreement has been formally ratified by both the EU and the UK and will enter into force at midnight tonight, Central European Time. The European Commission has released a list of questions and answers on what will happen during the transition period which commences tomorrow and will last, at least, until 31 December 2020.  The UK will no longer be represented in the EU institutions, agencies, bodies and offices but EU law will still apply in the UK until the end of the transition period.  … UK Diverted Profits Tax yields more than £5 billion … HMRC has announced that Diverted Profits Tax (DPT) has yielded more than £5 billion in extra tax since it was introduced in 2015. DPT was introduced to counter arrangements purportedly used by some multinational companies to avoid paying tax in the UK.
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Bulletins, Reports and Submissions Irish Tax Institute
2020-01-24
...to a new study by the Economic and Social Research Institute (ESRI), no other tax system in Europe does more than the Irish tax system to reduce household income inequality. The study finds that while the distribution of household income in Ireland is the most unequal in the EU before taxes and benefits, Ireland’s highly progressive tax system substantially offsets this, bringing inequality in take-home income very close to the EU average. … EU News … EU Council and Commission Presidents sign Brexit Withdrawal Agreement … Today, the President of the EU Council, Charles Michel and the President of the European Commission, Ursula von der Leyen both formally signed the Brexit Withdrawal Agreement, ahead of the UK’s departure from the EU next week. This follows the legislation implementing the agreement receiving royal assent yesterday. The agreement will now be presented to the European Parliament on 29 January for ratification, ensuring the orderly exit of the UK from the EU at midnight on 31 January.
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Bulletins, Reports and Submissions Irish Tax Institute
2020-03-13
...been increasing in recent years. To address this, an alternative measure known as modified Gross National Income (GNI) is now published which better captures income levels in Ireland and the report shows, that using this GNI measure, the tax burden in Ireland is not dissimilar to the EU norm.  … UK Budget 2020 … The Chancellor of the Exchequer, Rishi Sunak M.P. presented his Budget to the UK Parliament on Wednesday. Tax measures announced in the Budget included: … A new non-UK resident Stamp Duty Land Tax surcharge of 2% on non-UK residents purchasing residential property in England and Northern Ireland from 1 April 2021. 
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Bulletins, Reports and Submissions Irish Tax Institute
2020-04-17
https://taxinstitute.cloud.panopto.eu/Panopto/Pages/Viewer.aspx?id=ee263b16-d3ac-4018-a8fb-ab9f00fe61cb&_cldee=YWd1bm5lbGxAdGF4aW5zdGl0dXRlLmll&recipientid=lead-dbd28e75f201e81180ff3863bb3600d8-37db6c74494a43d4ae1782babf3098b4&esid=6ecd64f7-db80-ea11-a812-000d3a29a00b … Last week Revenue announced it had implemented the European Commission Decision to allow goods which are for the purposes of combating COVID-19 to be imported, from outside the EU, free of import duties and VAT.   … Following Brexit, seeking to achieve a zero-tariff, zero quotas, free trade agreement between the EU and the UK. … EU Finance Ministers discuss economic impact of COVID-19
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Bulletins, Reports and Submissions Irish Tax Institute
2020-09-04
https://taxinstitute.cloud.panopto.eu/Panopto/Pages/Viewer.aspx?id=00ada9bb-e851-47b0-8231-abf800cbaca6&_cldee=bWhlYWx5QHRheGluc3RpdHV0ZS5pZQ%3d%3d&recipientid&_cldee=eW1vcnJpc0B0YXhpbnN0aXR1dGUuaWU%3d&recipientid=lead-07ef54d6c6fce911a813000d3a20f3f8-673c4f8048bd4828a1beb2eb9834ff38&esid=79193a01-ddee-ea11-a817-000d3a20feae … Brexit Update: EU Brexit Chief Negotiator addresses IIEA and General Scheme for new 2020 Brexit Omnibus Bill expected    … Michel Barnier, the European Commission's Chief Negotiator on Brexit addressed the Institute of International and European Affairs (IIEA) on Wednesday, 2 September ahead of the eighth round of negotiations for a new partnership between the EU and the UK next week. Mr. Barnier noted the impact that the coronavirus pandemic has had but stated  … “We want a close partnership with the UK. Provided the conditions are right. This is in everybody's interest. And in Ireland's interest in particular.”,
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Bulletins, Reports and Submissions Irish Tax Institute
2020-01-10
The results show that Revenue collected total net receipts of €73.9 billion in 2019, including €58.4 billion in taxes and duties for the Exchequer and €15.5 billion on behalf of other Departments, Agencies and EU Member States. In a press release, Revenue Chairman, Niall Cody, noted the continued very high levels of timely, voluntary compliance and acknowledged the engagement of taxpayers, tax practitioners and agents in delivering the very strong compliance rates. Timely Compliance Rates for 2019 remained very high at... … ...of Finance has updated its growth forecast for 2020 to take account of the extension to the Brexit timeline. GDP is projected to grow by 3.9% this year and to average around 3% over the period 2020-2025 (assuming a Free Trade Agreement is negotiated between the EU and UK or an extension to the transition period). The updated forecast assumes reduced corporation tax receipts by €500 million per annum from 2022 onwards, as a result of the implementation of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative. While there is some uncertainty surrounding... … EU News
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