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Chartered Accountants Ireland

The latest news from the Institute of Chartered Accountants in Ireland

Last feed update: Thursday March 23rd, 2017 11:46:39 AM

EU Commission publishes Draft Directives on Direct Tax Matters

Tuesday November 1st, 2016 12:26:45 PM
Coinciding with the CCCTB relaunch on 25 October, the Commission issued draft legislation to cover Transfer Pricing Dispute Resolution and the tax treatment of so-called Hybrid Instruments .  The latter takes the form of an amendment to the existing Anti-Tax Avoidance Directive, which seeks to limit the deductibility of interest, impose exit taxes on changes of tax residence, apply CFC rules an...

Institute representatives meet EU Tax Commissioner to discuss CCCTB

Tuesday November 1st, 2016 11:04:30 AM
The Chairman of the Institute’s Tax Committee, Paul Dillon and Tax Director Brian Keegan met with Tax Commissioner Moscovici in Strasbourg on Tuesday last, coinciding with the launch of the latest EU CCCTB initiatives on Corporation Tax. The meeting was arranged by Marian Harkin MEP , who is particularly knowledgeable and active on European tax issues as they affect Ireland. Chartered Accountan...

ROS Pay & File Deadline 10 November 2016 – Useful Tips

Tuesday November 1st, 2016 11:03:44 AM
The Pay & File deadline for ROS customers is 10 November 2016. To avail of this extended deadline, the taxpayer must file the 2015 Form 11 return and pay Preliminary Tax for 2016 and the Income Tax balance due for 2015 through ROS.  Where only one of these actions is completed through ROS, the extension does not apply and the deadline for the return and payments was 31 October 2016. Revenue...

New Revenue Online Jobs and Pensions Service

Tuesday November 1st, 2016 11:03:20 AM
A new online service for employees and private pension recipients which allows employees to register a new job or private pension with Revenue is now live. Following registration, a tax credit certificate will issue to the employer and employee to allow the employer to deduct the correct amount of tax. This service replaces the Form 12A and access is available via myAccount and ROS . Further...

Updated guide to Revenue’s Technical Services

Tuesday November 1st, 2016 11:02:30 AM
Revenue has updated its guide on the do and don’ts of using the Revenue Technical Services (RTS).  The parameters for using this service are strict and the updated guide notes that an opinion issued by RTS will contain a provision setting out the period for which it will apply which will normally be 5 years.  

Update of Local Property Tax Manuals

Tuesday November 1st, 2016 11:01:56 AM
The Local Property Tax Manuals have been updated to take account of the changes introduced by the Finance (Local Property Tax) (Amendment) Act 2015.  Remember that the deadline for confirming your payment method to Revenue if spreading your payments over 2017 (phased payments) is 25 November 2016 .  Most of the changes relate to the effect of the three-year extension to the first valuation peri...

Chartered Tax Consultant™ – one current participant’s story

Tuesday November 1st, 2016 11:00:21 AM
Over the next three weeks, we will give you an insight into the experience of one current participant of Chartered Tax Consultant (CTC). Fiona Hickey has given us an account of her experience here since January 2016. If you are considering your next course, read on to learn more about what’s involved in terms of time and workload . And don’t forget, we will be having an open evening for CTC on...

In the Media

Tuesday November 1st, 2016 10:59:29 AM
In his regular column for the Sunday Business Post , Brian Keegan, Director of Taxation considers the reservations of EU Member States to the Common Consolidated Corporate Tax Base and whether it is now in many respects a solution seeking a problem. Today in the  Irish Examiner , Brian considers the impact of Brexit on cross border trade and Customs collection. 

Deduction of VAT on pension fund management costs

Tuesday November 1st, 2016 10:58:54 AM
HMRC have issued a further brief on the CJEU decision in PPG. The brief confirms that the transitional period for VAT recovery on pension fund costs is to be extended until 31 December 2017. The brief explains that this is due to the fact that it is taking longer than expected to reconcile the court decision with pension and financial service regulations, accounting rules and emerging case law....

This week’s UK tax tidbits

Tuesday November 1st, 2016 10:58:38 AM
Developments of interest this week are outlined.   Guidance on inheritance tax exemptions and reliefs policy and capital gains tax reliefs policy for national heritage property has been published Use the online form service if you're in a partnership and want to claim repayment of subcontractor deductions during the current tax year Use the online forms service if you're in business on your own...

