So It Begins: EU TAX Policy for Ireland

rumour

Latest from IT website:

20:43Rehn says Ireland will not continue as 'low-tax' country

Then once the headline had been censored, changed to:

21:28Rehn calls for political consensus on four-year plan


Mr Rehn

Asked if Europe would take “a more vocal role” in the Irish economic situation if targets were not met, he said: “It’s better not to paint the Devil to the wall unless you know you can wash it out from there.”


There were certain economic “rules of thumb” which usually tended to speak in favour of relatively more expenditure cuts than revenue increases. “Ireland has been a low-tax country,” he said, but now it was time to become a “normal tax country”.

Is he speaking for the EU?, in a personal capacity?, or is he now the commissioner for finance in Ireland.

Who said the EU would not direct our taxation policy?

Who said it was not within their 'competence'?

Did no one show him the guarantee???:pac:

johnnyskeleton

Haven't similar comments been made already by Merkel and others?

It hardly comes as a surprise, since Ireland takes good jobs away from other countries by virtue of its tax haven status.

wylo

This really worries me, it really was our last lifeline regarding keeping companies in this country, there are alot of small and large companies that will be making a quick exit. Where on Earth do we go from there???

newmug

I work for a large MNC. Word is the favourable tax rate is not being touched. This came from someone well connected with us who advises the govt. An ex employee actually!

thebman

newmug wrote: »

I work for a large MNC. Word is the favourable tax rate is not being touched. This came from someone well connected with us who advises the govt. An ex employee actually!

Not this year most likely ...

Amhran Nua

If there is some attempt to remove our corporate tax advantage, we have no reason to remain within the structure of the EU any longer. For every single multinational that has come to Ireland and stayed, the fact is that wages aren't of particular importance to them. The tax rate is.

So, is Rehn expressing an EU position or just flying a kite?

rumour

newmug wrote: »

I work for a large MNC. Word is the favourable tax rate is not being touched. This came from someone well connected with us who advises the govt. An ex employee actually!

I'm glad. But look what we are reduced to. Your future decided by the benevolance of an EU Commisioner andyou can only learn from whispers.

rumour

Amhran Nua wrote: »

If there is some attempt to remove our corporate tax advantage, we have no reason to remain within the structure of the EU any longer. For every single multinational that has come to Ireland and stayed, the fact is that wages aren't of particular importance to them. The tax rate is.

So, is Rehn expressing an EU position or just flying a kite?

I'd really like to know. Whatever his motivations, I don't think it was quite astute providing the opportunity to be quoted like that.
He probably did it courtesy of Lenihan etc given that our govenment are more scared of the public sector than the ordinaary plebs who they obviously feel they can tax to oblivion.

newmug

rumour wrote: »

I'm glad. But look what we are reduced to. Your future decided by the benevolance of an EU Commisioner andyou can only learn from whispers.

Is it though? Is aul Ollie coming over here to: A) order Lenihan what to do, or is he coming to check that our figures are broadly acceptable and truthful, or C) is he just scaring the living bejaysus out of any other possible basket-case countries to get their act together? I'd say its 50/50 B and C. He has no teeth, he cant do A.

rumour

newmug wrote: »

Is it though? Is aul Ollie coming over here to: A) order Lenihan what to do, or is he coming to check that our figures are broadly acceptable and truthful, or C) is he just scaring the living bejaysus out of any other possible basket-case countries to get their act together? I'd say its 50/50 B and C. He has no teeth, he cant do A.

The fine line between perception and reality. Scaring people only works if you have credibility. Hows he going to scare Spain and Italy?

Scofflaw

For what feels like the millionth time - the EU has no power to change our corporation tax rates, and nobody is going to give them that power, because it would then apply to all the Member States, and the Member States decide what the EU can and can't do.

