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Department of Finance

Tax

Global tax deal threatens €4.5 billion worth of Ireland’s corporate tax

New OECD rules which come into effect next year, aim to stop tax responsibilities being shifted between countries and introduce a 15 per cent tax rate for large multinationals
  • Daniel Murray
  • March 26, 2023
Phantom Exports

Finance cannot access details about Irish ‘phantom exports’

For reasons of commercial sensitivity, the Department of Finance has no access to data about Irish goods not produced or traded from here, but booked here for tax purposes
  • Daniel Murray
  • March 12, 2023
Politics

Government considers new state pension fund to absorb ‘windfall’ corporate tax receipts

The government has taken advice that over half of Ireland’s bumper corporate tax revenues could be windfall in nature and should not be committed into permanent spending
  • Daniel Murray
  • March 12, 2023
Banking

State reviews bank reporting requirements dating from 2008

Exercise aims to axe duplicated and outdated reporting obligations in light of changes in EU legislation since financial crash
  • Peter O'Dwyer
  • December 10, 2022
Housing

Donohoe: ‘huge uncertainties around data’ for rental tax credit

Minister for Finance warns that new €500 tax credit was costed based on an estimated number of eligible renters and not specific data
  • Killian Woods
  • October 8, 2022
Budget 2023

Businesses to benefit from €1.25bn in energy supports

Under the terms of the new scheme businesses that can show their average unit price for gas and electricity has increased by more than 50 per cent in the last 12 months will be eligible
  • Lorcan Allen
  • September 27, 2022
Housing

Investors shelled out almost €1bn on second-hand Irish homes in 2021

Institutional investors and real estate firms snapped up one in ten second-hand homes in this country, amounting to more than 4,500 properties
  • Killian Woods
  • September 24, 2022
Politics

Finance official leaked confidential Siteserv sale details while at Davy

A list of bidders for Siteserv was disclosed by Des Carville – now a senior civil servant in the Department of Finance – to a corporate finance consultant, who passed on the information that would ultimately alert Denis O’Brien to the sale
  • Lorcan Allenand
  • Michael Brennan
  • September 10, 2022
Finance

Donohoe will be ‘guided by Revenue’ on sharp fall in Iref tax take

Minister for Finance has in recent years moved to clamp down on what he called the ‘aggressive behaviour to avoid tax’ by investors that use the Iref structure to house their assets
  • Daniel Murrayand
  • Killian Woods
  • September 10, 2022
Finance

Corporate tax receipts expected to reach €20bn this year

New report says there is a ‘compelling case’ to treat up to €6bn in corporate tax receipts as ‘volatile’ and unreliable into the future to ensure sustainability of public finances
  • Daniel Murray
  • September 8, 2022
Property Funds

Reason for dramatic fall in taxes paid by Irefs ‘yet to be identified’

A review by the Revenue Commissioners into the sharp decline in taxes paid by Irish real estate funds will not be completed until late 2023
  • Killian Woodsand
  • Daniel Murray
  • September 3, 2022
Housing

‘Forward funding’ model enabling funds to avoid higher taxes

Department of Finance officials have found that if institutional investors ‘forward fund’ residential developments, they can avoid stamp duty charges on residential blocks because the property never technically changes hands
  • Killian Woods
  • September 3, 2022
Tax

Revenue opens review into decline in taxes paid by large property funds

Rate paid by large property investors has fallen from 17.9 per cent in 2020 to 5.9 per cent last year
  • Killian Woods
  • August 20, 2022
Economics

Record tax receipts drive €5bn exchequer surplus

Tax revenue stands at €43.5bn after the first seven months of the year
  • Donal MacNamee
  • August 3, 2022
Budget 2023

Budget to include 6.5% spending increase to tackle cost of living

This year’s Budget will be brought forward by two weeks to September 27, the government announced as part of today’s Summer Economic Statement
  • Daniel Murray
  • July 4, 2022
Banking

State to sell further 5 per cent of its AIB shareholding

Overall size of the state’s shareholding will be reduced from 68.5 per cent to 63.5 per cent
  • Ellie Donnelly
  • June 27, 2022
Insurance

Government shelves rescue fund for bailed-out insurers that could have led to costly levy

The state now plans to help shape a European proposal aimed at protecting policy holders in the event of an insurer going to the wall
  • Peter O'Dwyer
  • June 18, 2022

Ian Guider: The state is staying silent as two banks prepare to shut up shop

The withdrawals of Ulster Bank and KBC Bank are close at hand, but the Department of Finance and the Central Bank are conspicuous by their silence on the seismic changes in the sector. Why?
  • Ian Guider
  • April 22, 2022

ECB paves way for Central Bank database of bank accounts and owners in the state

Draft law proposes a Central Bank administered database of bank accounts and account holders to prevent terrorist financing and money laundering
  • Sarah Taaffe-Maguire
  • January 20, 2022

Briefing notes for Donohoe on housing omitted crucial details

Records released under FOI reveal that Dept of Finance officials cherry-picked data relating to residential vacancy rates
  • Killian Woods
  • December 12, 2021

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