Business

Friday 19 January 2018

Revenue in court on disputed €6.2m

A NUMBER of business people are in dispute with the Revenue over financial transactions worth millions to them in reduced taxes, the Commercial Court has heard.

They have brought challenges to decisions by the Revenue disallowing them sums of up to €6.2m on grounds that certain complex transactions engaged in by them amounted to tax avoidance measures.

UK law firms look to expand abroad

The UK's 10 largest law firms control nearly half of the revenue for legal services among the country's top 100 firms and are continuing to increase their share of the market through overseas business.

Most of the top-10 firms already get 40pc of their revenue from outside the UK and are looking to expand through mergers or acquisitions in other countries, PwC said in a report.

Managh liquidator 'validly appointed'

THE High Court has ruled that an accountant nominated to act as liquidator to a transport company by its creditors was validly appointed.

Mr Justice Sean Ryan yesterday held that chartered accountant and insolvency practitioner John O'Connell had been validly appointed as liquidator to Managh International Transport Ltd, Farranamanagh, Cashel, Co Tipperary.

The company went into voluntary liquidation earlier this year.

Disney set to buy 'Star Wars' firm

WALT Disney said yesterday that it had agreed to buy film maker George Lucas's Lucasfilm Ltd and the 'Star Wars' franchise for $4.05bn in cash and stock. Disney said there would be a new series of 'Star Wars' feature films as part of the deal, with the first movie expected in 2015.

Lucas, a Hollywood icon known for exercising control over the most minute details of the fictional universe he created, will remain as a creative consultant.

Deficit used to manage bank debt

Austrian Finance Minister Maria Fekter is tolerating higher deficits to keep as much as €39bn of bad bank debt off the state's books.

Austria's deficit will expand to 3.1pc of GDP this year from 2.6pc in 2011, swollen by unplanned additional aid for three banks.

Irish Independent

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