The Irish construction sector remained deep in contraction territory during May, with further sharp declines in activity and new orders recorded. Employment and the usage of sub-contractors each fell at faster rates over the month. Meanwhile, suppliers’ delivery times lengthened to the greatest extent since December 2005. The Ulster Bank Construction Purchasing Managers’ Index® (PMI®) – a seasonally adjusted index designed to track changes in total construction activity – posted 42.0 in May, broadly in line with the reading of 41.9 in the previous month. This signalled a further sharp reduction in activity, and extended the current sequence of monthly declines to six years. A number of respondents noted that falling new orders and a lack of confidence in the sector had led to the latest fall in activity.
Continue reading →

Tax treatment of Maternity, Adoptive, and Health & Safety Benefits payable up to 30 June 2013

Maternity Benefit, Adoptive Benefit and Health & Safety Benefit payable by the Department of Social Protection (DSP) up to 30 June 2013 are not regarded as income for the purposes of the Income Tax Acts and should be disregarded for all tax purposes. Continue reading →