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The great tax gravy train keeps running, for now

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

The strong Exchequer returns for February were welcomed by Minister for Finance Michael McGrath. Photograph: Dara Mac Dónaill / The Irish Times

Peter Flanagan's face
Peter Flanagan
Wed Mar 6 2024 - 06:45

It looks like Ireland’s tax take will keep going for a while longer at least. February’s Exchequer Returns showed overall tax receipts hit €12 billion at the end of February, with little sign of a slow down that might be expected with a contracting economy. The numbers also mean the exchequer was running a deficit of just €100 million, compared to €2.5 billion a year ago. Eoin Burke-Kennedy has the details, while he breaks down what it all means for the economy here.

House prices and rents will remain on an upward curve for the foreseeable future, the Economic and Social Research Institute will tell the Oireachtas Committee on Budgetary Oversight on Wednesday evening. As Eoin reports, several members of the think tank are due before the committee to discuss “the present economic and fiscal situation”.

As more and more people move their banking online, they are switching from traditional lenders to digital banks such as Revolut and N26. But is this the way forward for everybody? Brianna Parkins looks at the attractions and pitfalls of the so-called neobanks.

The UN’s most senior human rights watchdog has told Ireland to shore up its corporate tax policies as they are hindering efforts to ensure wealthy individuals and businesses are not exploiting loopholes to hide profits. Colin Gleeson reports that the UN’s Economic, Social and Cultural Rights Committee has published a report following a two-day hearing in Geneva last month during which Minister of State Joe O’Brien and his officials were questioned on a number of issues.

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The Cabinet has agreed to proposals from Minister for Enterprise Simon Coveney to legislate for employees to continue working until 66, the age at which they become entitled to the State pension. Emmet Malone has the story.

Emmet also reports that business groups want big supports provided to the sectors worst hit by cost increases fuelled by measures like the increased minimum wage after a Government commissioned report estimated small restaurants and retailers could see their related outgoings increase by almost a fifth over the next three years.

Women are more than twice as likely as men to rely heavily on the State pension for their income in retirement, according to a new survey. Dominic Coyle reports.

It’s a quarter century since the biggest names on Wall Street started to be hit with allegations of sex discrimination. While bosses have pledged to make the industry more welcoming to women in the years since, Brooke Masters asks if things are actually getting worse now.

Entrepreneur Micheal O’Rourke’s investment business TDL, owner of Shelbourne Rovers and Premier Sports, is taking the reins at a clothing and equipment maker that has carved a name for itself in equine and outdoor activities. Barry O’Halloran reports.

Accumulated profits at the media company operated by author and Irish Times columnist David McWilliams last year increased to €1.2 million. Gordon Deegan has read the accounts.

Cellnex, Europe’s largest telecom towers and infrastructure group, has agreed to sell its Irish unit for €971 million to Florida-based Phoenix Tower International, exiting the market after five years as it looks to pay down debt. The Spanish group entered the Republic in 2019 by buying Cignal, a tower firm with 546 tower sites at the time, including 300 that were formerly owned by State-owned forestry company Coillte, for €210 million. Joe Brennan has the story.

The owner of a pub opposite Trinity College has issued High Court proceedings over Dublin City Council’s “wholly disproportionate” decisions that allegedly purport to require the demolition of extension fit-out works. As Ellen O’Riordan reports, publican Declan Doyle says he bought a former betting shop at 29-30 Fleet Street several years ago to connect it to Doyle’s pub and open a new business. He says he has so far invested €1.26 million in the venture.

In Commercial Property, Ronald Quinlan reports that Ulster Bank’s landmark premises at number 33 College Green in Dublin city centre looks set to be transformed into a new boutique hotel following its purchase by one of the city’s leading hoteliers, while developer Michael O’Flynn’s O’Flynn group has spent €10 million on a development site in Foxrock.

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