World

Thursday 31 July 2014

In Brief: Ireland is no tax haven, says Bruton

Published 01/12/2012|05:00

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THE Government has "no concerns" about the corporation tax regime, maintains it is transparent and complies with all international laws.

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Enterprise minister Richard Bruton said there was little difference between the country's nominal and effective tax rate, demonstrating the clarity of the system here.

US lawmakers have described Ireland as a "tax haven" similar to the likes of Belize and Costa Rica, while there has been a growing focus on companies that use Ireland to avoid paying tax on overseas profits at home.

Aston Martin on Moody's review

ASTON Martin, the luxury car maker beloved by James Bond, is under review by Moody's for a credit downgrade as it burns through cash reserves.

The carmaker is in "advanced" talks to issue new shares to investors to boost funding and ensure it can pursue growth plans.

Aston Martin's non-investment grade B3 rating, which is defined as having "high credit risk", may be lowered after the carmaker reported negative free cash flow in the third quarter. (Bloomberg)

US consumer spending drops

Spending by US consumers unexpectedly fell and incomes stagnated last month as Superstorm Sandy restricted the movement of some people in the north-east of the country.

Purchases dropped by 0.2pc, marking the weakest reading since May, after a 0.8pc gain in the previous month. (Bloomberg)

Sterling weakens against the euro

The pound fell to a five-week low against the euro amid speculation that Europeans are making progress in stemming the debt crisis, dampening demand for the relative safety of the UK currency.

The pound earlier rose to a four-week high against the dollar after a gauge of UK consumer confidence unexpectedly increased in November. (Bloomberg)

Property levy fear hits home prices

Luxury-home prices in central London rose at their slowest rate in more than two years in November as investors delayed purchases ahead of possible new property taxes.

The average price of a house or apartment in the UK capital's most expensive neighbourhoods climbed 0.4pc from October, according to estate agents Knight Frank. (Bloomberg)

Irish Independent

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