The Minister for Finance, Michael Noonan TD, today (1 May, 2014) announced his intention to provide a capital gains tax (CGT) exemption in this year’s Finance Bill to certain farmers who dispose of their single farm payment entitlements on foot of changes being introduced under the new EU Common Agriculture Policy (CAP).
01.05.14Minister for Finance announces capital gains tax (CGT) exemption for new EU CAP payment arrangements
25.04.14IBRC Special Liquidation update – Expected repayment of the outstanding borrowings to NAMA under the Facility Deed and the withdrawal of NAMA as a bidder in the liquidation
The Special Liquidators of Irish Bank Resolution Corporation Limited (in special liquidation) have confirmed to the Minister for Finance that they now expect that the proceeds from the sale of IBRC assets will be sufficient to fully discharge the outstanding secured debt owed to NAMA without requiring that a portion of that debt be discharged by a transfer of assets from IBRC to NAMA.
Deposit Trends at Irish Covered Banks
Deposit volumes remained stable in March 2014 at c.€153.4 billion, with deposits decreasing by c.€0.7 billion month-on-month.
2013 Figures as % of GDP
11.04.14Statement by the Minister for Finance, Mr Michael Noonan, T.D., on the death of the former Canadian Finance Minister Jim Flaherty
I learned with great sadness of the death of Jim Flaherty, who had just stood down as Canadian Minister for Finance after more than eight years in the post. Jim was a genuine and loyal friend of Ireland throughout his career. He was a gracious host during my visit to Toronto over the Saint Patrick’s Day period.
The Minister stated:
In Budget 2014 the Minister for Finance, Mr Michael Noonan T.D. announced “25 Measures for Jobs and Growth” worth €500m. By the end of Quarter 1 of 2014, the majority of these measures have either been fully implemented or are close to implementation.
- The Central Bank has informed the Department of a discrepancy in the Exchequer returns.
- The overall level of tax collected is unchanged. In relation to March 2014, €101 million was classified as VAT which should have been classified as income tax.
This technical Paper considers calculations for an effective tax rate on corporate profits in Ireland.