It's up the government to work out the details of how they meet the Stability and Growth target of 3% they signed up to. Rehn has expressed on previous occasions his view that we can't realistically continue to be a 'low-tax' economy in our current situation - hardly a strange view for a Nordic to hold - and he's probably right. Whether that means touching the great sacred cow of corporation tax is up to the government. Since the only method of creating jobs they've ever understood is through FDI, it's likely to be the last thing touched.

I work for a large MNC. Word is the favourable tax rate is not being touched. This came from someone well connected with us who advises the govt. An ex employee actually!

I'm glad. But look what we are reduced to. Your future decided by the benevolance of an EU Commisioner andyou can only learn from whispers.

If you actually read the post, the person giving them the nod is connected to the government, not to the EU.

regards,
Scofflaw

rumour

I've just noticed, the Independent don't have it on their breaking news. Maybe they weren't invited!!!
Only pro establishment people may enter.

wylo

Scofflaw wrote: »

For what feels like the millionth time - the EU has no power to change our corporation tax rates, and nobody is going to give them that power, because it would then apply to all the Member States, and the Member States decide what the EU can and can't do.

It's up the government to work out the details of how they meet the Stability and Growth target of 3% they signed up to. Rehn has expressed his view that we can't realistically continue to be a 'low-tax' economy in our current situation before - hardly a strange view for a Nordic to hold - and he's probably right. Whether that means touching the great sacred cow of corporation tax is up to the government. Since the only method of creating jobs they've ever understood is through FDI, it's likely to be the last thing touched.



If you actually read the post, the person giving them the nod is connected to the government, not to the EU.

regards,
Scofflaw

Well I don't think anyone believes they have the power to force it on us. Thats not the argument, the argument is that they may only bail us out with certain conditions and I certainly dont think FF or whoevers in power is going to have a choice but to raise the tax. This isnt about EU law/Lisbon or anything like that, this is about begging for money and doing it without condition.

newmug

rumour wrote: »

The fine line between perception and reality. Scaring people only works if you have credibility. Hows he going to scare Spain and Italy?

What do you mean? Are you saying Olli Rehn has no credibility? You were scared enough to start a thread about it!?!?!

Scofflaw

wylo wrote: »

Well I don't think anyone believes they have the power to force it on us. Thats not the argument, the argument is that they may only bail us out with certain conditions and I certainly dont think FF or whoevers in power is going to have a choice but to raise the tax. This isnt about EU law/Lisbon or anything like that, this is about begging for money and doing it without condition.

I agree with you that it's not entirely a question of formal powers at this stage, but it would still set a precedent that virtually no other Member State would be comfortable with. Further, the other Member States - particularly the other eurozone states - need us to sort this out. The ECB holds a huge amount of Irish debt at this stage (€260 bn has been quoted) between our state and banks, and if we go there's likely to be a domino effect, so we do have bargaining power as a debtor.

cordially,
Scofflaw

ei.sdraob

@Scofflaw yes you are right that they cant force us directly

what it seems few posters are getting at is that pressure is going to be applied indirectly by the people holding the purse strings

the bolded bits is where the discussion lies, should be about imho

thebman

wylo wrote: »

Well I don't think anyone believes they have the power to force it on us. Thats not the argument, the argument is that they may only bail us out with certain conditions and I certainly dont think FF or whoevers in power is going to have a choice but to raise the tax. This isnt about EU law/Lisbon or anything like that, this is about begging for money and doing it without condition.

Yes at the same time the goal of the countries that want tax harmonisation isn't to crush the Irish economy as this is also not in their interests.

So I don't think you will see an extreme condition like this when they know what it would do to our already fragile economy. Most likely it is something that will happen out the far side of this crisis.

rumour

Scofflaw wrote: »

It's up the government to work out the details of how they meet the Stability and Growth target of 3% they signed up to. Rehn has expressed his view that we can't realistically continue to be a 'low-tax' economy in our current situation before - hardly a strange view for a Nordic to hold - and he's probably right. Whether that means touching the great sacred cow of corporation tax is up to the government. Since the only method of creating jobs they've ever understood is through FDI, it's likely to be the last thing touched.

