Business

Friday 29 August 2014

EU Commissioner backs Irish tax rate

Published 07/12/2012 | 05:00

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THE EU Commissioner for Taxation said that Ireland's corporate tax rate does not constitute a harmful tax practice, under the existing definitions and criteria.

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Algirdas Semeta said: "As far as I know, the corporate tax rate in Ireland is relatively broad when compared to other member states."

The commissioner said that the problem was that some companies were using "various tax planning techniques" in order to reduce their tax burden. Mr Semeta said taxes should be imposed where the actual economic activity takes place.

Asked if Ireland could expect to see a fall in revenue if these measures were implemented, the commissioner said that it depends on specific situations.

Positive month for pension funds

MANAGED pension funds delivered positive returns during November, with an average return of 1.2pc for the month, according to Rubicon Investment Consultants.

Irish Life Investment Managers took top spot with a return of 1.6pc for the month, while State Street Global Advisors propped up the league table with a return of 0.3pc. Over the first eleven months of 2012, managed funds have delivered a 13pc return on average.

75pc of businesses happy with Budget

Three-quarters of Irish businesses were satisfied with the effect the Budget would have on their businesses, according to a survey by financial consultancy firm PwC.

One in four managers said the Budget would have a definite positive impact on their business while a further half said it would have no negative impact on their business.

Half of those surveyed at the PwC budget breakfast yesterday were of the view that the Government did achieve the right balance between cutting the deficit and not damaging economic growth. However, over 90pc of business leaders think changes in the EU and US will have a greater impact on their business than domestic changes.

Poultry firm's jobs secured by sale

THE newly appointed directors of Cappoquin Poultry Holdings Ltd have said the survival of the chicken business is secured and upwards of 70 of the 140 jobs saved after the High Court approved its sale.

A group of investors, in partnership with Cappoquin Poultry Producers Co-op, invested €650,000 to buy the business which had been in examinership.

Irish Independent

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