A bit of good news

mike65

A few crumbs

http://www.rte.ie/news/2010/1202/exchequer-business.html

Corporation tax up as the multi-national sector continues to pick up, current account deficit down about 40% to €13.5 bn, pity its a trifle set against the banks.

zig

in fairness , that is decent news, its actual positive tax figures as opposed to 'unemployment has dropped".
The question is, is it worth taking the gamble and raising that tax by 1% or would they all go running at the hint of it.

Voltex

..tbh, I think its a reflection of how well managed the multinationals are.
They are trying to operate in a sluggish world economy, yet operational excellence, waste reduction programes and innovation yields profits demanded by stakeholders.

Its a terrible pity the people who run the country cant take a lesson from the classroom in their own garden!

zig

I have to laugh at the difference in the angle between RTE and Yahoo.

State finances billions in the red


The latest Exchequer figures showed revenue officials took in 470 million euro more in levies than estimated.
The Department of Finance said a higher-than-predicted corporation tax intake combined with smaller surpluses in excise and VAT offset falls in income tax.
Despite the better than expected returns, taxes are still 1.3 billion euro below the first 11 months of last year.
Michael Noonan, Fine Gael finance spokesman, said the figures exposed a deep divide in Irish society, revealing the hardship now facing huge numbers of Irish families.
"On one side, the multinational sector and large companies are enjoying a moderate resurgence," Mr Noonan said.
"But large numbers of Irish families have been stranded on the other side of this divide. The income tax take revealed in the latest Exchequer figures has again come in under target, with a shortfall of 3.3% for the month. The ongoing fall in income tax reflects the record numbers left languishing on the live register, and the overall weakness of the employment market."
Striking a more conciliatory tone, Joan Burton, Labour's Finance spokeswoman, said that after three years of haemorrhaging tax revenues there was now evidence Exchequer figures were stabilising.
"Due to the continuing depressed state of the economy, tax receipts are 646 million euro, or 4.1%, down on 2010 for the year to date," Ms Burton said.
"This serves to underline the challenge facing any government in meeting the onerous repayments negotiated by the Fianna Fail government in their bailout agreement with the EU-IMF

jonnybravo

Can anyone tell me what the total deficit for the year is going to be. I see from the Irish Times that the deficit up to the end of November is 13.3bn. I thought the yearly deficit was going to be 19bn?



http://www.irishtimes.com/newspaper/breaking/2010/1202/breaking43.html

Anonymous1987

The increase in Multinational Enterprise activity seems to be at least partly the result of a crackdown by the G20 on low tax regimes with banking secrecy laws as well as US requirement for tougher reporting laws. Ireland is relatively transparent in this regard (at least on paper) whereas other countries such as Austria, Belgium and Luxembourg being more prone to having secrecy laws and countries such as Bermuda, the Caymans and the British Virgin Islands having poor reporting standards. See here from page 22.

lmimmfn

might have something to do with those in the private sector having wage decreases/longer hours thus increasing profits for multinationals and in turn corporate tax take. If only the same could happen in the CS/PS

thebman

jonnybravo wrote: »

Can anyone tell me what the total deficit for the year is going to be. I see from the Irish Times that the deficit up to the end of November is 13.3bn. I thought the yearly deficit was going to be 19bn?



http://www.irishtimes.com/newspaper/breaking/2010/1202/breaking43.html

Banks state funding is on the balance sheet but probably not being included in these figures as it skews what the state is actually spending to run itself as opposed to what is spending to prop up the banks.

Absurdum

lmimmfn wrote: »

might have something to do with those in the private sector having wage decreases/longer hours thus increasing profits for multinationals and in turn corporate tax take. If only the same could happen in the CS/PS

Public servants have taken an average of 14% pay cuts in the last 18 months.

Manach

In the MNC, wage levels are tied to equivalent international levels - for instance in the IT sector we are judged by the payrates of Indian/Chinese IT workers. So MNC management usually trot out the usual excuse of competativeness to keep rates lowish.

swampgas

Manach wrote: »

In the MNC, wage levels are tied to equivalent international levels - for instance in the IT sector we are judged by the payrates of Indian/Chinese IT workers. So MNC management usually trot out the usual excuse of competativeness to keep rates lowish.

One such IT MNC I am very familiar with - a very profitable one at that - sacked all its tech support workers overnight in California because the same work could be done more cheaply in other parts of the US, in Ireland, and in India. The MNCs play one region off another both internally and externally. Ireland has been pricing itself out of the international market in recent years - hopefully this trend is being reversed now as our recovery seems to be very dependent on the MNCs sticking around.