Factsheets

Effective from 1st August 2022, Commission Delegated Directive (EU) 2021/1270 (“new regulation”) requires all UCITS Management Companies (“UCITS Mancos”) to integrate sustainability risks into the management of UCITS.

Revenue has published its new Code of Practice for Compliance interventions. The new Code which will be effective from 1 May 2022 sets out their revised framework for interventions from that date and provides for a new graduated response to taxpayer compliance behaviour and also makes significant changes to many of the rules around voluntary disclosure.

The quote ‘change is the only constant’ pre-dates Socrates, to the Greek Philosopher Heraclitus who said ‘you can never enter the same river twice’. This means, somewhere between 535BC and 475BC, we knew that change would be a challenge we would grapple with throughout the course of human existence. So why do organisations still find it so difficult to change?

European regulatory authorities have introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms.

The European Banking Authority (EBA) is implementing a new policy strategy regarding institutions’ Pillar 3 disclosures. The new Pillar 3 disclosures aims to promote transparency and enhance institutions’ management of Environmental, Social or Governance (ESG) risks. The EBA is encouraging institutions to foster an awareness of the important role ESG risks play in the transition to a greener economy.

Is your business involved in both VAT exempt and VAT taxable activities with a 31 December accounting year end? If so, your annual VAT adjustment for 2021 is due to be submitted to Revenue on or before 23 July 2022.

It’s that time of year again. As income tax returns are filed, we keep seeing advertisements and notices telling us to top up our pensions and reduce our income tax liabilities. Yes, contributing to a pension is an effective way of reducing tax, but this is only one benefit of making a contribution.

Firms that are in scope of the AIFMD, UCITS and MiFID regimes need to become familiar with the changes that are applicable to their business activity and analyse how they will comply with the new obligations. Firms will need to review and update their existing business plan, systems and policies to incorporate the concept of sustainability into their daily operations.

Anti-Money Laundering legislation requires each EU Member State to establish a Central Register of Beneficial Ownership of Trusts (CRBOT).

A PAYE Exclusion Order (PEO) issued by Revenue to an employer relieves the employer from the obligation to deduct tax at source under the PAYE system from emoluments paid to an employee.

The deadline for filing IREF returns for years ending July – December 2020 is on or before 30 July 2021. In June 2021, Revenue released an updated Form IREF which requires taxpayers to disclose additional information this year in comparison to prior years.

A family partnership is a term used to describe a partnership between members of a family, often parents and their children. It can be a useful vehicle for holding investment and/or trading assets for the benefit of a number of family members.

The financial reporting frameworks applicable in Ireland generally require the adoption of the going concern basis of accounting in financial statements, except in circumstances where management intends to liquidate the Company or to cease trading, or has no realistic alternative to liquidation or cessation of operations.

Certain Financial Institutions (‘FIs’) in Ireland are obliged to file both Foreign Account Tax Compliance Act (‘FATCA’) and Common Reporting Standard (‘CRS’) reports by 30 June 2021 with Irish Revenue. Those with a reporting obligation, that is “Reporting Financial Institutions” (‘RFIs’) should compile and validate the reportable account information for inclusion on both the FATCA/CRS reports.

On 27 April 2021, the Central Bank of Ireland published its feedback statement in respect of consultation paper 131 “Regulations for pre-emptive recovery planning for (re)insurers)” (“CP 131”). As a result of CP 131, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for Insurers) Regulations 2021 commenced on 19 April 2021 and (re)insurers are now required to

European regulatory authorities have introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms. For most investment firms, they were required to comply with the Captial Requirements Regulation (CRR), which was originally designed for large and complex banks and trading institutions.