Insights

Since the introduction of the increased compliance obligations on directors under the Companies Act 2014, there have been significant changes to both the domestic and global tax policy landscape. These changes may impact the ‘relevant obligations’ that a company needs to comply with and the supporting policy documentation may now need to be updated accordingly.

EU Mandatory Disclosure reporting rules came into effect in July 2020, however due to the impacts of COVID-19 pandemic the reporting deadline was deferred until January 2021. The first reports are due by the end of January. Are you ready to file your reports with the tax authorities?

The Mini One Stop Shop, better known as MOSS, is a simplification measure to reduce the administrative burden and costs for businesses should they be in involved in supplying telecommunications, broadcasting and electronic (TBE) services to non-taxable persons i.e. typically private consumers.

The debt warehousing scheme now includes income tax liabilities which normally fall due on 31 October 2020. This means that payments of the balance of income tax due for 2019 and preliminary tax for 2020 may be deferred, or known as ‘warehoused’, for up to 12 months’, interest free. A lower 3% reduced interest rate will apply thereafter to any outstanding payments until they are paid in full.

Bernard Doherty discusses the July Job Stimulus.

Read our publications on EU mandatory disclosure requirement

The Irish Revenue Commissioners have issued much welcomed guidance and clarifications in relation to short-term business visitors (“STBVs”) working in Ireland. The revised guidance applies from 1 January 2020 and will significantly reduce the administrative and cashflow burden for employers in this area.

In the context of the current Covid 19 emergency, Revenue have published guidance (eBrief 77/20) on the zero rating of certain medical equipment and products and the impact for traders who supply or donate these goods. In addition, the VAT impact of supplying emergency accommodation is clarified.

In light of the Government’s recent financial measures implemented for businesses, we have summarised below some practical steps businesses may take to improve VAT cash flow.

All RTD’s for businesses with a 31 December 2017 year end must submit a RTD on or before 23 January 2018 via the Revenue Online System (“ROS”). Please contact a member of our indirect tax team if you require assistance with completion of your RTD.

What is a Personal Public Service (PPS) number?

This indirect tax update looks at VAT exemption on certain medical diagnostic services, VAT repayment offset changes with effect from 25 November 2019 and much more.