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  • Brexit Bulletin, 20 September 2019
    on September 20, 2019 at 8:02 am

    This week, read about latest Brexit developments as the EU propose a twelve day deadline for the UK to deliver on Brexit, meanwhile the Irish Government continues their engagement with their UK counterparts. Also read up on the extensive list of Brexit preparedness resources. EU discuss twelve day deadline for the UK to deliver on Brexit The EU has given the UK a new twelve day deadline to deliver on Brexit, as announced by the Finnish Prime Minister, Antti Rinne, current holder of the EU’s presidency. It is intended that the new deadline will be conveyed to the UK by the President of the European Council, Donald Tusk. With the UK Brexit Minister, Stephen Barclay set to meet chief EU Brexit negotiator, Michel Barnier today, he has asked the EU for flexibility. His comments were reported as “a rigid approach now at this point is no way to progress a deal and the responsibility sits with both sides to find a solution”. While the UK parliament is still suspended, Supreme Court judges will rule early next week on whether the Prime Minister’s decision to suspend parliament was lawful.   Irish Government continues engagement with UK political leaders Taoiseach Leo Varadkar met with DUP leader Arlene Foster in Dublin earlier this week to continue bilateral discussions on Brexit and restoring power-sharing at Stormont. Following her meeting with the Taoiseach, the DUP leader has expressed her commitment towards securing a suitable Brexit deal. Additionally, the Minister for Finance Paschal Donohoe met with the UK Chancellor of the Exchequer Sajid Javid in Dublin yesterday. Both sides reiterated the importance of maintaining positive relationships going forward. It has been reported that the Taoiseach will also be  engaging with UK Prime Minister Boris Johnson at a meeting of the United Nations General Assembly next week.   New Dáil term legislative agenda published Ahead of ongoing Brexit preparations, the Irish Government Chief Whip Séan Kyne has published the Autumn 2019 legislative agenda for the new Dáil term. The agenda comprises of the Priority List, which ranges from the upcoming Budget, climate action, housing and planning, to healthcare, road safety, citizenship and family supports such as parental leave. Despite the significant challenge of Brexit, the agenda is aimed at demonstrating the Government’s commitment towards supporting citizens and communities across Ireland.   HMRC issues no-deal correspondence for businesses trading with EU HMRC has issued letters to UK VAT-registered businesses trading with the EU and/or the rest of the world explaining how to prepare for changes to customs, excise and VAT if the UK leaves the EU without a deal. The letters outline actions to take to prepare for changes to customs and VAT procedures if there is no deal, and on how businesses can prepare for Brexit going forward.   Brexit preparedness resources Brexit Customs Level 1 and 2 – CPD course Chartered Accountants Ireland, in association with the Irish Exporters Association, has launched a brand new continuous professional development (CPD) course – Brexit Customs Level 1 and 2 in both the Republic of Ireland and Northern Ireland. This course provides participants with insights into how to manage their dealings with EU/International customs efficiently and explores areas such as goods classification, origin, valuation and transit.  Brexit Customs Level 1 and 2 will run in the morning and evening respectively, and participants can book either the morning, or afternoon session, or both. Courses are being run in Belfast, Derry, Dublin and Newry. This course is suitable for accountants, and other business professionals, who have limited knowledge of customs. Attendees can be working in practice, finance, procurement, supply chain, operations or freight forwarding. No previous experience or knowledge of customs is required. Interested parties can visit the CPD programmes page of our website to learn more and register for the course. Clear Customs – Essential customs training The Irish government have launched the Clear Customs initiative to help businesses and intermediaries develop the capacity to complete customs administration post-Brexit. As a part of the initiative led by Skillnet, businesses have been offered two main supports: An essential customs training programme delivered nationwide over six weeks providing skills necessary to make customs declarations Customs Financial Support payment to assist with the costs of hiring or assigning new staff to customs roles. The payment can be up to €6,000 per employee that completes the training programme – up to a maximum of 10 employees. Expressions of interest for the customs training programme and Customs Financial Support payment must be made via the Skillnet Ireland website before 20 September 2019. Readers should note to meet the following eligibility criteria that businesses will need: an EORI number from Revenue. Read our guidance on how to apply for an EORI number; a CRO number; to be registered with the Company Registration Office and incorporated in the Republic of Ireland at the time of application; to provide freight, haulage, logistics services to, from or through the UK, or; Are providing customs intermediary services; and are currently directly engaged in the import/ export, or are facilitating the import/export, of goods to, from or through the UK and which will require new or increased customs clearance capacity. HMRC – Customs funding The UK government have announced additional funding to support businesses with the costs of making customs declarations. Businesses based in, or with a branch in, the UK can apply for funding ahead of the UK leaving the EU. Grants can be used to support: training costs for businesses who complete customs declarations, or who intend to in the future funding for IT improvement, which is available to small and medium sized employers who are currently involved in trade as an intermediary Applications can be made online, with the grant being offered within 30 days of applying.    Customs workshops Local Enterprise Offices are running customs workshops throughout the country from August to October to provide businesses with a better understanding of the potential impacts and customs procedures to be adopted when trading with a country outside of the EU.  These courses are open to all businesses. You can read the course outline here. To see locations, dates and how to book, go to this link.   Irish Government Brexit Supports The Department of Business, Enterprise and Innovation have released several Brexit preparedness supports, including the Brexit preparedness checklist, the Brexit Loan Scheme and the Getting Business Brexit Ready guide. For the full range of supports for businesses, visit the Department’s website.   Read all our updates in our Brexit web centre and our page dedicated to no-deal Brexit planning.   &nbs