European Commission relaunches the CCCTB

Tuesday November 1st, 2016 10:57:59 AM
The Commission recently published its plans to re-launch the Common Consolidated Corporate Tax Base (CCCTB).  The plan is to implement the CCCTB in two steps; the first being to introduce common tax rules for calculating taxable profits of group of companies (CCTB) and the second step is full consolidation on a mandatory basis under CCCTB.   Corporate tax rates are not impacted by the CCCTB. Th...

Panama joins OECDs Convention on Mutual Administrative Assistance in Tax Matters

Tuesday November 1st, 2016 10:57:27 AM
Panama recently signed the  Multilateral Convention on Mutual Administrative Assistance in Tax Matters , making it the 105th jurisdiction to join the world’s leading instrument for boosting transparency and combating cross-border tax evasion. The signing shows that Panama is now implementing its commitment to fully cooperate with the international community on transparency according to the OECD...

FAE 2016 Overall Performance

Friday October 28th, 2016 09:07:22 AM
The overall performance for FAE 2016 is the strongest performance since the introduction of the new FAE examination format in 2010 with 80% of all candidates progressing to qualification. This increase in result has been driven by: a marked increase in FAE Core pass rate to 94% again the highest to date which was driven by improved results in Financial Reporting (in both the AAFRP and main Core...

Technical tidbits

Thursday October 27th, 2016 03:52:24 PM
Developments of interest this week are outlined.   Ireland The Irish Auditing and Accounting Authority (‘IAASA’) has published its consultation paper entitled ‘ The future auditing framework for Ireland’.  The need for IAASA to consult arises by virtue of a provision in Statutory Instrument No 312 of 2016 (‘SI 312’), which established IAASA’s responsibility for the adoption of auditing and...

This week’s tax tidbits

Thursday October 27th, 2016 02:15:29 PM
Developments of interest this week are outlined. Ireland Revenue recently confirmed that taxpayers are no longer required to seek advance clearance from Revenue when paying royalties to a non-resident company without the deduction of tax in certain circumstances. The Tax and Duty manual has been updated and Revenue eBrief No. 88/16 contains further details.   UK Agent Update 56 is now available...

Finance Bill 2016

Thursday October 27th, 2016 02:14:55 PM
Finance Bill 2016 was announced on Thursday 20 th October. Key measures include anti-avoidance provisions for S.110 companies and Irish real estate funds, full details of the Help To Buy Scheme and restrictions on qualifying disclosure relating to offshore matters.     Section 110 TCA 1997 (section 21) Section 110 TCA 1997 deals with the taxation of special purpose companies established in...

IAASA consults on auditing framework

Thursday October 27th, 2016 01:39:06 PM
The Irish Auditing and Accounting Authority (‘IAASA’) has recently published its consultation paper entitled ‘The future auditing framework for Ireland’ .  The need for IAASA to consult arises by virtue of a provision in Statutory Instrument No 312 of 2016 (‘SI 312’), which established IAASA’s responsibility for the adoption of auditing and ethical standards in Ireland.  SI 312 transposed the E...

FRC approves adoption of two new auditing standards

Thursday October 27th, 2016 10:49:58 AM
T he FRC Board has approved the adoption of two new auditing standards for use in the UK. ISA (UK) 800: Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and ISA (UK) 805: Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement, adopted primarily to support the...

FRC Consultation Paper on proposal to revise Practice Note 20

Thursday October 27th, 2016 10:35:59 AM
Th e Financial Reporting Council has released a consultation on revisions to Practice Note 20: The Audit of Insurers in the UK which provides guidance on the application of auditing standards to audits of statutory financial statements in the insurance sector to support the delivery of high quality audit. The paper can be downloaded at this link.

Recent sustainability and integrated reporting developments

Thursday October 27th, 2016 09:00:15 AM
The International In­te­grated Reporting Council (IIRC), Chartered Institute of Public Finance and Ac­coun­tancy (CIPFA), World In­tel­lec­tual Capital/Asset Ini­tia­tive (WICI), The Global Reporting Ini­tia­tive (GRI) and the United States Sus­tain­abil­ity Accounting Standards Board (SASB) have all recently released statements and guidance on the areas of sustainability and integrated...

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