Saturday , March 24 2018
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Ireland urges EU to hit brakes on digital tax rules


DUBLIN: The European Commission should wait for international consensus before moving forward with the “rushed” proposal of a revenue-based digital services tax, the Irish government said Wednesday, arguing that the measure likely would disadvantage smaller member states. The statement, which a government spokesperson shared with Law360 on Thursday, responded to the commission’s proposal to put forward a new €5 billion ... Read More »

EU plan for digital tax poses threat to Ireland


DUBLIN: EU Commission proposals to introduce a digital tax on internet giants poses a bigger threat to Ireland than US tax reforms and will make the EU less competitive, it has been claimed. The commission yesterday unveiled heavily leaked plans to introduce a 3 per cent levy on digital companies’ revenues as an immediate means of gathering more tax revenue ... Read More »

Irish exporters’ UK reliance higher since Brexit vote


DUBLIN: Irish exporters are pumping more of their products into the UK despite Brexit, a survey shows. Around the time of UK’s EU referendum in June 2016, just under a third of exporters said they sold a quarter of their produce into the UK market. That’s now risen to 44pc of exporters. And 41pc say they plan to increase UK ... Read More »

Irish push for stronger services market integration with EU trio


DUBLIN: Ireland is joining with three other small European Union members to carry out a study of the potential economic benefits of closer integration of the single market for services. The Government has teamed Ireland up with Denmark, Finland and the Czech Republic to examine the benefits of greater liberalisation in cross-border service provision. A briefing note provided to the ... Read More »

Ireland January trade surplus sets record high


DUBLIN:Ireland’s trade surplus in the first month of this year reached 5.511 billion euros (6.77 billion U.S. dollars), hitting a monthly record high in the country’s history, said Central Statistics Office (CSO) on Friday. In January, the seasonally adjusted value of Ireland’s goods exports totalled 12.331 billion euros while that of its goods imports stood at 6.82 billion euros, said ... Read More »

Ireland fastest growing economy in European Union again with growth of 7.8%


DUBLIN: The economy grew by 7.8% of GDP last year, according to preliminary estimates from the Central Statistics Office, making it the European Union’s fastest-growing economy for the fourth year in a row. Statistical issues aside, Mr Hughes said the reality is that the Irish economy has begun 2018 with a good deal more momentum than previously envisaged.   Merrion ... Read More »

Ireland accused of being ‘pirate’ in EU tax debate


DUBLIN: Ireland’s tax regime has come under fire during a heated debate on corporation tax in the European Parliament. The vast majority of MEPs who participated in the discussion pledged their support for major changes to how multinationals pay tax across all EU member states. Ireland was singled out several times for its low-tax model, and its consistent refusal to ... Read More »

Ireland committed to digitisation of EU economy


DUBLIN: Minister for Trade Pat Breen will also discuss issues relating to EU competitiveness, including the 25th anniversary of the single market and EU industrial policy when he meets European commissioner for digital economy and society, Mariya Gabriel later. The Clare TD said: “Digitisation is increasing on a vast scale and Ireland continues to be regarded as one of the EU’s ... Read More »

Ireland should get credit for tax reforms


DUBLIN:  Ireland is not getting the recognition it deserves for reforms it has made to its corporate tax regime over the past few years, Paschal Donohoe says. The Irish finance minister, whose book cabinet at his office on Merrion Square holds a copy of Thomas Piketty’s Capital, a choice that might surprise those who don’t know his eclectic taste and voracious ... Read More »

Northern Ireland’s export trade sees increase


However, overall year-on-year growth of 9%, or £700m, was the lowest of any UK region.Sales of goods to the EU accounted for 56% of total exports, up by 3%, on 2016.The figures have been published by HM Revenue and Customs. Imports into Northern Ireland from the Republic also went up by £100m to £2bn.There was a big decline in export ... Read More »

Ireland picks Bank of New York Mellon to hold Apple’s $18.6B tax payment in escrow


