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Apple Ireland Tax Case
Alleged Apple Ireland tax avoidance has rumbled on for four years. Initially Apple tax avoidance was alleged in sweetheart tax deal with Ireland so that Ireland could attract thousands of tech jobs to Ireland. The EU won the previous alleged Apple tax scandal but even the Irish government did not want Apple to pay any more tax. Apple was instructed to pay Ireland 13 billion euros in taxes. The European Commission said Apple benefited from illegal state aid via two Irish tax rulings that artificially reduced Apple tax burden for over two decades to as low as 0.005 percent in 2014.
The Irish government at that time backed the Apple tax case appeal and Apple have now won. Europe’s second highest court has now rejected an EU order for Apple to pay 13 billion euros. The EU can appeal the decision if it wants to to the EU Court of Justice which is the highest court in the European Union.
- Ireland most recent figures on coronavirus showed no new deaths in 24 hour period and just 32 new cases of infection.
11th May 2020 Ireland Introduced 5 Stage Pandemic Recovery Roadmap Starting From 18th May
Every 3 weeks Ireland will ease more and more lockdown measures.
Nearly 1500 people have died in Ireland from the virus. 23000 have been infected. Recent daily death figure was 12 with 236 new infections.
- Schools in Ireland will remain shut until September.
- Outdoor workers such as construction workers and gardeners will be allowed to resume activities from 18th May.
- Creches and nurseries will open for the children of essential workers from 29th June. This will be extended to the children of other workers from 20th July.
- Social visits will be permitted to other households from 8th June and from 29th June people will be allowed to travel within a 20km radius of their homes.
- Weddings baptisms and small social gatherings will be allowed from 20th July but only for family and close friends.
- Shops selling non essential items can open from 8th June if the number of staff and customers remain small and larger shops can open from 29th June.
7th May 2020 Ireland Deaths From Coronavirus Rise By 28 To 1403
Number of infections rose in 24 hours by 137 to 22385 in total.
15th March 2020 Ireland Asking All Pubs To Close Until 29 March Due To Coronavirus Pandemic
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3rd March 2020 Irish Tax Take Jumps
Ireland took 13.8 percent more tax in February year on year. Although corporation tax rate in Ireland is low its tax take from businesses is rising.
The Irish economy has been the best performing in the European Union since 2014.
3rd December Is Irelands Economic Success Story Been Due To Being A Member Of European Union EU Or Down To One Of Lowest Corporation Tax Levels?
Much is made of Irelands dramatic recovery from the 2008 financial crisis. Many want to make a political case out of Irelands membership of the European Union. Much more likely is the lowest levels of corporations that have attracted the worlds biggest firms to base themselves in Ireland.
The settling of the biggest firms in the world is down to super low corporation tax levels especially at a time when firms face reputational issues from not paying sufficient tax. If they have to pay more tax they would rather pay more tax in Ireland where corporation tax levels are amongst the lowest if not lowest in the developed world.
The effective corporation tax rate in Ireland in 2012 was around 9 percent!BusinessRiskTV
Compare that to other European Union countries corporation tax levels. Even the UK which has low corporation tax levels charges more than double that level!
- In 2019 Ireland is forecasting to run a budget surplus of around 0.4 percent
- Corporate tax receipts in Ireland have more than doubled since 2012 mainly due to a large number of multinational firms moving to Ireland from the likes of USA
- Last year Irelands corporation tax take hit a new record high of more than 10 billion euros
- This year Irelands tax take is forecast by the Irish government to exceed last years record and exceed 11 billion euros
- Next year in a global economic slowdown Irelands government expects another record corporation tax take
As a result Ireland is expecting to reduce sovereign debt and increase public spending.
Many politicians around the world seek to win votes by talking about and introducing higher taxation on businesses. Ireland demonstrates that a country can benefit more from lower corporation tax. It is the amount of the money taken in tax that counts for public spending not the rate of tax.
11th October 2019 No Deal Brexit Would Reduce Irish Economic Growth To Just 0.8 Percent in 2020 Compared To 4.3 Percent If Ireland Avoids No Deal Brexit
According to Irelands Central Bank latest economic forecast a No Deal Brexit would dramatically reduce Irelands economic growth in 2020. Unemployment in Ireland would be 6.9 percent in two years time compared to 5.9 percent forecast without No Deal Brexit as reported by Irelands government.
Irelands central bank is forecasting that if there is not a No Deal Brexit Irelands economy will instead grow 4.3 percent in 2020 and 3.9 percent in 2021.
Irelands economy is currently growing at 5.0 percent.Irelands Central Bank
27th August 2019 Irelands Unemployment Rate Was Revised Up By Statistics Agency
Irelands July unemployment rate was revised up to 5.3 percent from 4.6 percent by the statistics agency.
29th August 2018 Ireland Revises July Unemployment Rate to 5.9 Percent
Irelands Central Statistics Office CSO previously forecast Irelands unemployment rate to be 5.1 percent but has reviewed the evidence and increased the official unemployment rate in Ireland.
