Businesses upbeat despite Brexit worry

Irish businesses and consumers have regained some confidence lost following last year’s seismic Brexit vote, according to Bank of Ireland’s latest Economic Pulse survey.

Irish businesses and consumers have regained some confidence lost following last year’s Brexit vote, according to the Bank of Ireland’s latest Economic Pulse survey. Stock Image1Irish businesses and consumers have regained some confidence lost following last year’s Brexit vote, according to the Bank of Ireland’s latest Economic Pulse survey. Continue reading

Most Irish businesses unprepared for Brexit

The vast majority of Irish businesses had no plan in place to deal with a ‘leave’ vote in June’s Brexit referendum, according to a new survey.

Stock photo: PA
It found that 97pc of more than 750 business managers (north and south of the border) surveyed said they had no plans in place to deal with the result.
The figures are contained in cross-border trade body Intertrade Ireland’s latest quarterly business monitor, covering the second quarter of the year. Continue reading

Brexit could sink the EU’s corporate accountability drive

 

After Brexit, the ‘rest of the world’ will include the UK. This could make it an attractive potential tax haven1

 After Brexit, the ‘rest of the world’ will include the UK. This could make it an attractive potential tax haven.Tax avoidance by multinational corporations costs the EU €50-70bn a year in lost revenue. In response, the EU has proposed legislation which will require organisations to disclose where they pay their taxes, allowing the public to call corporations to account for tax avoidance. Brexit puts this project in jeopardy. Continue reading

Ireland not doing enough for SMEs: EU

The Commission warned of the gulf between multinationals based here and homegrown businesses, whose concerns can be overlooked by government.

The Commission warned of the gulf between multinationals based here and homegrown businesses, whose concerns can be overlooked by government. Photo: Reuters

The State hasn’t done enough to address the regulatory concerns of Ireland’s small and medium-sized businesses, the European Commission has said. Continue reading

Panama Papers: The secret offshore world of the elite

Millions of documents show heads of state, criminals and celebrities using secret hideaways in tax havens

The leak also provides details of the hidden financial dealings of 128 more politicians and public officials around the world.

The cache of 11.5 million records shows how a global industry of law firms and big banks sells financial secrecy to politicians, fraudsters and drug traffickers as well as billionaires, celebrities and sports stars. Continue reading

Global business growth slows amid waning demand – survey

Global business growth slows amid waning demand – survey

Latest Markit PMIs show euro zone businesses had their worst month in over a year

Nigel Farage (left), Britain’s UK Independence Party (UKIP) leader and European Commission President Jean Claude Juncker (right) take part in a plenary session at the European Parliament on the outcome of the “Brexit” summit, in Brussels last month. Photograph: Yves Herman/ ReutersNigel Farage (left), Britain’s UK Independence Party (UKIP) leader and European Commission President Jean Claude Juncker (right) take part in a plenary session at the European Parliament on the outcome of the “Brexit” summit, in Brussels last month.  Continue reading

Fiscal council criticises extra budget spending

€1.5bn in supplementary spending marks ‘deviation from prudent policy’

Fiscal council criticises extra budget spending

€1.5bn in supplementary spending marks ‘deviation from prudent policy’

Prof John McHale, the NUI Galway economist who chairs the fiscal council, said the spending increase this year was funded by an unexpected surge in corporation tax. Photograph; Dara Mac Dónaill/The Irish TimesProf John McHale, the NUI Galway economist who chairs the fiscal council, said the spending increase this year was funded by an unexpected surge in corporation tax.

The State’s fiscal watchdog has criticised the Government for increasing spending this year in the days before Budget 2016. Continue reading

US ‘tax inversion’ deals skew Ireland’s FDI numbers

OECD report suggests investment by Irish firms abroad hit $75 billion in first-half of 2015

Medical device maker  Medtronic: the US industry giant moved to Ireland  in a tie-up estimated to be worth $48bn. Photograph: Munshi Ahmed/Bloomberg Medical device maker Medtronic: the US industry giant moved to Ireland in a tie-up estimated to be worth $48bn. Photograph: Munshi Ahmed/Bloomberg
A spate of so-called “tax inversion” deals involving companies based in Ireland appears to be distorting the country’s foreign direct investment (FDI) numbers. Continue reading

Was Budget 2016 progressive or regressive?

From Coalition’s subjective perspective of the Coalition, the budget was politically balanced

Minister for Finance Michael Noonan  and Minister for Public Expenditure  Brendan Howlin  at a pre-budget photocall last week: in percentage terms, a person earning €70,000 will be 1.9 per cent better off, whereas a person earning €20,000 a year will be about 1.1 per cent better off. Photograph: Dara Mac DónaillMinister for Finance Michael Noonan and Minister for Public Expenditure Brendan Howlin at a pre-budget photocall last week: in percentage terms, a person earning €70,000 will be 1.9 per cent better off, whereas a person earning €20,000 a year will be about 1.1 per cent better off. Continue reading