Frankly that is your opinion, I am only reading what the IT has put up on their website. Thank you all the same. Its hardly strange for the EU Commisioner to be, what shall we call it today supervising our budgetory plans before the Irish people get to debate them let alone see them, or is it? Is that the norm? I am not aware of any other countires where this happens?

For what feels like the millionth time - the EU has no power to change our corporation tax rates, and nobody is going to give them that power, because it would then apply to all the Member States, and the Member States decide what the EU can and can't do.

Yes neither do the IMF anywhere they go. We know how they operate. Regarding the EU states lets be honest they don't decide equally. Each state does not have equal representation and you know as well as I do how that plays out. As you well know I disagree with the EU construct,it is flawed in its constitutional conception as it did not start out to treat states equally as for example the senate in the states, but enough of that.

If you actually read the post, the person giving them the nod is connected to the government, not to the EU.

Yes thats blatantly obvious....the cute whore nod and wink access to irish politics. Was everybody waiting on Mr Rehns words because its just a routine visit?

Anyway in what capacity is he speaking I still don't know..thank you for your opinion.

ei.sdraob

Scofflaw wrote: »

The ECB holds a huge amount of Irish debt at this stage (€260 bn has been quoted) between our state and banks, and if we go there's likely to be a domino effect

I dont buy the domino theory, it was used already to scare us into saving the failed banks. Fool me once and all that.

260 billion might sound alot but if the EU are using Greece/Ireland as quantative easing tools in order to devalue the currency ...

... that puts it into a different light especially when the US with comparable size economy has gone into trillions worth of QE

just something to think about (i realise the wider picture is often missing from threads here)

Scofflaw

ei.sdraob wrote: »

@Scofflaw yes you are right that they cant force us directly

what it seems few posters are getting at is that pressure is going to be applied indirectly by the people holding the purse strings

the bolded bits is where the discussion lies, should be about imho

I agree with that, but the debate is going to suffer a certain amount of deliberate confusion between the two by people with a particular agenda. We're in danger of needing a bailout, and we'd rather go to the EU than the IMF, because their conditions are likely to be less onerous - but some people are always going to want to dress it up as Irish subjection to the EU and ignore the equal Irish subjection to the bond markets or the IMF instead. It seems that sovereignty is mysteriously only a concern when it involves the EU.

cordially,
Scofflaw

Scofflaw

ei.sdraob wrote: »

I dont buy the domino theory, it was used already to scare us into saving the failed banks. Fool me once and all that.

Slightly different case - we're part of the euro, and instability for us is instability for the euro more generally. Also, I'd like a loan of your alternate universe viewer, since as far as I'm aware we don't actually know what would have happened without a bank rescue!

ei.sdraob wrote: »

260 billion might sound alot but if the EU are using Greece/Ireland as quantative easing tools in order to devalue the currency ...

... that puts it into a different light especially when the US with comparable size economy has gone into trillions worth of QE

just something to think about (i realise the wider picture is often missing from threads here)

I'm not entirely sure how that would work, though - if we're under pressure to reduce our deficit, that would hardly be quantitative easing.

cordially,
Scofflaw

rumour

newmug wrote: »

What do you mean? Are you saying Olli Rehn has no credibility? You were scared enough to start a thread about it!?!?!

So I started this because I'm scared? Really that is a bit of a jump. If this story is in the newspapers tomorrow is it because the editor is scared? Please enlighten me.

Regarding credibility, the EU has no credibility until it exercises some power by making an example of one of the states. The 3% stability and growth pact was broken first by France and then Germany(I stand to be corrected on that), since then it has been a nonsense. The EU now with the backing of Germany and a somewhat more reluctant French want it imposed. For Ireland its a bit of a case of bad, really bad timing, however we are so insignificant in Europe in terms of fiscal importance it is the pragmatic place to start for a public demonstration of that power.

