Irish corporate tax rate second lowest in Europe

With its rate of 12.5pc, Ireland has the second lowest corporate tax burden in Europe behind Estonia which currently has zero corporate tax, according to new research from accounting and consultancy network, UHY. The firm looked at tax data in 21 countries across its international network and found that Ireland has the third lowest tax rate, with both Estonia and Dubai have a rate of zero. “Ireland has kept corporate taxes low and has successfully enticed large multinational businesses such as Microsoft and Google to place their headquarters here and to remain here,” said Alan Farrelly, partner, UHY Farrelly Dawe White. “The low 12.5pc tax rate applies to all businesses…

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Business and Leadership Ltd.

Is this guy a Yes Man or a real-life trader? Calling himself an “experienced, independent” trader, Alessio Rastani appeared on BBC News yesterday and his interview has since become a viral Internet hit. In a frank and candid interview, Rastani said he had been dreaming of a recession for three years as he used it – like other traders – to make money. He also told the public that Government’s don’t rule the world, but Goldman Sachs does. Here’s the interview in full: Since the broadcast, there has been public outrage at the trader’s comments but now it appears that Rastani may not be who he says he is. The…

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Business and Leadership Ltd.

A €100m pharmaceutical R&D; centre at MSD in Ballydine, Co Tipperary was officially opened by Taoiseach Enda Kenny this morning. Construction on the facility on the existing Ballydine site began in September 2007 and 70 new, high-calibre roles have been created since then. MSD, which employs 2,300 people at eight operations throughout Ireland, said another 50 jobs could be created as further innovative medicines are developed at the centre. Six new medicines are currently in development at MSD Ballydine, including new candidate medicines for the combined treatment of high cholesterol and type II diabetes, and for the treatment of hepatitis C. An additional €6 million investment is already in the planning…

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Business and Leadership Ltd.

Ireland’s Taoiseach Enda Kenny TD this morning announced that world-leading biopharma company Pfizer is to inject $200m, or €145m, into its Dublin biotech manufacturing facility in Grange Castle – one of the largest biotech manufacturing sites in the world – creating up to 400 jobs during the peak of the construction phase. The investment will enable Pfizer to introduce two new processing suites to the site and expand current production and product testing capabilities. Pfizer’s Grange Castle facility in Clondalkin, Co Dublin, currently produces two of the pharama giant’s blockbuster medicines – Enbrel and Prevenar 13. The Grange Castle facility is strategically important to Pfizer globally. Since opening in 2005,…

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Business and Leadership Ltd.

Dublin Airport Authority and Irish business organizations have welcomed yesterday’s announcement from Emirates Airline that it will begin a new daily Dublin-Dubai service from January. The new long-haul service, which will operate from Terminal 2, will expand Dublin Airport’s direct links to the Middle East and its onward connections into India, Africa, South East Asia, Australasia and China. “We are delighted to welcome Emirates to Dublin and we look forward to a long and successful partnership with our newest customer,” said DAA Chief Executive Declan Collier. “The improvements in Dublin Airport’s facilities in recent years, including the opening of Terminal 2, and our new long-haul gates in Pier E, was…

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Business and Leadership Ltd.

Despite the announcement yesterday that Waterford-based call centre Talk Talk is to close within a month with the loss of 575 jobs, the contact centre industry this morning reported that it is in a significant period of growth. Research carried out by Amárach Research for the Contact Centre Management Association of Ireland (CCMA), with the support of the IDA and Enterprise Ireland, reveals that the sector employs more than 29,000 people, with a spread of over 100 contact centre operations nationwide. The research was conducted in Q2 2011 and involved involved 52 participants in the contact centre, BPO and shared service market. According to the CCMA, the results indicate that…

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Business and Leadership Ltd.

Global medical device company CareFusion is to create 35 new jobs at its manufacturing facility in Gort, Co Galway, the company announced today. CareFusion, which has its headquarters in San Diego, employs over 15,000 people in more than 20 countries worldwide, including 90 in Ireland. The company was established in Ireland in 2006 with 12 employees. The Gort site is a manufacturing centre of excellence for diagnostic and monitoring medical equipment used in the diagnosis of human neurological, vascular and respiratory disorders, which are distributed to over 70 countries worldwide. Speaking in Gort today, Minister for Jobs, Enterprise and Innovation Richard Bruton TD said the announcement is further confirmation that…

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Business and Leadership Ltd.

Permanent TSB has agreed to buy the deposit business of Northern Rock Ireland, the company announced today. The retail banking arm of Irish Life & Permanent is to buy €650m of deposits from Northern Rock’s Irish business which currently has 17,000 customers. This is the second major acquisition of deposits by Permanent TSB bank in the past six months. The bank successfully acquired €3.6bn in deposits from Irish Nationwide Building Society in February. “This is a very significant transaction for Permanent TSB bank and is an important strategic step for the bank as deposits are critical for all Irish banks going forward,” David Guinane, chief executive of Permanent TSB said today.…

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Business and Leadership Ltd.

Bank of America’s MBNA business in Carrick-on-Shannon has caught the eye of Richard Branson as a potential acquisition by his operation Virgin Money, according to reports today. Bank of America announced earlier this month it was withdrawing its business in Ireland and the UK, arousing fears for the 1,000 people employed at its offices in Carrick-on-Shannon in Leitrim. IDA Ireland is identifying potential bidders for the Carrick-on-Shannon business, but must await a decision from Bank of America on what it plans to do with it, ie whether it will be sold as a going concern or whether it will wind down or sell its $19 billion loan book. Virgin Money already has a long relationship with MBNA,…

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Business and Leadership Ltd.

Hundreds of jobs may be in jeopardy as credit card company MBNA signals its exit from the UK and Ireland. Yesterday afternoon, the parent firm of MBNA credit card company, Bank of America, announced it was withdrawing its business in Ireland and the UK. Currently, the group employs 1,000 people at its offices in Carrick-on-Shannon in Leitrim. There is some hope this morning that a buyer may be found for the business and the jobs saved. IDA Ireland has committed to finding a buyer for the company. It is understood Bank of Ireland has also offered its assistance to help the company sell the business and keep the jobs in…

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