DUBLIN: Operational arrangements for the fund should be finalized in the next few weeks, and a procurement process for investment managers is underway, the government’s finance department informed Reuterson Wednesday. Apple should start paying into the fund in the second quarter of the year. The European Commission first ordered Ireland to collect back taxes in August 2016, saying that the country had offered preferential ... Read More »

Apple’s Irish taxb said guarded by bank of New York


DUBLIN: The Irish government chose Bank of New York Mellon as custodian while the money is held in escrow pending an appeal by Apple and Ireland against a European Union tax ruling, the person said, asking not to be identified because the information isn’t public. The government hasn’t yet named an investment manager for the funds. Bank of New York and ... Read More »

Irish consumer sentiment falls back from 17 year high


DUBLIN:  Irish consumer sentiment in February slipped back from a 17-year high on scaled-back spending plans and a more cautious view of the country’s economic prospects, a survey showed on Monday. Ireland’s economy has posted the fastest growth in Europe since 2014 and unemployment has fallen rapidly, but the recovery has been uneven for some consumers with only modest gains ... Read More »

Snow and freezing weather to cost Northern Ireland over £80m


DUBLIN: Economist John Simpson said the loss of daily output coupled with the cost of repairing damage caused by the weather could amount to around £28m per day. With a weather warning in force from early yesterday until tomorrow night, the cost could pass £80m. Snow fell across Northern Ireland for most of yesterday causing traffic carnage and making travelling ... Read More »

AIB slammed for paying no tax on €1.6b profits


DUBLIN:AIB has been slammed for paying no tax on its €1.6 billion profits this year. The bank, that was bailed out by the Irish taxpayer to the tune of €20 billion, is now stiffing the Exchequer for millions in tax on its profits thanks to a sweetheart deal it negotiated with the Fine Gael and Labour Government in the downturn. ... Read More »

Woodie’s DIY owner reports revenue of £2.7b in 2017

Tax Revenue

DUBLIN: The owner of Woodie’s DIY, Grafton Group, has seen its revenue increase 9pc to £2.7bn (€3bn) in 2017. In its statement of financial results for 2017, the group reported an operating profit increase of 15pc year-on-year to £163.7m, while its earnings per share also increased by 15pc to 54.9p. The strong performance was driven principally by organic growth, and ... Read More »

Minnesota exports climb 6% during Q4


DUBLIN: Minnesota companies exported $5.3 billion worth of agricultural, mining and manufactured products in the fourth quarter of 2017, a 6 percent increase from the same period a year earlier, according to figures released Tuesday by the Minnesota Department of Employment and Economic Development (DEED). Annually, between 2016 and 2017, Minnesota exports increased almost 8 percent to $20.6 billion, while ... Read More »

Revenue seize Audi, contraband tobacco in Waterford


DUBLIN: Revenue officers seized 10kg of contraband tobacco and an Audi A6 car in Waterford City last week. In an intelligence led operation, they carried out searches under warrant of a number of private houses last Friday. The seized tobacco, branded ‘Flandria Golden Blend Virginia’, has a retail value of approximately €5,000. It represents a potential loss to the Exchequer of ... Read More »

Apple owes Ireland 13b euro

apple music

DUBLIN: The Irish government’s tax man was asked by the government what he thought Apple owed the country over its dodgy tax arrangement and he agreed with the EU. For those who came in late, the EU has declared the Irish deal hatched out between Apple and the government was illegal and Jobs’ Mob is required to pay shedloads of ... Read More »

Say goodbye to your P30, P35 and P60 tax forms

Swiss Federal Council Approves WHT Reforms

DUBLIN: The mountains of paperwork that go with monthly and quarterly tax returns will soon be done away with under the Revenue’s plan to fully digitise PAYE taxation in Ireland by 2019. Revenue chairman Niall Cody described its PAYE modernisation programme as the biggest shake-up in the State’s tax system since the introduction of self-assessment in the late 1980s. Addressing a breakfast event organised ... Read More »