Welsh Revenue Authority: accounts and report
The Welsh Revenue Authority (WRA) has published its annual report and accounts for 2024/25. The WRA manages land transaction tax and landfill disposals tax on behalf of the Welsh Government and is supporting the Welsh Government on the introduction of a new visitor levy. In a press release published alongside the report and accounts, the WRA says that it has collected over £2 billion in tax since it began its operations in 2018.
Import Control System 2
The European Commission has published an updated list of “stop words” under the Import Control System 2, effective from 1 August 2025. These are generic or vague terms – such as “accessories”, “equipment”, or “clothing” that, if used alone in goods descriptions, will result in automatic rejection of Entry Summary Declarations. The update is part of a broader effort to improve data quality across all ICS2 countries. HMRC has confirmed that the list will apply to UK declarations involving movements into Northern Ireland. Members involved in customs declarations should review the full list and ensure goods descriptions are sufficiently specific.
International tax round-up
CFE Tax Advisers Europe has published its latest collection of tax top 5 developments, including a summary of key points from the OECD’s tax report to G20 finance ministers. CFE says: “the report highlights continued progress in the implementation of the BEPS minimum standards, advances on the Two-Pillar Solution, and significant gains in tax transparency”.
Tax Faculty
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