The Irish government has moved in Finance Bill 2021 to close off a potential loophole in laws introduced during the summer to impose a 10 per cent stamp duty on bulk buyers of 10 or more houses within a one-year period, the Irish Times reported. The Bill, published on Thursday, seeks to insert a clarification into law that the stamp duty also applies to the “indirect” acquisition of a house by way of, for example, the purchase of shares in a company that owns a property.
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Ireland
The total value of registered debt owed by consumers in Ireland in the third quarter of this year three and a half times that of the same period in 2020 as interventions designed to protect households from the financial effects of Covid-19 were unwound, the Irish Times reported. The latest data from the Registry Trust data, which covers the third quarter, shows the number and total value of judgments registered against Irish consumers saw large rises over the period.
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Irish Minister for Finance Paschal Donohoe confirmed that the Employment Wage Subsidy Scheme (EWSS) for businesses affected by the Covid-19 crisis will be extended to the end of April, but supports from the programme will be phased out by then, the Irish Times reported. While there will be no change to the EWSS over the course of October and November, a two-rate structure of €151,50 and €203 will apply from December until the end of February, falling to €100 for March and April, Mr Donohoe told the Dáil on Tuesday as he unveiled Budget 2022.
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Ireland will join an international tax agreement that provides for a global minimum effective tax rate of 15 percent for large multinational corporations, the country's finance department announced Thursday, The Hill reported. The development comes as countries participating in negotiations at the Organization for Economic Cooperation and Development (OECD) are meeting Friday to reach an agreement. Ireland had previously been a key holdout to a deal.
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A post-Covid growth surge in the Irish economy is expected to generate 160,000 additional jobs over the next two years, reducing the unemployment rate to below 6 per cent, the Central Bank has said, the Irish Times reported. In its latest quarterly bulletin the regulator predicted turbo-charged growth of 15.3 per cent this year, nearly double its previous forecast in July, and 7.2 per cent next year on the back of a rapid resurgence in consumer spending linked to the unwinding of €16 billion in excess savings built up during the pandemic.
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A test case relating to Covid-19 business interruption insurance is to go ahead in the Commercial Court using a hybrid remote and physical hearing arrangement, the Irish Times reported. With the Courts Service investing €2.2 million this year to ensure courtrooms are video-link enabled, the case, to be heard over three days later this month, involves the operators of the Old Imperial Hotel in Youghal, Co Cork, and a Slovenia-based insurance company.
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Insurers operating in the Irish market have paid out €130 million to date on business interruption claims stemming from the Covid-19 crisis, fuelled by a landmark court rulings and pressure from the Central Bank, according to the regulator, the Irish Times reported. The Central Bank wrote to a number of insurers in February pressing them to pay out on valid business interruption claims, following landmark court judgments in Britain and Ireland in favour of companies affected by the economic shock caused by Covid-19.
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The Irish High Court has granted a temporary injunction restraining a landowner from interfering with efforts by the official in charge of his bankruptcy from selling the properties, the Irish Times reported. The injunction was obtained against John Gaynor from Ballinlug, Rathconrath, Mullingar, Co Westmeath following an application by the Official Assignee (OA) Mr Michael Ian Larkin, who is the official in charge of Mr Gaynor’s bankruptcy.
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A leading economist has warned of a “tsunami effect of corporate bankruptcies” when the Irish government rows back on COVID-19 support for businesses, the Independent.ie reported. Chief Economist at the Institute of International and European Affairs Dan O’Brien said pandemic supports have created a situation where bankruptcies have dropped while the economy suffered, but added that this is not sustainable.
Irish petrol and diesel suppliers say consumers here are not at risk of the shortages being experienced in Britain, which the industry says is largely due to a lack of truck drivers within the U.K. and panic-buying, the Independent.ie reported. Industry group Fuels for Ireland said on Sunday that there will be no interruption to the supply of petrol, diesel and home-heating oil in Ireland.