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TaxFax - 14 August 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-08-14
Revenue has provided the Institute with a slide presentation outlining how to submit a DAC6 Report on ROS. This follows publication of Revenue’s Manual on the EU mandatory disclosure regime (DAC6) and discussions at a recent meeting of the TALC BEPS Implementation Sub-committee in early July. A copy of Revenue’s slides is available below. The slides include information and helpful screenshots on: … The European Commission has proposed to amend EU VAT rules to introduce special VAT registration numbers for businesses in Northern Ireland, to ensure that trade can continue at the end of the Brexit transition period, in line with EU VAT provisions and the Protocol on Ireland/Northern Ireland. Goods will remain treated as cross-border supplies of goods within the EU, whereas goods supplied elsewhere in the UK and all services will be subject to UK VAT rules after the end of the transition period.   …  https://ec.europa.eu/taxation_customs/news/commission-proposes-amend-vat-rules-accommodate-trade-northern-ireland-after-transition-period_en … https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12559-Council-Directive-amending-Directive-2006-112-EC-identification-of-taxable-persons-in-Northern-Ireland
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TaxFax - 1 May 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-05-01
https://taxinstitute.cloud.panopto.eu/Panopto/Pages/Viewer.aspx?id=ee263b16-d3ac-4018-a8fb-ab9f00fe61cb&_cldee=YWd1bm5lbGxAdGF4aW5zdGl0dXRlLmll&recipientid … Commission adopts banking package to facilitate lending to EU households and businesses … The European Commission has adopted a banking package to help facilitate bank lending to households and businesses throughout the EU. The aim of this package is to ensure that banks can continue to lend money to support the economy and help mitigate the significant economic impact of COVID-19. The Commission proposes exceptional temporary measures to alleviate the immediate impact of COVID-19 related developments by; adapting the... … The Commission also proposes to advance the date of application of several agreed measures that incentivise banks to finance employees, SMEs and infrastructure projects.  Existing EU rules allow banks and their supervisors to act in a flexible, but responsible, manner during economic crises to support citizens and firms, particularly small and medium-sized companies. They also include some targeted changes to maximise the capacity of credit institutions to lend and to absorb losses related...
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TaxFax - 17 July 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-07-17
https://ec.europa.eu/commission/presscorner/detail/en/statement_20_1356 … “The Commission will continue to look at aggressive tax planning measures under EU State aid rules to assess whether they result in illegal State aid.” …  https://curia.europa.eu/jcms/upload/docs/application/pdf/2020-07/cp200090en.pdf …  http://curia.europa.eu/juris/document/document.jsf?text=&docid=228621&pageIndex=0&doclang=EN&mode=lst&dir=&occ=first&part=1&cid=9635979&_cldee=dW1hZ3VpcmVAdGF4aXJlbGFuZC5pZQ%3d%3d&recipientid=contact-54310a8bfeb0e61180f35065f38bc571-15f7dd1e9b224d60a0dd5135e8b04f0e&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Tax%20Apple%20ruling&esid=a99bb186-8ac6-ea11-a812-000d3ad8be46&_cldee=eW1vcnJpc0B0YXhpbnN0aXR1dGUuaWU%3d...
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TaxFax - 22 May 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-05-22
UK publishes paper on Northern Ireland Protocol of the Withdrawal Agreement … On Wednesday, the British government published its plans for how the Northern Ireland protocol of the Withdrawal Agreement agreed last year would work. Under the treaty, Northern Ireland remains part of the UK’s customs territory, but EU customs rules apply to all goods entering Northern Ireland unless they are determined not to be at risk of moving on into the EU single market in Ireland.  …  https://www.gov.uk/government/publications/the-uks-approach-to-the-northern-ireland-protocol? … Country-specific recommendations for the 27 EU Member States and the UK
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TaxFax - 16 October 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-10-16
In his statement Mr. Barnier confirmed that the EU are  … “absolutely determined to reach a fair deal with the UK” … 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. … Responding to the EU’s Statement today, UK Prime Minister, Boris Johnson, suggested the EU was unwilling to consider the UK's preferred option of a comprehensive free trade agreement based on the EU’s existing arrangement with Canada. The Prime Minister said: At the moment, trade between the EU and Australia is governed by World Trade Organisation (WTO) rules.