  • Five things you need to know about tax, 20 September 2019
    on September 20, 2019 at 7:51 am

    This week, read about how the Irish Government’s announcement that Budget 2020 will be based on a no-deal Brexit. In the UK, HMRC are delaying the construction sector reverse change introduction. In International news, read the European Commission’s newly published document on the evaluation of the Energy Taxation Directive.  Ireland 1. Budget 2020 will be formulated on the basis of a no-deal Brexit, according to the Irish Government. Read more 2. The Institute has responded to the Department of Finance feedback statement on Ireland’s Transfer Pricing rules. Read more UK 3. HMRC has announced it is delaying the new construction industry VAT reverse charge until October 2020 4. Read HMRC’s long awaited guidance on the off-payroll working rules in the private sector International 5. The European Commission has published a working document on the evaluation of the Energy Taxation Directiv

  • Technical roundup 20 September
    on September 19, 2019 at 11:26 am

    The Institute launches its “Meet the Accounting Standard Setters” event, while IAASA and the FRC publish guides on Governance and Brexit respectively ROI Meet the Accounting Standard Setters Chartered Accountants Ireland will host an event on 30 October 2019, a unique opportunity for accountants in industry and practice to hear representatives of both the FRC and the IASB present an update on developments in their respective accounting standards, UK/Irish GAAP and IFRS. Speakers at the event will be Gary Kabureck, IASB Board member, and Anthony Appleton, Jenny Carter and Phil Fitz-Gerald from the FRC. There is no charge to attend the event but places are limited so booking is essential. Getting Your Business Brexit Ready – A guide has recently been issued by the Irish Government which sets out nine practical steps that all businesses, large and small, should take now to prepare for the UK’s departure from the EU. IAASA, Ireland’s accounting enforcer, has this week published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2019. IAASA has today issued a Guidance Note 01/2019 on The Duty of Auditors to Report to the Director of Corporate Enforcement.  UK   The UK/Ireland Statements of Recommended Practice (SORP) making body is launching a new pan UK pan Ireland process for developing the next SORP. They will be actively recruiting engagement partners, individuals or organisations, who want to help. To assist with preparations for the UK’s exit from the EU, the Financial Reporting Council (FRC) is writing to Audit Committee Chairs and Finance Directors setting out some of the generic actions companies should consider in advance of the UK’s exit.  International The International Auditing & Assurance Board (IAASB’s) public report summarizing the board’s achievements from January 1, 2016 to June 30, 2019, has been released. This period, chaired by Professor Arnold Schilder, is reported as being one of great productivity for the board. &nbs

  • Chartered Accountants Ireland launches five-step guide to improving Organisational Culture
    on September 19, 2019 at 9:25 am

