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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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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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Legislation & Policy Monitor (Irish Tax Review 2021 Issue 2)

Irish Tax Review Julie Burke Lorraine Sheegar
2021-06-24
No. 038 Film Withholding Tax – Brexit update … Revenue’s “Film Withholding Tax” manual has been updated to reflect that Film Withholding Tax (FWT) now applies to UK-resident artistes after the end of the Brexit transition period. FWT is a withholding tax on certain payments made by companies that qualify for the  … .... The manual was also updated to reflect Finance Act 2020 changes to section 3.4, “Electric vehicles including motorcycles”. In addition, a new section 5.6.3 titled “Removal to Great Britain or Northern Ireland” has been inserted to reflect changes after the end of the Brexit transition period. … Revenue has updated the “Customs Export Procedures” manual to provide further information in light of Brexit and to make minor amendments to the text where necessary. The significant changes include amending the list of special fiscal territories, the introduction of a new office of export for goods travelling to Great Britain (GB) via Northern Ireland, information on preferential origin for trade with the...
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EU Mandatory Disclosure: Crunch Time for DAC 6 Filings (Irish Tax Review 2020 Issue 4)

Irish Tax Review Julie Burke David Fennell
2020-12-14
Although one might expect UK guidance to carry significant weight, given that it is the European jurisdiction with most practical experience of mandatory reporting, there is less post-Brexit enthusiasm for following UK guidance than hitherto. Nevertheless, intermediaries and relevant taxpayers could take cognisance of practical guidance provided by HMRC where it does not rely on UK-specific implementing legislation. … Thus, post-Brexit, a UK-resident adviser with no other connection to a Member State will not be an intermediary. Pre-Brexit, a UK adviser may be an intermediary, which has important filing implications for other advisers and relevant taxpayers. … ...entity. On foot of the advice received, the Irish parent gives direction to the UK subsidiary on the transaction’s implementation. The Irish law firm will be regarded as a category 2 intermediary (service provider), whereas the Irish parent company will be a category 1 intermediary. Post-Brexit, a different conclusion might be reached. … Where there is no intermediary (category 1 or 2) – and this applies where an intermediary has no EU nexus (particularly relevant post-Brexit) – the reporting obligation falls on a relevant taxpayer. This is also the case where legal professional privilege applies (unless waived). Legal professional privilege may have different meanings throughout the EU.
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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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European Union: Update on Tax Reform Landscape (Irish Tax Review 2021 Issue 2)

Irish Tax Review Julie Burke Tiiu Albin Pereira Chloe O’Hara
2021-06-24
The budget allows for flexibility in reacting financially to unforeseen events via the EU Globalisation Adjustment Fund, the Solidarity and Emergency Aid Reserve and the Brexit Adjustment Reserve – the three special instruments. These are additional funding sources for major disasters, emergency situations or unforeseen Brexit consequences. There are also non-themed special instruments – the Single Margin Instrument and the Flexibility Instrument. These instruments will assist in managing a timely drawdown of commitment appropriations and allow for flexibility in applying the ceilings.
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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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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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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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