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The practicalities and challenges when trading with Britain

Brexit has been with us for quite some time, yet challenges remain for businesses trading with the UK. Janette Maxwell outlines the practical considerations for Irish importers and exporters Recent CSO figures show imports from Britain to Ireland fell by 14 percent to €1.8 billion in August 2023 compared to August 2022, and exports from Ireland to Britain fell by 15 percent to €1.3 billion in August 2023 compared to August 2022. With imports and exports in decline, it’s hard not to look to Brexit and the challenges it has brought as the culprit. Here are some practicalities to consider when trading with Britain. Irish-based businesses unwilling to act as importers of record Where an Irish-based business sources goods from outside the EU, it may not be willing to take on the responsibilities associated with the importation. To secure these sales, the foreign supplier seeks an Irish VAT registration and an EU Economic Operators Registration and Identification (EORI) number to act as the importer of record on the basis the sales are subject to the incoterm, delivered duty paid. The foreign supplier is then responsible for the importation of the goods into Ireland and pays the import VAT and any customs duty arising from the importation. The subsequent sale of the goods by the foreign supplier is subject to Irish VAT, which is returned on the foreign supplier’s Irish VAT return, with the import VAT being claimed as input VAT. Subject to authorisation from the Irish Revenue, it may be possible for the foreign supplier to use postponed VAT accounting for the imports. Postponed VAT accounting for imports An Irish VAT-registered business may apply to the Irish Revenue for authorisation to use postponed accounting for imports. Where this is granted, an importer does not pay import VAT on the clearing of the goods through customs. Instead, the import VAT is included as output VAT in the Irish VAT return, with the importer claiming input VAT in the same return subject to the deductibility provisions. There is a requirement to include the customs value of the goods in the PA1 field of the VAT return and in the appropriate fields of the annual return of trading details, i.e. PA2 and PA3 or PA4. EORI numbers A business acting as the declarant when importing or exporting goods from the EU must have an  EORI number, enabling the EU Customs administrations to deal with customs-related procedures. An Irish-established business can obtain its EORI by applying to the Irish Revenue. However, a non-EU established business should request its EORI from the EU member state in which it first lodges a customs declaration or applies for a customs decision. Contracts that would result in a UK VAT registration obligation Should the Irish business sell goods on delivered duty paid (DDP) terms to a customer in Britain, the Irish business would have to deal with the importation of goods into Britain. Where DDP terms apply, the Irish business must appoint a UK-established agent and obtain a British EORI number. The Irish company would also have to register for UK VAT to pay over the UK import VAT arising and to charge UK VAT on the domestic supply of the goods to the customers in Britain. Postponing the UK import VAT Import VAT is typically payable at the point of importation into Britain. UK import VAT is liable on goods at the same rate which would apply to the goods had the supply occurred in the UK – i.e. 20 percent.   Like Ireland, the UK government introduced a measure allowing importers to operate a postponed method of accounting for the UK VAT. This means that the payment of import VAT can be delayed until the next VAT return following the date of importation. The Irish business would self-account for import UK VAT and – subject to the standard VAT recovery rules in the UK and its VAT recovery entitlement – would be entitled to claim a corresponding VAT deduction, potentially providing a cash-neutral position for the Irish business. It is important to remember that customs duty may also arise, which is non-recoverable and represents an absolute cost for the business. What’s ahead At the contract negotiation stage, it is vital that the Irish business understands the impact of the commercial terms to which they are agreeing and, if possible, negotiates more favourable terms which may avoid a UK VAT registration and the associated registration and compliance responsibilities. It is also essential to keep up to date with VAT legislative developments in the UK and seek UK VAT advice as required, in addition to Irish VAT advice. Janette Maxwell is a Director of Tax with Grant Thornton Ireland

Nov 10, 2023
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Six questions in six minutes for Aoife Smyth in Vancouver

