Archive for October 2021

An increase in the fuel allowance and a widening of the eligibility criteria for the payment are likely to form part of tomorrow’s Budget. The final details will be signed-off on at a meeting of Cabinet, ahead of an announcement in the Dáil. After last year’s Budget was overshadowed by the Covid-19 crisis, this year…

Used car prices are now nearly 50% higher than they were just before the onset of the pandemic in January 2020, according to a new report by online marketplace, DoneDeal.ie. The research says the spike has been caused by a combination of the pandemic hitting supplies of new cars, as well as Brexit-induced trade barriers.…

Chief Executive of the Sustainable Energy Authority of Ireland (SEAI) William Walsh has said it is more essential than ever to accelerate the deployment of energy efficiency and renewable energy technologies, and increase sustainable energy practices across all sectors. Mr Walsh said road transport emissions are almost back to pre-pandemic levels, and dramatic change is…

The Cabinet this evening discussed a proposal to increase the State pension age by three months every year from 2028. This proposal is part of the report of the Pensions Commission that Minister for Social Protection Heather Humphreys has brought to Government. Under the recommendations, the pension age would reach 67 in 2031 and it…

The Organisation for Economic Cooperation and Development is expected to announce a revised Framework Agreement in Paris today on global corporate tax reform. The deal will see big multinationals pay an effective minimum global rate of 15%. Later today, Ireland will join 140 other countries in the global deal after Cabinet yesterday approved an increase…

The Economic and Social Research Institute (ESRI) has become the latest body to forecast a robust recovery in the economy. In its Quarterly Economic Commentary, published today, the ESRI predicts the domestic economy will grow by just over 7% this year while GDP will grow by 12.6%. The report says this will ease the pressure…

The Cabinet will meet this afternoon to decide whether Ireland should sign up to sweeping global corporation tax reforms that would require the long-standing 12.5% rate to be increased to 15%. The plan also proposes changes to where companies would pay their taxes, that the Department of Finance has estimated could reduce Ireland’s tax take…

Labour is calling for a carbon tax credit for households in Budget 2022 to address the rising cost of gas and electricity. In its pre-Budget submission the party is seeking a credit of €200 for those with an income of up to €50,000 and living in a home with a BER rating of less than…

Taoiseach Micheál Martin has said the revision of the text of a draft OECD global corporate tax rate reform plan is a positive step. Diplomatic efforts are set to continue ahead of an expected final Irish Government decision tomorrow. An updated draft of the tax deal yesterday dropped “at least” from a proposed minimum global…

A stronger than expected recovery is forecast to result in activity in the domestic economy returning to pre-pandemic levels this year, according to the Central Bank. In its Quarterly Bulletin, published today, the Central Bank also warns that in the short-term surging demand and bottlenecks in the supply of some goods will lead to higher…