Tuesday , January 16 2018
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Ireland

Irish beverage exports rose 8% in 2017: Bord Bia

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DUBLIN: New figures from Bord Bia have revealed that continued demand for premium spirit and liqueur products resulted in Irish beverage exports rising by 8% to €1.5 billion in 2017. As reported by breakingnews.ie, beverage exports benefitted from a rise in the popularity of Irish whiskey in global markets, which recorded annual growth of almost 20% to €600 million, while Irish ... Read More »

Apple forced to pay £136m tax bill in the UK following ‘extensive audit’

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DUBLIN: Apple’s tax struggles in Europe have been well documented in the past, and now an extensive audit has forced the company to pay an additional tax bill. As reported by The Financial Times, Apple is being forced to pay an extra £136 million tax bill in the U.K. The added tax comes following “an extensive audit” by HM Revenue and Customs, ... Read More »

Ireland, Hungary unite against EU tax harmonization

IRELAND

DUBLIN: The leaders of Hungary and Ireland have both expressed their opposition to the prospect of additional tax harmonization within the EU. Irish Prime Minister Leo Varadkar was in Hungary to visit his counterpart, Viktor Orban. Reuters reported that, during a joint news conference following their meeting, Orban said that his Government “would not like to see any regulation in ... Read More »

Enterprise Ireland reveals 9% growth in Limerick jobs

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DUBLIN: Enterprise Ireland, the agency responsible for developing Irish business globally, has revealed a 9% increase of jobs in its Limerick client companies. A total of 8,269 people are now employed by firms supported by the agency in Limerick alone. Nationally, a total of 19,332 new jobs were created by companies supported by Enterprise Ireland in 2017. Some 209,388 people are now employed ... Read More »

Irish tax revenues close year on target

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DUBLIN: Ireland’s Finance Minister, Paschal Donohoe, has said that tax revenues “performed robustly” in 2017, closing the year 0.2 percent ahead of target. The final Exchequer Returns for 2017 show that EUR50.7bn (USD61.2bn) in revenue was collected, an increase of six percent (EUR2.9bn) on 2016. Revenues came in EUR116m above target. The Finance Department said that all tax heads showed ... Read More »

Economic costs of tourism taxes to N Ireland focus of UK Government scrutiny

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DUBLIN: The British Government is seeking a better understanding of the economic costs of tourism taxes in Northern Ireland. A call for evidence is expected early this year about VAT and Air Passenger Duty (APD) tax, to report at the next budget, a Treasury statement said. Financial Secretary Mel Stride recognised the importance of tourism to the economy. He said: ... Read More »

Irish tax take beats annual target again thanks to corporates

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DUBLIN: Ireland’s tax take finished 2017 slightly ahead of target thanks to another record return from corporate tax receipts that the finance minister has cautioned may not continue to increase at such speed in the future. Ireland has consistently beaten its revenue target in recent years as fast economic growth boosted income tax and VAT while the country’s lure as a location for ... Read More »

No change to Ireland’s betting tax throughout 2018

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DUBLIN: Ireland’s government has pushed back plans to double betting tax over fears of job losses and a rise in unregulated gambling. A Freedom of Information Act request reported by The Times newspaper shows that Paschal Donohoe, the Finance Minister, decided not to change the rate but will reconsider an increase in next year’s budget. The Times revealed that Donohoe ... Read More »

Irish Continental Group greenlights new €165.2m ferry for Ireland, UK route

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DUBLIN: Irish Ferries owner Irish Continental Group Plc (LON:ICGC) has greenlighted a €165.2mln investment for a new cruise ferry for the Dublin-Holyhead route. The new vessel, to be built by Germany’s Flensburger Schiffbau-Gesselschaft & Co.KG (FSG), will be the world’s largest cruise ferry by vehicle capacity and it is due to be service by mid-2020. The company highlighted that the new ferry ... Read More »

Ireland repays remaining €4.5b owed to IMF

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DUBLIN: Ireland has repaid the remaining €4.5 billion it owes the International Monetary Fund (IMF) just a day after it paid back €1 billion in bilateral loans from Sweden and Denmark. The National Treasury Management Agency said late on Wednesday it had completed early repayment of the full outstanding IMF loan facility in a move that discharges all of the loan obligations that were ... Read More »

