TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Phase 2 of Brexit talks

Guidelines approved by the European Council on Phase 2 of Brexit talks have been published. According to the EU Phase 2 negotiating guidelines, Brexit transition will involve the UK continuing to follow the whole of existing and new EU law, while respecting EU budgetary commitments, related obligations and judicial oversight but without any say in EU decision-making.

In a statement dealing with the guidelines, European Council President Donald Tusk said that more clarity is needed on how the UK sees its future relationship with the European Union post Brexit. He noted that while the European Union is ready to start preparing a “close EU-UK partnership in trade”, the European Council will have to adopt additional guidelines next year in preparation.

The European Parliament had voted 556 to 62 in favour of the resolution recommending that the European Council move onto to Phase 2 of the Brexit talks. At that time, the EU’s Chief Negotiator Michel Barnier told the European Parliament that there could be no going back on the deal reached between the UK and the EU and that the Joint Report as it is referred to would be translated into a legally binding agreement.

“We will never accept any backtracking on this Joint Report. This progress has now been recorded. It will have to be quickly converted into a legally binding Withdrawal Agreement on each of our three subjects, as well as on other issues which remain to be negotiated or clarified,” he said.