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TaxFax - 25 September 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-09-25
“from the start of next year, customs declarations will need to be completed if businesses intend to continue trading with the UK, whether that is importing or exporting goods to the UK or using the UK as a landbridge to move their goods to or from mainland Europe” …  https://www.gov.ie/en/press-release/77ec6-minister-donohoe-notes-eu-commissions-decision-to-appeal-apple-state-aid-case-to-the-court-of-justice-of-the-eu/ … https://ec.europa.eu/commission/presscorner/detail/en/statement_20_1746 … The Commission notes that the guarantees are necessary to expand the volume of loans that can be provided to Member States, while safeguarding the EU's prime credit rating and strong position on international capital markets. The Commission has already presented proposals to the Council for decisions to grant financial support of €87.3 billion to 16 Member States under the SURE instrument. Once the Council adopts these proposals, the financial support will... be provided in the form of loans granted on favourable terms from the EU to Member States.
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TaxFax - 4 December 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-12-04
: Changes to the Stamp Duty provisions in respect of the migration of shares and securities in Irish registered companies from a central securities depository (CSD) in the UK to a CSD in Belgium (i.e. the transition from Crest to Euroclear), to confirm in legislation that the exemption from the charge to Stamp Duty for American Depositary Receipts (ADR) continues to apply and to clarify that no Stamp Duty charge will arise on the migration... … Almost all goods arriving from non-EU countries will be liable to tax and duty. If you shop online, you need to check whether the advertised price includes any tax and duty costs due before you make your decision to buy the goods concerned … ." Ms. Dalton also warned that alcohol and tobacco products arriving from another EU Member State are liable to Excise Duty and VAT.  … The European Commission has welcomed a recent compromise reached by Member States to extend EU tax transparency rules to digital platforms. This follows the proposal made by the Commission in July as part of the Action Plan for Fair and Simple Taxation Supporting the Recovery. The agreed proposal on administrative cooperation (DAC 7) will ensure that Member States automatically exchange information on the... revenues generated by sellers on digital platforms, whether the platform is located in the EU or not. Formal adoption will follow once the European Parliament and the Economic and Social Committee provide their opinion. The new rules will apply as from 1 January 2023 onwards.
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TaxFax - 13 November 2020

Bulletins, Reports and Submissions Irish Tax Institute
2020-11-13
Amendments in respect of the migration of shares and securities in Irish registered companies from a central securities depository (CSD) in the UK to a CSD in Belgium (transition from Crest to Euroclear), to include a change to the definition of ‘shares’ and to insert a new chapter into Part 6 of the Stamp Duties Consolidation Act 1999 to provide for special measures relating to dematerialised securities. … This week, the European Commission welcomed the agreement between the European Parliament and EU Member States in the Council on Europe's next long-term budget and NextGenerationEU, the temporary recovery instrument. Once adopted, the package totalling €1.8 trillion will be the largest package ever financed through the EU budget. It is intended to help rebuild a post-COVID-19 Europe, which will be greener, more digital, more resilient, and better fit for the current and forthcoming challenges. … https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2073
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