Goldman predicts $5b hit to quarterly earnings from tax law

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DUBLIN: Goldman Sachs Group said on Friday it expects fourth-quarter earnings to decrease by about $5 billion due to the new US tax law signed by President Donald Trump last week. Around two-thirds of the $5 billion decrease is due to repatriation tax, Goldman said in a statement with the US Securities and Exchange Commission. Congress last week approved a US ... Read More »

Ireland may decide to build fiscal buffers in next budget

ireland

DUBLIN: “It is not a given” that the Irish Government will choose to spend all of the money at its disposal when it comes to preparing the next Budget, Finance Minister Paschal Donohoe has said. Donohoe made the comment during an interview with the Financial Times. The paper reported that Donohoe “said he was willing to raise taxes or forgo anticipated ... Read More »

Ireland to keep betting tax at current level in 2018

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DUBLIN: Broadly debated betting tax hike was rejected by the Irish Minister for Finance Paschal Donohoe, local media reported on Wednesday. Betting operators will still be taxed on 1% on their revenue in 2018. However, Minister Donohoe confirmed that a change in the way licensed bookmakers are taxed by the government of Republic of Ireland may be introduced in the ... Read More »

Ireland ends year on high with fastest growth in EU

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DUBLIN: Ireland defied expectations again to finish the year as the fastest growing economy in the EU for the fourth year in a row. According to the Economic and Social Research Institute, the unemployment rate will be 6.2 per cent at the end of the year and will drop to 5.4 per cent next year. It predicted that the budget ... Read More »

Irish economy grew by 0.4% in Q3

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DUBLIN: Britain’s economic growth nudged up in the third quarter, but household spending grew at the slowest pace since 2012 as inflationary pressures continue to weigh on hard pressed consumers. The Office for National Statistics (ONS) confirmed that gross domestic product (GDP) grew by 0.4% in its final reading for July to September this year. The figure is an improvement ... Read More »

£115m tax loss risk as Northern Ireland smokers turning to untaxed tobacco

ireland

DUBLIN: More than half of smokers in Northern Ireland said the rising price of cigarettes has tempted them to buy untaxed tobacco. A survey claimed there are shocking levels of illegal trade and tax avoidance among smokers here. The Tobacco Manufacturers’ Association, which carried out the analysis, said people are pushed to buy untaxed cigarettes because the government has made ... Read More »

Ireland’s live cattle exports up 32.7%

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DUBLIN: The number of Irish cattle exported during 2017 has increased by 32.7% on the corresponding period in 2016, figures from Bord Bia show. This is a significant turnaround on last year when a decline of 21.4% was recorded. Furthermore, this year’s rise brings cattle shipments above the quantity exported during the same period in 2015. As of December 2, some 179,071 ... Read More »

Irish aerospace group aims to boost country’s exports

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DUBLIN: The Emerald Aero Group comprises 15 indigenous manufacturing companies and is expected to operate as a catalyst in allowing smaller industry companies to join forces, forming clusters and sharing widespread industry knowledge and technical expertise in a bid to win larger contracts against contending larger companies across the aerospace sector, so boosting the sector in general. And across the ... Read More »

Tobacco tax rise driving smokers to black market

IRELAND

DUBLIN: The Irish government was warned that increasing the duty on cigarettes by 50 cent in the recent budget may not yield any extra revenue. Revenue officials told the Department of Finance that the increasing cost of tobacco was driving more Irish smokers to buy abroad or on the black market. The advice was in an internal pre-budget advice note ... Read More »

30,000 anxiety tablets seized by Revenue in Dublin

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DUBLIN: Alprazolam tablets worth €60,000 have been seized at Dublin Port. The pills, which are used to treat anxiety, were found when officers stopped and searched a consignment labelled ‘computer chips’ which had arrived from Hungary. The 30,000 tablets, branded ‘Ksalol’, have an estimated retail value of €60,000. Officers says an investigation into the discovery is ongoing. This seizure is ... Read More »