Archive for July 2020

The Government has given the go-ahead for the publication of proposed legislation that will, if enacted, establish the new credit guarantee scheme to help businesses impacted by the Covid-19 crisis. The scheme, first announced two-and-a-half months ago, will see up to €2bn in low cost loans made available to struggling firms, with 80% of the…

The Irish League of Credit Unions is calling on the Government to make changes that would allow the sector to finance social housing and a National Retrofitting Plan for up to half a million older homes. It is among a number of proposals being put forward by the league, which represents 226 member credit unions across the…

Over 80% of Irish employees want to continue to spend at least part of their week working from home when normal life resumes after the coronavirus pandemic, a survey shows.  Like much of Europe, most workers here were forced to work from home when the economy went into lockdown in March. The Government’s advice remains…

The group representing Irish accountancy bodies has called on the Government to spread the taxation burden for recipients of the pandemic wage subsidy schemes over a four year period. Workers are liable for tax on the income they have received via the Temporary Wage Subsidy Scheme (TWSS). But the liability will not arise until the end…

Over 65% of global firms expect Covid-19 to have a negative impact on revenues in 2020, according to the Grant Thornton International Business Report, which provides insight into the views and expectations of more than 10,000 businesses across 29 economies. It reveals that 40% of businesses anticipate a decline of less than 20% in revenues,…

The Minister for Finance, Paschal Donohoe has said he will be pushing for changes to the EU Covid-19 recovery fund so countries like Ireland might receive more funding. Speaking on Morning Ireland, Minister Donohoe said he does not think the EU funding allocated to a country like Ireland reflects the challenges faced here as a…

There was a near 11% reduction in the volume of goods passing through Dublin Port in the first six months of this year, according to figures from the Dublin Port Company. Overall port tonnage was 10.9% lower than in the same six month period last year. A first quarter decline of almost 5% – which…

The Irish drink and hospitality sector is urging the Government to deliver a VAT reduction in the July stimulus economic plan. The call comes after the UK announced it was cutting VAT (Value Added Tax) on hospitality services from 20% to 5%. At present, there is a 13.5% VAT rate in Ireland for hotel, tourism, food and drink services. The Restaurants…

The Government will consider extending a rent freeze and moratorium on evictions which was introduced as an emergency measure at the start of the Covid 19 crisis. The measures were due to expire on July 20th, but the Minister for Housing, Darragh O’Brien, has told the Dail he will write to the Minister for Health,…

Hoteliers here are reporting occupancy rates of between 23 and 26% for the summer months, according to figures from the Irish Hotels’ Federation.  This is based on confirmed bookings and compares to an average 90% occupancy over the summer months last year. The IHF said that occupancy for September, traditionally a popular time for US…