21st July 2018 Ireland House Prices Continue Rapid Rise But Yet To Recover Value From Financial Crisis
House prices in Ireland continue double digit growth according to Residential Property Price index. House prices in Ireland are still around 20 percent lower than pre financial crisis level in 2007.
19th July 2018 Ireland Could Suffer Most from UK Brexit
Irelands economy could reduce by 4 percent if the UK and the EU fail to agree a Brexit deal according to the International Monetary Fund IMF.
A soft Brexit with the UK out of the customs union but retaining access to the single market and agreeing to abide by EU rules would imply almost zero cost for the EU as a whole IMF ReportBusinessRiskTV
A standard free trade deal of the type agreed between Canada and the EU could cause EU economic growth loss of 0.8 percent.
The UKs International Trade Secretary Dr Liam Fox claims Irelands economy could reduce by up to 8 percent if the EU did not agree a deal with Britain.
Many believe a no deal Brexit is more likely now than ever before.
The UK is among the top three main trading partners of the euro area IMF ReportBusinessRiskTV
What do you think? Do you think Ireland will suffer more than the UK from UK no deal hard Brexit? Will there be a deal on UK Brexit?
20th June 2018 Mortgage Arrears In Ireland Declining
The number of Irish homeowners in mortgage arrears for more than 90 days fell to 6.7 percent in the first quarter of 2018 according to Irelands central bank.
Accounts in arrears over 720 days also declined. 30000 Irish people with a mortgage are more than 720 days in arrears. If you are in mortgage arrears in Ireland you tend to be severely in arrears.
19th June 2018 Ireland Will Not Use All Available Money Next Year In Case It Overheats Economy
Ireland has money in the bank it could use to cut taxes or increase public spending. If it did this then Irelands economy could overheat. According to a government minister Ireland could use a spare 1 billion euros to play with.
17th April 2018 Ireland Raises Growth Forecast for 2018
The Irish government increased its forecast for Irelands economic growth to a rapid 5.6 percent and still fast 4 percent in 2019. Ireland was forecast to grow a very fast 3.5 percent in 2018 but employment levels in Ireland are so high that the Irish government thinks growth will soar this year.
Irelands central bank thinks the economy of Ireland will grow 4.8 percent in 2018 and 4.2 percent in 2019BusinessRiskTV
16th April 2018 Ireland To Start Exporting Beef To China
Ireland has gained approval to export beef to China from three Irish processors.
The approval gives Ireland access to the worlds fastest growing beef market and second largest importer.
12th April 2018 Ireland Central Bank Raises Irish Economic Growth Outlook
Irelands central bank thinks Irelands economy is growing even faster than thought. Irelands economy at home is expanding faster. The global economy is growing faster than expected.
The central bank thinks Irelands economy will grow 4.8 percent in 2018. Irelands economy will grow 4.2 percent in 2019 according to bank.
15th March 2018 Irelands Economic Growth In 2017 Was 7.8 Percent
Irish GDP grew faster in 2017 than any other country in European Union EU.
22nd February 2018 Apple Tax Bill Around 13 Billion Euros
The European Commission EC ordered Ireland to tax Apple more. The end cost to Apple has not yet been finalised, but is likely to be around 13 billion euros.
12th February 2018 Irish Consumer Confidence 17 Year High
Ireland’s consumers are more confident in Irelands economic prospects than at any other time in the last 17 years according to KBC Bank Ireland/ESRI consumer sentiment index for January.
2nd January 2018 Double Digit House Price Growth For Ireland in 2018
According to reports by MyHome Irelands house prices are set to jump in 2018 due to strong demand and poor supply.
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Ireland Business Risk Consulting
Risk is essential to business success. Taking more controlled risks can bring even greater success.
Senior executives and managers need to understand their responsibilities for embedding good corporate governance risk management and regulatory compliance GRC practices and procedures to maximise productivity.
Enterprise risk management ERM is not the responsibility of a single department or the Risk Manager. ERM will enable your business to meet its business objectives with less uncertainty. BusinessRiskTV Ireland business risk consulting partners can help you with the best enterprise risk management practice for your risk culture.
A rapidly changing business environment presents a rising threat to businesses. ERM can reduce costs, manage risk better and optimise business performance. Business risk services provides GRC auditing and training services to improve your business. Get help with your enterprise wide risk assessment and capability auditing in Ireland.
Ireland Enterprise Risk Management ERM Training
Managing business enterprise risks better in Ireland to achieve enterprise objectives more easily with less uncertainty and more confidence.
Identify threats and opportunities to your business in Ireland. Assess the impact of threats and find out how to exploit business opportunities more. Learn how to control corporate risks within your risk tolerance and appetite for risk to boost your business performance.
Find a better way to deal with the complexities of enterprise-wide risk management ERM. Sign up for one of our online enterprise risk management ERM workshops or book an inclassroom workshop.
- Develop ERM risk knowledge and skills required for you and your business in Ireland.
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