June 2019 Tax Newsletter

This series of articles will provide you with an update on tax developments that impact organisations in Ireland and those that do business with Ireland.

New EU VAT Fraud initiative – The “TNA” tool

The EU Commission has just announced the launch of a new tool in its fight against VAT fraud. This “tool” is known as the “Transaction Network Analysis” (TNA). The TNA is a cross-border information exchange system that will allow rapid exchange and analysis of VAT data so that VAT carousel fraud can be detected and intercepted much more quickly than heretofore. The cost of VAT fraud is estimated to be €50 billion per annum, and this initiative is part of the drive by the EU Commission to combat it.

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Irish Residence

With more people travelling for both work and lifestyle an individual’s tax status can be affected without them being aware of it. An individual’s tax residence and domicile status affect what income will be subject to Irish tax.

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Revenue’s On-Line Service

The technical applications available to users of Revenue’s On-Line Service “ROS” are constantly being updated in order to try and maximise the services available on-line and reduce the hardcopy submissions to Revenue.

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PAYE Modernisation – Update

As employers will be aware, PAYE Modernisation came into operation on 1 January 2019. Revenue has identified some issues that have occurred in the first few months of PAYE Modernisation.

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Brexit - new Ireland/UK social security convention

A new convention on social security matters was signed by Ireland and the United Kingdom on 1 February 2019. The convention will replicate the social security arrangements currently in place under EU law relating to social security contributions, pensions and benefits, following the United Kingdom’s pending departure from the EU.

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Irish Transfer Pricing – The Future

Transfer pricing
Changes to the Irish Transfer Pricing Regime – Recent public consultation developments.

On 18 February 2019, Ireland’s Department of Finance launched a public consultation on Ireland’s transfer pricing regime. The proposed changes to the transfer pricing (TP) regime, to be contained in Finance Bill 2019, are due to be enforced in 2020.

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The exact consequences for future policy and regulation remain unknown. It will take time to fully understand the implications of the vote, and it is important to note that Article 50 of the Lisbon treaty provides for two years, from the date the UK Government gives notice to the Council of Europe, to negotiate and agree exit terms.