    New guide aims to answer the question ‘Should we be doing things differently?’ A new guide published today offers a five-step approach for Irish organisations which are keen to assess and improve their organisational culture. The free guide, published by Chartered Accountants Ireland, encourages decision-makers to assess the culture within their organisation and to consider if they need to do things differently to achieve success. Concise Guide for Directors: A Five-Step Approach to Considering Organisational Culture was launched today in Dublin and is based on research into existing guidance and thought leadership, in addition to focus groups and interviews with business leaders from across the island of Ireland. Pictured at the launch of Chartered Accountants Ireland’s new Concise Guide for Directors: A Five-Step Approach to Considering Organisational Culture, were: Ciara Fallon, Director, People & Organisation Consulting at PwC; Conall O’Halloran President Chartered Accountants Ireland; and David McRedmond CEO of An Post Speaking at the Championing Organisational Culture – Practical Insights event in Dublin, Chartered Accountants Ireland President Conall O’Halloran said: “Recently we’ve seen developments which show how seriously organisations are engaging with culture, for example the establishment of the Irish Banking Culture Board earlier this year. This guide is a practical tool which equips directors to address their organisation’s culture in an effective way. It provides those involved in governance with clarity and direction when it comes to organisational culture and helping to make transformational change.” The guide is one of the first resources to be made available on Chartered Accountants Ireland’s new online Governance Resource Centre. The development is seen as recognition of the importance which organisations, both locally and globally, are placing on the issue of governance. Níall Fitzgerald, Head of Ethics and Governance, Chartered Accountants Ireland said: “An organisation’s culture is a critical component of its success. There is an increasing awareness of it in the context of corporate governance.” “Good governance, along with the systems and practices which underpin it, has become a key consideration for all types of organisation as it impacts on their reputation, culture, efficiency and financial sustainability. Our new Governance Resource Centre recognises this importance and will provide a range of helpful, free resources for those involved in, or advising, boards.” Concise Guide for Directors: A Five-Step Approach to Considering Organisational Culture is available for download here. Visit the new Governance Resource Centre at: www.charteredaccountants.ie/governance. ENDS Notes to editors For reference: Claire Percy, Chartered Accountants Ireland, 086 216 4393 claire.percy@charteredaccountants.ie About Chartered Accountants Ireland Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888.  The Institute, which is an all-island body, currently represents over 27,000 members around the world.&nbs

  • ECB introduces two-tier system for remunerating excess liquidity holdings
    on September 18, 2019 at 4:17 pm

    The Governing Council of the European Central Bank (ECB) today decided to introduce a two-tier system for reserve remuneration, which exempts part of credit institutions’ excess liquidity holdings (i.e. reserve holdings in excess of minimum reserve requirements) from negative remuneration at the rate applicable on the deposit facility. This decision aims to support the bank-based transmission of monetary policy while preserving the positive contribution of negative rates to the accommodative stance of monetary policy and to the continued sustained convergence of inflation to the ECB’s aim. All credit institutions subject to minimum reserve requirements under Regulation ECB/2003/9 will be eligible for the two-tier system. The two-tier system will apply to excess liquidity held in current accounts with the Eurosystem but will not apply to holdings at the ECB’s deposit facility. The volume of reserve holdings in excess of minimum reserve requirements that will be exempt from the deposit facility rate – the exempt tier – will be determined as a multiple of an institution’s minimum reserve requirements. The multiplier will be the same for all institutions. The Governing Council will set the multiplier such that euro short-term money market rates are not unduly influenced. The multiplier may be adjusted by the Governing Council in line with changing levels of excess liquidity holdings. Any adjustment to the multiplier will be announced and will apply as of the following maintenance period after such decision is made. The size of the exempt tier is determined on the basis of average end-of-calendar-day balances in the institutions’ reserve accounts over a maintenance period. The exempt tier of excess liquidity holdings will be remunerated at an annual rate of 0%. The non-exempt tier of excess liquidity holdings will continue to be remunerated at zero percent or the deposit facility rate, whichever is lower. The two-tier system will first be applied in the seventh maintenance period of 2019 starting on 30 October 2019. The multiplier that will be applicable as of that maintenance period will be set at six. The remuneration rate of the exempt tier and the multiplier can be changed over time. (Source: European Central Bank)