Corporate Tax

The worldwide corporate tax charge might be set at over 15 p.c

The global minimum tax rate to be agreed by the heads of state and government later this year could end up being “a little” over 15 percent and will apply even if Ireland refuses to sign the agreement, the head of tax reform at The OECD announced this in a report by the Sunday Business Post.

Pascal Saint-Amans, director of tax policy and administration at the OECD and chief architect of proposed global tax reforms currently under negotiation, said the deal would be very likely to be signed by OECD countries in October, with few details to be ironed out, including the exact figure for the global minimum corporate tax rate. “The next step [in the process] is to finalize the political deal in October. There is not much to be done. We just need to consolidate a few numbers like the global minimum tax rate. The rate will be at least 15 percent, but could be a little higher, ”said Saint-Amans in a podcast published by the OECD.

Mutual Fund Lease Social Housing Policy to be phased out during this government

New social housing leases will expire during this administration’s tenure and local authorities are urged to undertake a major forced purchase of empty housing as part of the new “Housing for All” strategy, the Sunday Business Post said. Housing For All is the government’s new plan to tackle the housing crisis and is due to be released on July 27th. The plan focuses on government funding for direct construction and ownership of social housing, as well as incentives for the construction of affordable housing. The initiative will dramatically increase capital for housing in the coming years, but details are still being worked out and the release of the plan by Housing Secretary Darragh O’Brien has been delayed by a week.

Pandemic sees massive drop in commercial strikes

The Companies Registration Office (CRO), the central directory of public legal information on Irish companies and company names, reported a huge drop in enforcement over the past year due to the pandemic, a Sunday Independent report said.

According to the Department of Enterprise, Trade and Employment (DETE), the CRO cut only 1,266 companies in 2020. This was a decrease from the 5,068 involuntary layoffs in 2019. The decrease in enforcement last year was due to a decision by the registrar in March 2020 to suspend enforcement activities amid difficulties for businesses due to the Covid pandemic. A spokesman for the DETE said the CRO intends to resume enforcement later in the third quarter of 2021.

RTE demands cash to pay UN reporters

According to a Sunday Times report, RTE is seeking a grant from the State Department to station a reporter in New York to cover Ireland’s two-year membership on the UN Security Council. The national broadcaster, which last year received 196.6 million euros from broadcasting fees and a further 134.5 million euros in commercial income, has submitted an application to participate in a 1.8 million euros state fund that is responsible for reporting on those abroad work.

Poolbeg to bypass Dublin and look for the Nasdaq list next to London

According to its chairman Cathal Friel, according to the Sunday Independent, the infectious disease specialist Poolbeg Pharma plans to be listed on the New York Nasdaq in the coming months. The company was spun off from its parent company, pharmaceutical services company Open Orphan, last week and announced to the market that it was preparing for an initial public offering (IPO) of £ 25m (€ 29m) on the London AIM index. Friel, who heads the life sciences-focused corporate finance house Raglan Capital, which Open Orphan successfully launched two years ago, has now informed the Sunday Independent that Poolbeg is planning a double listing in New York and London.

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