Corporate Tax

Financial institution levy prolonged, housing considerations and hard corporate tax selections

Finance Minister Paschal Donohoe will announce in the budget that he will keep the Irish bank levy beyond the scheduled closing date at the end of this year, writes Joe Brennan. However, sources say the target for return will decrease to reflect the impending withdrawal of Ulster Bank and KBC from the market.

Irish real estate developer Twinlite and its joint venture partner Tristan Capital Partners have hired real estate agent CBRE to sell two build-to-rent apartments in Clongriffin, north Dublin, with more than 650 units at an estimated price of over EUR 300 million. Ciarán Hancock has the details.

In the real estate sector, too, the investor Hibernia Reit has acquired the famous Dublin pub Scruffy Murphy’s near Mount Street Lower for around 2 million euros. The well-known pub has been closed for a few years.

The state’s competitiveness watchdog has warned the government will struggle to deliver on the promises made in its new housing plan on schedule. Cliff Taylor writes that he is also concerned that measures to stimulate demand – such as shared ownership – could drive house prices higher.

And with corporate tax in the headlines, Cliff’s column examines some of the tough decisions the government is facing.

Dublin-based aircraft rental company Avolon says it is seeing “exceptional” demand for its new ultra-short-range, vertical take-off and landing aircraft after agreeing a deal in Brazil to sell or lease half of the 500 aircraft it bought in June. Colin Gleeson explains that the vision for the planes is to function like taxis in high-density urban areas and to be affordable for the average consumer.

Aer Lingus employees, who work in Dublin ground operations, have overwhelmingly rejected airline proposals to cut costs and change labor practices to offset losses from the Covid-19 pandemic. Martin Wall reports a voting result that follows a similar result for the cabin crew.

SSE Airtricity League front runner Shamrock Rovers slipped into the red last fiscal year, posting an after-tax loss of nearly € 1.8 million, compared to a profit of more than € 627,000 a year earlier when it came with pandemic restrictions had to struggle, writes Colin Gleeson.

Ireland’s largest childcare provider, Tigers Childcare, has expanded its network just as the government’s staged return to work promises a return to some sort of normalcy for the sector.

A lawsuit to revoke the building permit for 100 rental apartments and two retail units in two blocks – one of which has 13 floors – on the grounds of St. Michael’s Hospital in Dún Laoghaire has been placed on the expedited commercial court list.

Pharmaceutical company AstraZeneca has announced that it will create 100 jobs in Ireland as it invests $ 360 million in a manufacturing facility in Dublin.

And in Commercial Property, Ronald Quinlan writes that BNP Paribas Real Estate Investment Managers is selling Airbnb’s European headquarters for around 41.5 million euros.

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