Global tax deal threatens €4.5 billion worth of Ireland’s corporate tax
As much as €4.5 billion-worth of Ireland’s corporate tax base is now at risk from the implementation of a global tax deal, more than double the €2 billion it was estimated at three years ago, a report in the Sunday Business Post says. The new rules, which were formulated by the OECD, are due to come into effect next year.
While €4.5 billion is at the upper range of what could be lost according to internal modelling by the Department of Finance, it has also modelled a range of lesser impacts from the rules. It has warned that projecting an exact figure is “extremely difficult” due to multiple variables. However, the department’s modelling does not take account of multinationals restructuring their operations in response to the reduction of Ireland’s competitiveness, which could have a significant impact on the volume of corporate tax paid here.Niall Gibbons, the outgoing chief executive of Tourism Ireland, has been headhunted to lead a tourism agency created by Mohammed bin Salman, the crown prince and prime minister of Saudi Arabia, according to the Sunday Times.
Prince Mohammed is looking to promote Neom, a futuristic eco-city he is building next to the Red Sea as part of his Vision 2030 plan. Gibbons, who led Tourism Ireland for 14 years, will step down within days. He will start at Neom Tourism in the next few weeks and is expected to relocate with his family to Tabuk, a province close to the border with Jordan.
Shadow banking...... ...So the FED,IMF,ECB are the cause...got ya!..👍