Don't forget while we are in the dog house internationally the euro is weak and German and French exports rise assisting their recovery.

ei.sdraob

Scofflaw wrote: »

if we're under pressure to reduce our deficit

We have no choice to address our deficit, even if the banking issues was not around like a bad smell the deficit imbalance being driven by PS/Welfare excesses would still be there. The banks added insult to injury but they are not the root cause, the government is.

Scofflaw wrote: »

that would hardly be quantitative easing.

Greece for example weakened the euro in the summer, and of course there wre "hoorahs" from exporters here and in Germany as seen in the media around that time.

Ireland could be "used" in same manner now, especially with US going down QE2 route

Scofflaw wrote: »

Slightly different case - we're part of the euro, and instability for us is instability for the euro more generally. Also, I'd like a loan of your alternate universe viewer, since as far as I'm aware we don't actually know what would have happened without a bank rescue!

We dont need an alternate universe, states and cities in US have gotten into difficulty and some defaulted before only to spring back, they also have a single currency and wildly different economic regions.

Amhran Nua

Scofflaw wrote: »

Whether that means touching the great sacred cow of corporation tax is up to the government. Since the only method of creating jobs they've ever understood is through FDI, it's likely to be the last thing touched.

And with good reason, take away that "sacred cow" and we're staring down the barrel of 50%+ unemployment rates. Other EU states may complain that it's "cheating", but in reality they have been out-competed; there's nothing to stop them lowering their own rates to match ours. It literally is the only remaining tool we possess to salvage our economy within the EU.

Scofflaw

ei.sdraob wrote: »

We have no choice to address our deficit, even if the banking issues was not around like a bad smell the deficit imbalance being driven by PS/Welfare excesses would still be there. The banks added insult to injury but they are not the root cause, the government is.

True.

ei.sdraob wrote: »

Greece for example weakened the euro in the summer, and of course there wre "hoorahs" from exporters here and in Germany as seen in the media around that time.

Ireland could be "used" in same manner now, especially with US going down QE2 route

OK, but that's not actually quantitative easing - it's more a case of creating instability, which weakens confidence in the euro. I somehow can't see the more fiscally sensible nations going for that.

ei.sdraob wrote: »

We dont need an alternate universe, states and cities in US have gotten into difficulty and some defaulted before only to spring back, they also have a single currency and wildly different economic regions.

And there will also be a list of counter-examples, I'm sure. I know it was felt at the time that rescuing the banks was the right move, and personally I wouldn't be prepared to jump out of an aircraft with no parachute simply because some other people have done it and survived.

rumour wrote:

Regarding credibility, the EU has no credibility until it exercises some power by making an example of one of the states. The 3% stability and growth pact was broken first by France and then Germany(I stand to be corrected on that), since then it has been a nonsense. The EU now with the backing of Germany and a somewhat more reluctant French want it imposed. For Ireland its a bit of a case of bad, really bad timing, however we are so insignificant in Europe in terms of fiscal importance it is the pragmatic place to start for a public demonstration of that power.

Don't forget while we are in the dog house internationally the euro is weak and German and French exports rise assisting their recovery.

There's that conflation I mentioned earlier between the formal sanctions power under the Stability and Growth and the question of being able to borrow from the EFSF. The Germans and French were aiming to water down the Commission's proposal of automatic sanctions - the Germans by only a bit, the French by a good bit more - and their core proposal wasn't accepted by the other Member States. That has relatively little to do with tapping the EFSF, which is currently an intergovernmental fund in the form of a private company - it's to do with the conditions being set by the German Parliament on the creation of a permanent EU equivalent of the EFSF. In either case, the people we'd be tapping for funds are the other Member States.

cordially,
Scofflaw

Dannyboy83

Can't see them touching the rate, because they'll never get their money back otherwise!

