Fresh scrutiny for Irish tax regime as EU leaders meet
Ireland’s corporate tax regime is expected to face fresh scrutiny today at a summit of EU leaders in Brussels, as Taoiseach Enda Kenny meets EU leaders for the first time since the Luxembourg Leaks scandal broke last month.
While the EU’s investment plan and the situation in Ukraine had been expected to dominate the summit – the first under new European Council president Donald Tusk – a number of member …
Economy sees 3.5pc rise in GDP but pace of growth easing
THE economy grew by 3.5pc between July and September compared to the same time last year, signalling the pace of growth may be easing, official data shows.
And compared to the second quarter, the economy virtually stagnated, with gross domestic product (GDP) rising by just 0.1pc, according to the Central Statistics Office.
But analysts described the figures as impressive and expressed no concern over the slow quarter-on-quarter data.
US group opposed to EU tax harmonisation plans to meet in Dublin
A US group, which is lobbying against efforts by the European Union to harmonise taxes on company profits, is hosting a seminar in Dublin today.
The organisation called Americans for Tax Reform argues that the ability of countries such as Ireland to maintain low levels of corporation tax encourages innovation.
The group is part of a broad coalition of organisations in Canada, Spain, France, Australia and Japan which lobby for …
Top 10% income earners fared best in Budget 2015
The Economic and Social Research Institute has said the top 10% of income earners gained the most from Budget 2015, while the biggest losers were the poorest 10%.
However, when the effects of all the Budgets since 2008 are put together, it is the top 10% of earners who have seen the biggest fall in their incomes.
The ESRI said the effect of Budget 2015 and the revised water charges …
Irish Internet economy worth E21bn by 20
Ireland’s Internet economy is predicted to grow in value to E20bn by 2020 but Irish firms risk being left behind and becoming globally irrelevant unless they innovate now.
That’s according to global technology consultancy, BearingPoint, who said that Irish people are estimated to have spent E6 billion online in 2014, according to a recent study.
In 2013, the Government estimated that Irish online shoppers spent only E1.1 billion on Irish …
Pressure on ECB to buy sovereign bonds
Banks are not expected to take up all the long-term European Central Bank loans offered on Thursday, increasing pressure on the ECB to begin buying sovereign bonds to hit a self-imposed stimulus target.
The ECB is offering banks the cheap, four-year loans as part of a package of measures to add around 1 trillion euros to its balance sheet – a goal it has set with a view to pumping …
European IPOs reach levels last recorded in 2007
Close to €50 billion has been raised on European equity markets this year, easily surpassing the combined total secured in the whole of 2012 and 2013, according to figures compiled by PwC.
In October and November, 55 companies raised €8.5 billion on markets, as against €6.6 billion for the third quarter.
For the year to date, a total of €48.8 billion has been raised, compared to €37.8 billion for combined …
First time buyers less likely to fall behind on mortgage payments – research
New research from economists based in the Central Bank shows that first-time buyers have lower default rates than other participants in the housing market.
The research appears to bolster the case for the Central Bank easing off on plans to impose strict lending restrictions on first-time buyers.
The findings from the new economic paper were issued two days after the deadline for submissions on the proposed strict new lending restrictions …
UK 'Google tax' will target 'Double-Irish' inter-company payments
A new British tax on companies that shift profits out of the country and into tax havens will target inter-company fees for services like use of intellectual property, according to a Treasury document seen by Reuters.
Companies will also be required to report their potential liability to the new tax, which the note said will sit outside the existing corporate tax system. That is intended to avoid legal challenges under …
Recession had already hit parts of country over a decade ago – ESRI
LARGE chunks of Ireland entered recession a whole six years before the country as a whole, according to new research.
Both the South East and South West went into recession more than a decade ago, according to new research from the Economic and Social Research Institute (ESRI).
The think tank said output in the two regions began to shrink from 2002 onwards, even though the country didn’t officially hit recession …