Categorized as: Syndicated News

Decision to end ‘double Irish’ loophole ‘extremely smart’

Leading OECD official says Government decision sent out positive message internationally.

The announcement by Ireland that it is ending the so-called “double Irish” tax structure was perceived as “extremely smart”, a leading official from the Organisation for Economic Cooperation and Development has told a Dublin conference on corporate taxation.

The director of the OECD’s centre for tax policy and administration, Pascal Saint Amans, said Ireland has been an extremely constructive …

Nama picks up pace of repayments with €1bn bond deal

The National Asset Management Agency will start paying off the second half of its €30.2 billion debt tomorrow with the repayment of a €1 billion bond. The transaction comes as the “bad bank” backs the €150 million redevelopment of the landmark Boland’s Mill site at the south Dublin docks, the first project to be undertaken within an ambitious new planning scheme for the area.

The objective is to support the …

Government’s gamble to ignore Troika is paying off

The Government’s decision to ignore the advice of the Troika and the Fiscal Advisory Council in opting for a less punitive budgetary approach in Budget 2015, “seems to be paying off”, economist Jim Power said on Tuesday. “This gamble was based on stronger economic indicators and it seems to be paying off, to date,” he said, noting that austerity has “passed its sell by date” in Ireland. “Fiscal austerity as …

Euro zone manufacturing stalled in November

Euro zone manufacturing growth stalled in November and new orders fell at the fastest pace in 19 months despite heavy price cutting, painting a bleak picture for the coming months, a survey has shown today.

Also worryingly for policymakers at the European Central Bank, who are struggling to bolster growth and drive up low inflation, factory activity declined in Germany, France and Italy.

“The situation in euro area manufacturing is …

Irish manufacturing marks 18 months of growth in November – PMI

Irish manufacturing activity increased for the 18th month in a row in November as exporters saw new orders flood in at the fastest rate in almost four years.

Ireland last year became the first bailed-out euro zone country to exit its international assistance programme. The government is forecasting growth of almost 5pc this year, which would likely make it the best-performing economy in the 18-member bloc.

The Investec Manufacturing Purchasing …

Enda Kenny’s pledge to cut marginal tax rate to 50% in budget assumes economic growth

The precise means to be used will only be determined next year in the light of what resources are available, but the working plan will probably be to use a similar approach to the 2015 budget. Politically, this allows the Government to target middle-earners without being seen to deliver too significant gains to those on the highest incomes.

Coming out and selling it now is clearly an effort to move …

Ireland set to repay first tranche of €9 billion to IMF next month

Ireland set to repay first tranche of €9 billion to IMF next month.

Money will be paid from cash balances held by the National Treasury Management Agency.

The Government expects to repay €9 billion of the State’s loans with the International Monetary Fund (IMF) in December, in what will be the first instalment of the early repayment of our bailout funds from the Washington DC-based body.

This has been confirmed …

Irish home loan rules ‘strictest in Europe’ – agents

NEW rules on home loans being planned by the Central Bank will be among the strictest in Europe, estate agents have said.

Delegates attending the European Confederation of Real Estate Agents Conference in Dublin expressed surprise that Ireland was introducing a 20pc deposit requirement when, out of 14 countries represented, a deposit was required in only one. Aside from Ireland, only Norway requires home buyers to come up with a …

Euro zone economic sentiment rises slightly in November

Morale in the euro zone rose for the second month in a row in November as a pick-up in industry sentiment just outweighed increased pessimism among consumers.

The data offered a tentative sign that the bloc is avoiding outright stagnation.

The European Commission said that economic sentiment in the 18 countries sharing the euro rose to 100.8 this month from 100.7 in October and 99.9 in September. Economists polled …

Central Bank head admits new mortgage deposit rules face delays

Househunters will not need a 20pc deposit when seeking a mortgage from January 1 because the Central Bank won’t meet its own deadline to enforce the new rule.

Plans to cap homeloans are to be pushed back but Central Bank Governor Patrick Honohan insisted “we’re not hanging around”.

He said that the bank is still determined to introduce the restrictions, adding that they “would ensure that a credit-driven property bubble …