Skip to main content

Ireland 10 Billion Euro In The Red...

Ireland is now more than 10 billion euro in the red after the latest banking bailouts, latest Exchequer figures reveal.

The Department of Finance said the debt crisis would have improved significantly - by almost 700 million euro - if it had not been for massive payments pumped into Anglo Irish Bank and Irish Nationwide in March.

More than three billion euro injected into the doomed lenders from the public purse is largely to blame for a deficit jump from just under eight billion euro this time last year to 10.2 billion euro.

While income tax has increased - mainly because of the universal social charge - overall taxes were lower than predicted by department officials, the latest figures show.

This was mainly down to a shortfall on corporation taxes, which came in 140 million euro less than calculated.

There were also lower than expected capital taxes, including stamp duty.

The Department of Finance said the shock corporation tax figures could be partly blamed on "timing issues".

"It now seems that some corporation tax payments originally scheduled for collection in May will take place later in the year," a spokesman said.

Press Association
Labels:

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu...
Read more

Varadkar says it’s ‘not the worst thing’ that Ryanair is buying up homes for staff

25 of the 28 units in a new development at Fostertown Place in Swords were purchased by Ryanair for their cabin crew. TAOISEACH LEO VARADKAR says he does not have any issue with Ryanair or other companies buying up almost entire housing estates for their staff. He said there is a big difference between companies like Ryanair bulk-buying houses and apartments compared to investment funds. “We are building over 30,000 new homes now every year,” he said. “If you think about it, that’s 70,000, 80,000 or 90,000 bedrooms every year so we are finally seeing housing being built on scale,” Varadkar said. “We want to scale that up this year and next year as well because we do have a rising population and family sizes are getting smaller, so we need more housing and we are making progress,” he said. “In relation to Ryanair specifically, I don’t think it is the worst thing that a company would buy accommodation for their staff. It’s not the first time this has happened, it has be...
Read more

Irish Property Overvalued By 30%...

Irish property could still be overvalued by 30 percent... Irish house prices increased by around 330 per cent between 1996 to 2007 – a bubble of impressive scale and duration, but a bubble nonetheless. Plenty of outside observers saw the writing on the wall and said so, but they were overlooked in the Celtic Tiger gold rush. The European Central Bank (ECB), the Organisation for Economic Co-operation and Development (OECD), the Financial Times, the Economist and the International Monetary Fund (IMF) all spoke of dire portents early and often. They were ignored. Cheap and easy money arrived in Ireland just as the tiger economy geared up. The country adopted the euro and access to a large pool of low-cost European finance with it. When the bubble burst Ireland's main domestic financial institutions were wiped out and European institutions and the IMF took over the nation's financial affairs. So the question now is has the country reached the end? According to a report i...
Read more