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EU VAT Landscape 2020: The Winds of Change Are Upon Us (Irish Tax Review 2020 Issue 4)

Irish Tax Review Julie Burke James Fox Ben Kelly
2020-12-14
...1 January 2020. No one could have foreseen how the next 12 months would play out, such that the practical extent of how the VAT “Quick Fixes” have been implemented remains to be seen at the time of writing, in many cases. Furthermore, the continued uncertainty around Brexit and the increasing likelihood (again, at the time of writing) of a “no deal Brexit” have added to the feeling of uncertainty in practice. Businesses should be (and in many cases are) reviewing their supply chains from end to end and considering the impact across a range of considerations – systems requirements, invoicing and cash-flow, contractual requirements etc. … ...and refer readers to the previous article. However, almost 12 months from the introduction of the “Quick Fixes”, we focus in this article on what has changed from a VAT reporting perspective, as well as some key points on what is expected to change on foot of Brexit. We will do so by examining the requirements regarding cross-border supplies of goods from a VAT compliance and a statistical reporting standpoint. … We cover the penalties for non-compliance below, as well as the impact of Brexit (from an Irish and a UK standpoint). … We also cover below some of the key VAT reporting requirements on foot of the expected Brexit changes (at the time of writing) as we move into 2021.
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Brexit: The People Implications (Irish Tax Review 2017 Issue 2)

Irish Tax Review Julie Burke Sarah Connellan Marie Caulfield
2017-06-09
Brexit: The People Implications … Impact of Brexit on Ireland? … There has been a great deal of speculation and uncertainty about how the post-Brexit landscape will look – especially in the context of the Republic of Ireland. Our shared land border, history, culture and language commonalities have led to a unique relationship between the two countries. This relationship is set to change fundamentally – for better or worse! … There are a number of issues relating to people that are likely to be affected by Brexit, including immigration and workforce mobility, pensions and social security. Although Brexit poses a threat to Ireland, it also could represent an opportunity for us in terms of attracting businesses and people to our shores. We highlight below some of these areas of consideration.
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VAT Cases & VAT News (Irish Tax Review 2021 Issue 1)

Irish Tax Review Julie Burke Gabrielle Dillon
2021-04-19
Revenue eBrief 237/2020 was released on 23 December 2020 and covered the new postponed accounting regime that will apply post-Brexit. The TDM covering the guidelines for VAT registration now includes detailed guidance on the postponed accounting procedures that will apply not just to imports from the UK but also to imports from all non-EU countries. A new VAT number verification facility has also been released, and it... … Revenue eBrief 244/2020 was published on 31 December 2020 in relation to the VAT56 procedure. There have been some legislative changes implemented to take account of the end of the Brexit transition period. The TDM on s56 zero rating of goods and services has therefore been updated.
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Research and Development Tax Credit: Updated Revenue Guidelines, July 2020 (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Clare Wardell Ian Collins
2020-09-22
...kilter with the other measures that Revenue introduced to encourage and incentivise small and micro companies to engage with the R&D tax credit regime. Given the uncharted times we face with the Covid-19 pandemic, as well as significant political uncertainty around the globe (not to mention that Brexit is back on the agenda), it is the authors’ view that we cannot be complacent about the attractiveness and competitiveness of our R&D regime and Ireland’s ability to attract investment from both indigenous companies and FDI businesses. In the authors’ view continuing to squeeze the...
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Brexit: How to Navigate the Certainty and Uncertainty (Irish Tax Review 2017 Issue 1)

Irish Tax Review Julie Burke Jennifer Hawkins John O’Loughlin
2017-04-03
Brexit: How to Navigate the Certainty and Uncertainty … Brexit has caused a fundamental shift in the trade and customs landscape since the publication of our last article in  … Business and Operational Impact of Brexit … Brexit Planning Should Recognise the Certainties
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Legislation & Policy Monitor (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Lorraine Sheegar
2020-09-22
Brexit update … The second meeting of the EU–UK Joint Committee under the Withdrawal Agreement took place on 12 June 2020. The UK confirmed that it will not consider an extension of the Brexit transition period. The transition period will therefore end on 31 December 2020, in line with the provisions of the Withdrawal Agreement. The EU remains open to an extension. The EU–UK Joint Committee plans to meet again in early September. … On 2 July Michel Barnier, the European Commission’s Chief Negotiator on Brexit, issued a statement after the restricted round of negotiations for a new partnership between the EU and the UK. He noted that the aim was to get negotiations “successfully and quickly on a trajectory to reach an agreement” but that serious divergences remain. The EU’s position... … Mr Barnier addressed the Institute of International and European Affairs on 2 September, noting the impact that the coronavirus pandemic has had but stating that “the pandemic does not stop the Brexit clock from ticking”. He indicated that a final agreement must be reached by the end of October in order to have a new partnership in place by 1 January 2021. Mr Barnier also noted that Ireland is the Member State most affected by Brexit, stating that “[w]e want a close partnership with the UK. Provided the conditions are right. This is in everybody’s interest. And in Ireland’s interest in particular. So far, the UK has not engaged constructively on those conditions.” The eighth round of negotiations...
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Impact of Finance Act 2019 on Ireland’s Transfer Pricing Rules (Irish Tax Review 2020 Issue 1)

Irish Tax Review Julie Burke Kevin Ryan Ally McCaffrey Colin Smith (not pictured)
2020-03-23
It is worth noting that although legislation extending the updated transfer pricing rules to SMEs has been included in the Finance Act, the commencement of this extension will be subject to a Ministerial Order. Given the uncertainty that Brexit is bringing to the SME sector, it was decided that it is not appropriate to introduce the rules at this time. The Department of Finance has noted that the execution of a Ministerial Order will be signalled in advance. If introduced, tailored transfer pricing documentation requirements for SMEs...
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The UK Tax Life Cycle for Irish Owners of UK Property (Irish Tax Review 2020 Issue 3)

Irish Tax Review Julie Burke Patrick Harney Nicola Simmons
2020-09-22
Brexit notwithstanding, the UK remains a stable investment environment and is likely to continue to be popular for Irish investors. The free base-cost uplifts of April 2015 and 2019 for UK residential and commercial property, respectively, represent potential planning opportunities for Irish taxpayers who are long-term holders...
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The Strategic Banking Corporation of Ireland: Helping Irish SMEs (Irish Tax Review 2019 Issue 1)

Irish Tax Review Julie Burke Nick Ashmore John Madigan
2019-04-01
the Brexit Loan Scheme and … The Brexit Loan Scheme … The €300m Brexit Loan Scheme (BLS) provides low-cost funding (at 4% interest or less), with the support of the European Investment Fund, to eligible Irish businesses that are innovating in response to the challenges posed by Brexit. The scheme covers loans ranging from €25,000 to €1.5m, with loans of up to €500,000 being unsecured. The maximum interest rate for this scheme is significantly lower than those currently available to businesses on loans of less than €250,000. … The SBCI engages directly with Brexit-impacted businesses to assist them with the eligibility process and applying for the BLS. SMEs can start the process by visiting the SBCI website (sbci.gov.ie) and completing a straightforward form to establish their eligibility for the scheme. The SBCI will give them a quick decision and...
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