But as AM suggested, if it were to happen, we have no reason to remain within the EU and a compelling reason to leave.

amacachi

If only we'd made the necessary cuts two years ago we wouldn't have to go cap in hand to them. Ah well.

unseen

I remember few months back in a thread somebody said "Ireland is not Greece". Same words now coming from the other side.

http://www.forexlive.com/144452/all/update-greek-finmin-greece-not-ireland-banks-under-control

Scofflaw

Dannyboy83 wrote: »

Can't see them touching the rate, because they'll never get their money back otherwise!

But as AM suggested, if it were to happen, we have no reason to remain within the EU and a compelling reason to leave.

Because we'd be so attractive as a hub for FDI companies if we were outside the EU? Because we have no need for domestic access to the EU market, or free movement within the EU?

There's more to life than tax rates.

cordially,
Scofflaw

ei.sdraob

Scofflaw wrote: »

Because we'd be so attractive as a hub for FDI companies if we were outside the EU? Because we have no need for domestic access to the EU market, or free movement within the EU?

There's more to life than tax rates.

cordially,
Scofflaw

I disagree, there are another 26 members in EU who have access to same market (and few others like Norway who pay for the access). Nothing unique about us.

Scofflaw wrote: »

OK, but that's not actually quantitative easing - it's more a case of creating instability, which weakens confidence in the euro. I somehow can't see the more fiscally sensible nations going for that.

Yes i think i said version of it, different method to devalue, same goal of weaker currency.

Scofflaw wrote: »

And there will also be a list of counter-examples, I'm sure. I know it was felt at the time that rescuing the banks was the right move, and personally I wouldn't be prepared to jump out of an aircraft with no parachute simply because some other people have done it and survived.

I understand the US example has differences, but its a model the EU was trying to reach/emulate with the euro, except they left-out crucial detail such as eurozone wide deposit insurance scheme (which could have stopped this crisis in its tracks 2 years ago).

rumour

ei.sdraob wrote: »

We have no choice to address our deficit, even if the banking issues was not around like a bad smell the deficit imbalance being driven by PS/Welfare excesses would still be there. The banks added insult to injury but they are not the root cause, the government is.

You are right choice is out the window. The EU will be in trouble soon if they don't get busy managing this. Heading for 8%


Check out this opinion, pretty chilling. We're only good for 60 days. Thats why Lenihan is saying we need to go back in January while telling everyone we're good until what was it march, april or well into the first half of next year.
http://www.bloomberg.com/video/64352822/

Pretty dismal stuff. When we look back at this, it will be so hard to explain to our children why we as a nation were so stupid.

The next thing to deal with is that there is no rescue fund for Ireland, so many people believe that whatever happens someone will rescue us. To many years in the nanny state.

kmick

First off I think its important to point out that with Greece in the class we are never going to be the worst pupil. We are probably second worst with Portugal, Spain and Italy following up. Britain is hiding in the toilet but with his dyslexia he is in trouble too.

So what that means is we probably wont be left go to the wall. I dont think the ECB fund @5% is going to be much good to us as its too expensive. If AIB needs a bailout the size of Anglo as suggested yesterday that puts us in end game if we are not already there.

I think tax policy is irrelevant here - Rehm has made the comment before regarding low tax vs normal tax country. They dont have the power to do it unless Lenihan et al fold like a house of cards. The government may be idiots but they know its the only good card we hold for future recovery (current recovery even going by exports).

I would like to clarify one point we are not a "tax haven" country as suggested http://en.wikipedia.org/wiki/Tax_haven
We have a rate of 12.5% which is low by European standards and very low by UK, Germany and US standards. However for example Cyprus, Bulgaria and Bosnia Herz. all charge lower rates than Ireland.

seamus

Olli Rehn was primarily referring to our ridiculously low personal taxation rates moreso than anything else.

I also think that his statement has been blown all out of proportion. It was a statement of fact rather than a statement of intent. Ireland will not be a low tax economy in future. We can't be, it's unsustainable.

But the EU can't tell us to change our CT rate. Simple as.

rumour

seamus wrote: »

Olli Rehn was primarily referring to our ridiculously low personal taxation rates moreso than anything else.

