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Corporation tax bonanza, lack of female leaders and the work behind Christmas markets

The best news, analysis and comment from The Irish Times business desk

The Christmas market in Eyre Square in Galway is one of many across the country. Photograph: Joe O'Shaughnessy

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Peter Flanagan
Wed Dec 6 2023 - 06:31

It was a big day for tax on Tuesday, and the Government received an early Christmas gift with the latest exchequer data pointing to another surge in corporation tax as well as above-profile increases in income tax and VAT. As Eoin Burke-Kennedy reports, it comes after three months of corporation tax receipt declines, which had sparked concern that the long tax boom was over.

Eoin also breaks down the numbers and explains what it all means for the Government’s coffers.

The exchequer returns came as the Irish economy is entering “a period of slower growth and business consolidation,” Ibec has warned. In its latest economic outlook, the employers’ group said “the change in trend” was driven by global economic conditions and was already being reflected in falling exports and slowing investment. Eoin has the details.

Irish businesses have further work ahead to achieve gender balance in senior leadership roles, a new report has found. Ciara O’Brien reports that Balance for Better Business said that although there had been an increase in gender balance on boards of Irish companies in the past year, progress in the appointment of women to senior roles had slowed and some companies missed targets.

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Christmas markets have become a staple of Irish life at this time of year, and in many cases lend to the atmosphere in towns across the country. Those markets don’t just happen, though. Ellen O’Regan looks at the business behind the Christmas market.

Credit Union lending has increased sharply, according to a new report, yet the sector is still largely focused on unsecured lending even as mortgage loans have risen. Joe Brennan reports.

The owner of Dundrum Town Centre has issued High Court proceedings challenging the adoption of a contentious new local area plan. Dundrum Retail GP DAC, which trades as Dundrum Retail Partnership, wants to quash the plan made by Dún Laoghaire-Rathdown County Council. Alternatively, it is asking the court to declare that changes proposed to the road infrastructure and junctions used by visitors to its shopping centre are invalid. Ellen O’Riordan has the story.

Just how difficult is the UK’s economic position? In his column, Martin Wolf lays out the many, many problems without an obvious solution.

Revenue netted almost €10 million from tax defaulters over the three months to the end of September, new figures show, including one person found to owe more than €1.8 million. Barry O’Halloran reports.

Barry also has details of Irish firm Future Ticketing, which has agreed a deal with UK racecourses controlled by the Jockey Club, including Cheltenham.

The person at the centre of RTÉ Investigates allegations concerning “pay-offs” to objectors in the planning system has confirmed that no financial inducement was sought or offered in connection with the withdrawal of his appeal against Diageo’s planned €200 million brewery for Newbridge. Gordon Deegan reports.

Waterford Airport is understood to have engaged in preliminary discussions with Ryanair following the announcement that up to €30m is to be invested in a runway extension. Sarah Slater reports.

Bank of Ireland said will stop providing mortgages and personal loans through the UK Post Office and has ended its financial services joint venture with the AA in the UK, as the group it continues to restructure its offering in that market. Joe has the story.

In Commercial Property, Ronald Quinlan reflects on the 10 biggest deals in the sector this year, while some of the biggest names in the industry look at where the market may go next year in the office, retail and hotel segments, among others.

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