David Daly

Tax law is quite complex in parts, and it's possible that someone might misunderstand a situation and then innocently report it

Transactions may be challenged if discrepancies in pricing are discovered

Until the last submission with the FTA is made, deregistration will not have happened

The system is new, however, its evolution could be supported by user feedback requesting that useful missing options are added

A trade licensing issuing authority recently set its own reporting period for entities

Penalties, late filing fees and interest on late settlement of taxes may cause consternation among business owners

There is uncertainty about where liability arises with returns that are later found to include errors

The monetary value of any barter deal concluded today can be calculated with a high degree of accuracy thanks to a common medium of exchange

Some companies have received communications that their financial years for corporate tax reporting purposes are changing again

Failure to update documents such as passports and trade licences could lead to penalties, starting end of March

Companies have nine months after their reporting year ends to prepare, submit and settle any outstanding amounts

Implications will be different for companies if the deal involves international organisations

Implementation of OECD's tax rules may simply transfer the problem that it is attempting to address

Lengthy document released this month is a must-read for businesses

The new regulations will be in place from July 1, 2026 and will apply to both business-to-business and business-to- government transactions