Business Irish

Sunday 25 February 2018

PCF deadline moved

The Central Bank is extending a deadline for companies that have to submit details of senior staff after a technical glitch.

Some companies must provide the Central Bank with details of senior staff. Submissions for the annual Pre-Approval Controlled Functions (PCF) Returns had been due on April 30 but the bank said yesterday that it has extended the deadline to June 30.

SHIRE FACES TAX QUIZ

Irish-based pharmaceutical company Shire will today face questions on tax avoidance from shareholders at its AGM in Dublin as part of a project by responsible investment campaign ShareAction and charity Christian Aid.

The firm cut its tax bill by moving its tax base from the UK to Ireland in 2008. It is one of a number of FTSE 100 companies set to face questions at their AGMs about tax planning and transparency, ShareAction spokeswoman Louise Rouse said. "The negative public, media and political reaction to the steps taken by some companies to reduce tax bills demonstrates the very real risks that aggressive corporate tax planning presents to companies and their investors," she added.

NEW CORE MEDIA CFO

Ireland's largest media buying group, Core Media, has appointed Arthur Byrne as its chief financial officer.

Mr Byrne's appointment follows a 17-year career with Aegis Media Ireland as group finance and commercial director. His career in finance also includes working with electronics company Delaire Power Supplies. Mr Byrne is an FCCA accountant and trained for six years with Dublin-based Martin J Kelly & Company.

PATENT CLIFF RISK TO GDP

DKM Economic Consultants warned yesterday that the so-called pharmaceutical patent cliff that is denting exports may not have much of an impact on the domestic economy but will affect the way that the European Union looks at the economy.

The main impact "will be on measured nominal GDP, which unfortunately is the denominator of the key target set by Europe as a measure of fiscal probity", DKM said. The consultancy firm added that a large proportion of employment growth was due to a rise in the self-employed, which probably reflects "a rise in unemployed and prematurely retired white-collar workers masked as a rise in self-employment" rather than an increased entrepreneurial spirit.

Irish Independent

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