The Parliamentary Budget Office (PBO), an independent budget analysis body for members of the Irish legislature, has proposed that the Government implement a tax on escalating domestic wealth in the Irish 2025 Budget. This, they argue, would mitigate the State’s dependance on corporate and income tax revenues. Despite domestic wealth in Ireland recently hitting over €1.1 trillion, the tax income from affluent households remains disappointingly low. The PBO stresses that for the betterment of the State, wealth needs to be effectively and justly taxed to rectify the market anomalies brought about by the prevailing tax system. This advice contradicts the Coalition’s declared aim to lessen inheritance tax in the forthcoming Budget 2025.
In separate news, Matt Ryan, the executive who contributed significantly to the growth of the Press Up group, has parted ways with the company. Ryan and Emmett O’Neill, Denis O’Brien’s nephew, are initiating a fresh venture in the environmental services sector. Despite retaining a stake in the Isle of Man-registered company that possesses a significant portion of the Press Up empire, Ryan’s exit from the executive team follows a turbulent phase in business. This upheaval occurred after Cheyne Capital, a London-based investor, agreed to acquire a majority share in the struggling group earlier this year.
In other development, the CEO of Capreit, the Canadian firm that established Ires Reit – Ireland’s largest corporate landlord, has asserted he would not invest in the Republic ever again due to the opaque nature surrounding the residential rental sector.
Mark Kenney has expressed criticism on the Irish government’s rent cap policy, which he believes has increased apartment prices and deterred global investments. This comes after his firm, Capreit, divested its interest in Ires earlier this year. Kenney added that the Ireland’s clear stance against rental means the country is no longer a favourable destination for their business.
In other news, the Dublin Airport Authority (DAA) has cautioned local politicians that the passenger cap of 32 million per annum, enforced by An Bord Pleanála, might be subject to European legal proceedings. DAA has requested Fingal County Council to increase the maximum limit to 40 million passengers and has launched a High Court case against the Irish Aviation Authority, asserting the latter’s incompetence to prevent airlines from using slots or passengers from embarking if the limit is exceeded.
During a meeting with local officials, DAA CEO, Kenny Jacobs, hinted that depending on the outcome of the High Court case, the matter might be escalated to European courts. This conjecture stems from the recent dismissal of a similar cap by the Dutch supreme court at Schipol Airport in Amsterdam. Jacobs shared his anticipation of navigating unexplored legal scenarios within Europe and domestically.