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TaxFax - 3 April 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-04-03
has been updated following the introduction of relief from betting duty and betting intermediary duty as a result of Budget 2020. The updated Manual also confirms that the relief is subject to State aid ‘de minimis’ rules, provided for in Commission Regulation (EU) No. 1407/2013.   … The European Commission has approved Ireland's €200m scheme to support companies affected by the COVID-19 pandemic, in line with EU State aid rules. The scheme was approved under the EU State aid Temporary Framework. The fund, which will be administered by Enterprise Ireland, will be available to assist companies access the necessary liquidity and funding to sustain their businesses in the short to medium term. The Scheme will operate as an additional support to the Strategic Banking Corporation... … https://ec.europa.eu/commission/presscorner/detail/en/ip_20_557 … ...instrument for temporary support to mitigate unemployment risks in an emergency (SURE) is designed to help protect jobs and workers affected by the coronavirus pandemic. It will provide financial assistance up to a total of €1 billion in the form of loans granted on favourable terms from the EU to Member States. 
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TaxFax - 20 November 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-11-20
...complete redesign of the legislative framework underlying the ‘Ireland to Ireland’ rule as set out in section 835E TCA 1997. Regarding transactions between two domestic entities in Ireland, we have asked the Minister to consider adopting a similar approach to that of the transfer pricing regimes in other EU countries, by either granting exemptions for transactions between two domestic entities or providing for a corresponding deduction where income is attributed to the supplier in a transaction. During the Committee Stage debates this week, the Minister confirmed that he is considering a Report Stage amendment to section 15... … ...plans to manage the negative impacts of Brexit, while others have not thought through the implications at all. This is backed by data that shows over 66% of construction businesses, and a similar level of businesses in the agriculture, forestry and fishing industries, who traded with the UK in 2019 and 2020 have yet to register for customs by getting an EORI number.” … “Revenue acknowledges that the economic environment is extremely challenging and uncertain for a lot of businesses right now. However, when it comes to Brexit there is absolute certainty that on 1 January 2021 customs formalities will apply to goods moving to, from or through the UK excluding Northern Ireland.” … Consider alternative routes to EU markets.
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TaxFax - 15 May 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-05-20
certain deadlines for filing and exchanging information under Council Directive 2018/822/EU (DAC6), which introduces the EU mandatory disclosure rules for certain cross-border arrangements.  …  under the EU Common Reporting Standard to exchange information on financial accounts of beneficiaries who are tax residents in another Member State. In addition, the Commission has proposed deferring the entry into force of the VAT E-commerce package by 6 months to 1 January 2021. … The proposals are expected to be considered by the European Council and European Parliament as a matter of priority.  We understand that discussions have taken place between officials from EU Members States and efforts are underway to identify how a Directive to implement the deferral of DAC6 Reporting can be agreed in a timely manner. … https://ec.europa.eu/taxation_customs/news/taxation-commission-proposes-postponement-taxation-rules-due-coronavirus-crisis_en?
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TaxFax - 27 November 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-11-27
Updated guidance on the factors to be considered when assessing whether or not EU pension schemes or funds are equivalent to Irish pension schemes or funds. … On Monday, 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... …  https://ec.europa.eu/taxation_customs/news/compliance-cooperation-and-crisis-management-top-agenda-tax-administration-summit_end
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TaxFax - 7 February 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-02-07
Main Purpose Tests Manual updated to refer to EU Mandatory Disclosure Regime …  Manual has been updated to include a reference to the EU Mandatory Disclosure Regime, which comes into operation on 1 July 2020. The new regime includes a “lookback” reporting requirement, which will apply to reportable cross-border arrangements, the first step of which was implemented between 25 June 2018 and 30 June 2020.  Revenue will issue guidance... …  came into operation with effect from 31 January 2020 at 11pm.  This means that where the term ‘Member State’ is used in any enactment it should be interpreted as including the UK for the duration of the transition period created by the Withdrawal Agreement under Article 50 of the Treaty on European Union.  … EU News
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