I also think that his statement has been blown all out of proportion. It was a statement of fact rather than a statement of intent. Ireland will not be a low tax economy in future. We can't be, it's unsustainable.

But the EU can't tell us to change our CT rate. Simple as.

True and why would they it is one of the only ways we can have any income, they are not stupid.
By a similar rationale it is quite concievable they will dictate how much money they want to take out of our economy to repay the massive debt we've just racked up.
Why can they do this now, because we're broke and have to agree before they'll give us any more money.

There is a defacto position that arises, they are setting taxation policy in so far as it is applicable to deliverying certainty to them that they will be repaid.

We could of course live with the 30bn we earn and manage ourselves from there and tell them to bugger off. But we are all(politicians and public sector, they are the only people making these decisions) far to comfortable to really be bothered with that kind of discomfort.

gleep

There has been talk of the Stormount Executive cutting the CT rate in the North to 10%. Now, if I was a multinational with hundreds of millions in profits every year, i know what I'd do.

I'd be up the road to Belfast like a shot. Not only would i be paying less tax, if I actually had significant numbers of employees I could half my wage bill and property costs over-night.

This is on the table, and may actually be forced upon the cUrrent finance minister in the North- Sammy Wilson, by the Brits. The Tories do not want to keep subsidising N.I with billions per year. Unemployment is the highest in the UK and welfare fraud is rampant. They see cutting the CT rate as a silver bullet and it could well be. Very bad news for the South though.

tunney

seamus wrote: »

Olli Rehn was primarily referring to our ridiculously low personal taxation rates moreso than anything else.

I also think that his statement has been blown all out of proportion. It was a statement of fact rather than a statement of intent. Ireland will not be a low tax economy in future. We can't be, it's unsustainable.

But the EU can't tell us to change our CT rate. Simple as.

How do we have a "ridiculously low personal taxation rate". 33% of my wages are taken by the tax man in direct taxes. What is a "normal" level of taxation in your eyes?

Scofflaw

tunney wrote: »

How do we have a "ridiculously low personal taxation rate". 33% of my wages are taken by the tax man in direct taxes. What is a "normal" level of taxation in your eyes?

He's referring to the situation described by Ronan Lyons:

Ireland’s top 0.5% of earners, the 11,714 people who earned more than €275,000 in a year, paid almost 18% of all income tax, over €2bn in total. Their average tax rate was 27.5%.

Almost 770,000 people earned less than €17,000. Understandably, given tax credits, these workers paid a tiny amount of tax, €20m in total. Their average tax rate was about 0.5%.

It’s in the middle, though, where things seem to go all screwy. The median earner, earning about €25,000, paid just 4% in income tax! As I argued before, we seem to have got ourselves into a situation where the typical Irish worker pays hardly any income tax and yet seems to think they are heavily taxed.

Source

To be paying 33% of your income in direct taxes, you'd need to be earning c.€60k - and it's true that at those kind of income levels, Ireland is not a low-tax economy. The median earner on €25k, however, is only paying about 11%, and that's before considering anything they get back from the government. So for the bulk of people, Ireland is a low tax economy.

cordially,
Scofflaw

jimmycrackcorm

gleep wrote: »

There has been talk of the Stormount Executive cutting the CT rate in the North to 10%. Now, if I was a multinational with hundreds of millions in profits every year, i know what I'd do.

I'd be up the road to Belfast like a shot. Not only would i be paying less tax, if I actually had significant numbers of employees I could half my wage bill and property costs over-night.

This is on the table, and may actually be forced upon the cUrrent finance minister in the North- Sammy Wilson, by the Brits. The Tories do not want to keep subsidising N.I with billions per year. Unemployment is the highest in the UK and welfare fraud is rampant. They see cutting the CT rate as a silver bullet and it could well be. Very bad news for the South though.

The UK will never allow N.I. to have a different CT rate.

gleep

jimmycrackcorm wrote: »

The UK will never allow N.I. to have a different CT rate.