An interest in tax took Meath native Aoife Smyth to Vancouver via Dublin. We caught up with Aoife to learn more about her journey, and about her involvement in the Vancouver member chapter. 1. Where did you grow up and where do you live now? I grew up in Dunshaughlin, County Meath. I lived in Dublin for about ten years when I went to college in Trinity, did my training contract in KPMG and worked in a medium sized practice after qualifying. I moved to Vancouver in June 2022 and have applied for permanent residency. 2. What made you choose to become a Chartered Accountant? In college I really enjoyed a course called Economics of Policy Issues, in particular, our studies around the economic and social considerations for "optimal taxation". When I researched careers in tax, I thought that BEPS was interesting so I applied to KPMG to do a graduate placement in tax, and then went on to do my traineeship. 3. Can you tell us a little about how you got to where you are today – both the geographical journey and your career path. I spent my "J1 summer" in Portland, Oregon, and really fell in love with the Pacific North West. It is absolutely beautiful, and I find the pace of life that little bit slower. After that, I always knew that I wanted to live abroad for a time again, but I wanted to get my qualification and some work experience before making the move. When I relocated to Vancouver, I went from working in tax into working transfer pricing, which has been a great move for me. I had considered moving into transfer pricing a few times over the years, but could never decide when it was the "right time". I guess if you uproot your life, it's as good a time as any to also make a career move! I have been really enjoying working with the BDO Canada Transfer Pricing team – everyone comes from different backgrounds, bringing something different to the team, and everyone is really supportive.  4. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? I really value that my qualification is internationally recognised, so it helped with my move to Vancouver. Lots of other professions need to re-train in Canada. 5. As a member living away from Ireland, can you talk to us about how your membership has been of value to you living overseas?  As the ACA is an internationally recognised qualification, it means that your work experience and qualification can be easily understood by employers in Canada. Although I haven’t needed to, you can also get the CPA credentials through the mutual recognition agreement between CPA Canada and Chartered Accountants Ireland. 6. What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland?  I haven't found networking too different here. There are both informative sessions and casual networking events organised through CPA Canada. Separately, there are also Irish business networks. The biggest change for me was moving away from the professional network I had started to build in Dublin and having to start to meet people again in a new city. I think one of the most organic networks you build is with your peers in your training contract, so it is hard to move away from them! I was recently involved in "re-starting" the Vancouver Chapter of Chartered Accountants Ireland after a Covid 19 hiatus, and we were delighted to have around 30 Institute members come out for our first get-together. We are looking forward to meeting more people – current residents of the region and new arrivals – and hosting more events in 2024! Aoife Smyth is a Transfer Pricing Senior Accountant with BDO Canada, based in Vancouver. 

Dec 11, 2023
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COP28 - ‘Absolutely not’ ​

  Tuesday's focus at COP28 was energy and industry, the just transition, and Indigenous Peoples.  While controversy still surrounds remarks made by COP President about fossil fuels, and reports of the host country’s own plans to increase its own oil production, there was also coverage of high-level agreements at this year’s global climate summit: The second report of the Independent High Level Group on Climate Finance has been released at COP28. 'A climate finance framework: decisive action to deliver on the Paris Agreement' was co-authored by Nicholas Stern and presents a framework which it says can mobilise the estimated $2.4 trillion a year in investment required by 2030. The UK, France and a number of other countries and banks - including the World Bank and European Investment Bank (EIB) – have agreed to include more climate-resilient debt clauses in their lending. Climate-resilient debt clauses (CRDCs) allow vulnerable countries to pause debt repayments when climate disaster strikes, affording them ‘breathing space’ to recover. Welcoming the announcement, Prime Minister of Barbados Mia Mottley stated “I want to thank you for the extraordinary courage to do the right thing.  We can always bring back our debt, but we cannot bring back our society.”   Bill Gates has praised innovation at this year’s COP when he was among those attending the Climate Innovation Forum. The former CEO of Microsoft attended alongside Arvind Krishna, CEO of IBM, Kate Brandt, Chief Sustainability Officer of Google and other world leaders in the technology sector, who convened to explore cutting-edge solutions to tackle the global climate crisis. Solutions discussed included artificial intelligence (AI), satellite technology, big data, clean energy, industrial decarbonization, low-carbon hydrogen, and more. The world’s largest independent carbon crediting standards have announced a collaboration to increase the impact of activities under their standards. The pledge, published by the non-profit organisation IETA, outlines a number of activities which will help amplify the impact of carbon markets. Separately, the US regulator, the Commodity Futures Trading Commission (CFTC), is expected to propose the first federal guidelines for voluntary carbon credit derivatives, in a bit to “bring order to a market for the offset of emissions described as the ‘wild west’”. The value of the carbon trading market worldwide could reportedly expand to $100bn by 2030, up from $2bn in 2022. COP28 in numbers 36.8 billion: the number of metric tons of carbon dioxide that will be emitted this year from burning fossil fuels. 1.1: the percentage increase in those emissions on 2022. 1.4: the percentage increase in those emissions on 2019, before the Covid-19 pandemic.  6: the percentage increase in those emissions since the year of the Paris Agreement, according to research by the Centre for International Climate Research (Cicero) 0: the number of new power plants that should be built anywhere in the world fired by coal (the world's ‘dirtiest fuel’) according to US climate representative, John Kerry. The US has now committed to closing its existing coal power plants and not building any more of them in the future, and have joined the Powering Past Coal Alliance along with seven other countries, although it had to defends its climate leadership despite record oil and gas production (Financial Times) 60: the percentage by which much oil companies must commit to reducing their Scope 1 and 2 emissions by 2030, according to the Executive Director of the International Energy Agency Fatih Birol says 94: the percentage of oil-producing countries to have no pledges on phase out oil exploration, according to a new report from the Net-Zero Tracker. 2,456: the number of fossil fuel representatives at COP28, the largest ever to have attend the climate summit. Quote of the day “Absolutely not.” — Saudi energy minister Prince Abdulaziz bin Salman, on whether he would be happy to see a COP28 agreement on a “phase-down” of fossil fuels (Financial Times)   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

Dec 06, 2023
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