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Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
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Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
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Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
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Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
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VAT MOSS reporting to 1 July 2021:
In existence since 2015, Mini One Stop Shop (“MOSS”) covers business to non-business customers (“B2C”) supplies of telecommunications, broadcasting and electronic (“TBE”) services in the EU.
A MOSS return is filed quarterly, notifying Revenue of TBE sales in other EU Member States, facilitating the payment of local VAT and avoiding the requirement to VAT register in each EU Member State where supplies are made. At present, MOSS cannot be used for B2C supplies of TBE in a Member State where the supplier has an establishment, other B2C services, or supplies of goods.
The extension of VAT MOSS reporting from 1 July 2021:
The MOSS scheme will be extended to include a wider range of supplies of goods and services when made to non-business customers in the EU including:
- B2C supplies of services other than TBE services
- Intra-EU distance sales of goods B2C
- Goods imported from third countries and third territories in consignments of an intrinsic value of maximum EUR 150
- Certain domestic supplies of goods facilitated by electronic interfaces
- Non-TBE Services B2C
VAT on the supplies of non-TBE services B2C will be accounted for through the extended MOSS scheme, now referred to as One Stop Scheme (“OSS”). The non-EU OSS scheme for supplies by taxable persons not established in the EU will be extended to all types of services provided to final consumers in the EU. The EU OSS will cover all B2C services supplied cross-border.
- Intra EU - Distance sales of goods B2C
For the supply of goods dispatched-transported B2C to other EU Member States the current EU distance sales thresholds will be abolished. Therefore resulting in the requirement to VAT register in multiple jurisdictions, where the total EU supplies of goods and TBE services to consumers exceed €10,000 per annum. Alternatively, the EU OSS scheme can be used. If sales do not exceed or are unlikely to exceed this threshold, local VAT may be accounted for rather than VAT in the country of the customer (e.g. an Irish seller can charge Irish VAT).
- Goods - Imported
Currently, imports of goods valued at less than €22 into the EU are not subject to VAT on importation, this rule will be abolished on 1 January 2021.
A new import scheme will now cover the import of goods valued at less than €150. The retailer of the goods or an appointed agent in the case of non-EU retailers will be required to charge and pay VAT at the point of sale to consumer but no longer will pay VAT at the point of importation. If this scheme is not availed of, the second simplification will allow import VAT may be collected by the declarant (e.g. shipping company) from the customer, who will then report the VAT to Revenue on monthly basis.
- Supplies of goods facilitated by electronic interfaces
In certain circumstances, the sale of goods B2C to EU customers will be deemed to be undertaken by the online marketplaces and platforms and not the actual retailer. The online marketplace / platform provider will be viewed as buying and selling the underlying goods and therefore will have to collect and pay the VAT on applicable sales. This may apply both in case of intra-EU distance sales (where a retailer is not established in the EU) and imported goods of value less than €150.The use of all schemes will be optional.