Can't say that I agree, N.I awould be totally self sufficient AND pay into the UK coffers.That's a massive swing, which could be achieved in a short time.

This story didn't come from thin air, it's been raised as a possibility by the new secretary of state. It is very much an option being looked at IMO.

seamus

gleep wrote: »

Can't say that I agree, N.I awould be totally self sufficient AND pay into the UK coffers.That's a massive swing, which could be achieved in a short time.

This story didn't come from thin air, it's been raised as a possibility by the new secretary of state. It is very much an option being looked at IMO.

The only consolation we might be able to take from it is that if it became a reality, we'd see a massive influx of ROI residents to the north to fill these jobs, which would relieve the pressure here and send some money down south.

gleep

seamus wrote: »

The only consolation we might be able to take from it is that if it became a reality, we'd see a massive influx of ROI residents to the north to fill these jobs, which would relieve the pressure here and send some money down south.[/QUOTE


To a degree, yes. But don't forget, there are plenty of northerners in Dublin who would be on the first train home, and there are a lot of them in other cities in the UK as well, not to mention thousands of graduates who are currently unemployed / working lower paid jobs.

Lemming

gleep wrote: »

Can't say that I agree, N.I awould be totally self sufficient AND pay into the UK coffers.That's a massive swing, which could be achieved in a short time.

This story didn't come from thin air, it's been raised as a possibility by the new secretary of state. It is very much an option being looked at IMO.

It'd also have a negative impact on mainland UK as well, if one wants to think about it. An area, within UK jurisdiction, following UK law/customs/monterary policy/etc. ... so all those companies already IN the UK have sod all to do regarding paperwork other than move location.

It wouldn't just be the south that would get it in the neck. Plenty of UK-based companies would take advantage too.

ei.sdraob

jimmycrackcorm wrote: »

The UK will never allow N.I. to have a different CT rate.

why not? the UK has plenty of tax heavens under its control, in fact half of them.

P. Breathnach

ei.sdraob wrote: »

... tax heavens ...

Nice typo (I assume it is a typo).

ei.sdraob

P. Breathnach wrote: »

Nice typo (I assume it is a typo).

Yes sorry it was a typo

tho some of these "Overseas British Territories" like BVI and Caymans do look nice indeed

newmug

seamus wrote: »

The only consolation we might be able to take from it is that if it became a reality, we'd see a massive influx of ROI residents to the north to fill these jobs, which would relieve the pressure here and send some money down south.

Thats if the prods dont start closing doors on Catholics and Southerners again.

You'd be paid in pounds though. You'd have the exchange rate to factor in.

The only thing the govt in the ROI could do is match or lower the rate of CT. I think they should anyway, maybe Dell would still be here if they did.

gleep

newmug wrote: »

Thats if the prods dont start closing doors on Catholics and Southerners again.

You'd be paid in pounds though. You'd have the exchange rate to factor in.

The only thing the govt in the ROI could do is match or lower the rate of CT. I think they should anyway, maybe Dell would still be here if they did.

Not an issue. The companies setting up to take advantage will be MN's, they couln't give a sh1t. Plus, things have changed a lot in twenty years, people in business make business decisions when hiring these days.

gleep

Looks like this is in the pipeline folks, I wonder if the Dept. of Finance are taking any notice. Probably not, when all the jobs go North, Lie-nihan and the other ejit will say "but sure, no-one told us, it's the effects of being a small open economy, ebbs n flows, blah blah blah, lie lie lie........."

Anyway, some kind of debate on lowering the North's CT rate today. Will be interesting

http://www.bbc.co.uk/news/uk-northern-ireland-11724183

rumour

ei.sdraob wrote: »

@Scofflaw yes you are right that they cant force us directly

what it seems few posters are getting at is that pressure is going to be applied indirectly by the people holding the purse strings

the bolded bits is where the discussion lies, should be about imho

Seems you were spot on here:rolleyes:

The papers this morning are so depressing, but as always behind events.