Apple’s technology megacorporation has quickly communicated to markets after the European Union’s superior court supported the European Commission’s conviction that it is up to Apple to repay Ireland €13 billion, plus additional back taxes. This information led to a $10 billion tax charge in their current quarter’s profit, as it approximates the decision’s repercussion. Insights from Joe Brennan and further analysis by Cliff Taylor aim to clarify the implications of this judgement, a drama that has extended over three decades.
John McManus, in his column, maintains that in light of this European Court of Justice decision, Ireland continues to be part of a flawed system causing the deprivation of vital tax income in some of the world’s poorest nations.
On another front, due to unfavourable weather and others, tourism has suffered a decline, according to an update by Fáilte Ireland. Mark Hilliard reports on these circumstances, which affects the fate of thousands of businesses.
Meanwhile, with the mandatory employment pension – auto-enrolment due to take effect in the coming year, WTW, the benefit consultants suggest that both employment sectors and workers are likely to strongly defy an increase in contribution rates to 6%.
In brighter news, Alo Yoga, a high-end yoga wear retailer favoured by celebrities like Taylor Swift and Katie Holmes, is venturing into the Irish market, intending to open its flagship store in Dublin’s Grafton Street.
Furthermore, the American legal company Vinson & Elkins has laid down roots in Dublin, aiming to expand its presence in the less glitzy but profitable aviation sector.
Finally, in relation to aviation, James Lawless, the junior minister of Eamon Ryan’s department, has most recently voiced his opposition against the limit of 32 million passengers at Dublin Airport, facilitated by a planning agreement in 2007. As a precursor to a meeting with Ryanair’s chief, Michael O’Leary, he termed this restriction as “dated”. This story is reported on by Jack Horgan-Jones.
Earlier this year, a Dublin-based property owner embroiled in a longstanding disagreement with Revenue Commissioners, was slapped with a €291,979 High Court fine for not fully paying the income tax. The landlord has since ended up on a tax defaulters list published by the Revenue Commissioners.
In her financial advice column ‘Money Matters’, Joanne Hunt offers guidance for those transitioning from being an employee to self-employment, with insights on how to make a choice between operating as an individual business owner or setting up a limited company, both bearing their own set of pros and cons.
The Commercial Property section, penned by Ronald Quinlan, reveals that Joe O’Reilly, the Castlethorn developer, is in search of a strategic ally to assist in further expansion of the Killeen Castle golf resort, potentially worth up to €30 million.
Developer Johnny Ronan initially thought of executing a luxury residential project at Delgany’s Stylebawn but the 13.9 acre area is currently available for sale by a receiver, expected to draw bids around the region of €4.75 million.
Meanwhile, Foxrock Villa is also up for grabs, with an asking price of €4.5 million. The property, which posseses planning permission for four sizable residences in its grounds and is situated near a golf course, is anticipated to generate considerable interest.