Ireland after austerity measures

Noam Stiekema

Ireland is directed to a new era – one after the austerity measures. This flies in the face of the recovering economy. The companies using the country to avoid paying taxes, however, may be the next object of government. In Dublin today, Finance Minister Michael Noonan will present the budget for next year. The financial […]

Michael Noonan

Michael NoonanIreland is directed to a new era – one after the austerity measures. This flies in the face of the recovering economy. The companies using the country to avoid paying taxes, however, may be the next object of government. In Dublin today, Finance Minister Michael Noonan will present the budget for next year. The financial plan will be the first since 2008, which are not set out tax hikes or spending cuts. He is trying to win support while looking for options to tighten corporate tax regime which is the subject of international outrage, while parallel wants to reduce income tax. After the bursting of the bubble in the real estate sector in Western Europe in Ireland performed two consecutive governments austerity measures, equivalent to about a fifth of gross domestic product (GDP). Against the background of the fastest growing economy in the Eurozone and the elections in the next 18 months Noonan is ready to release the reins news agency notes.

Last week, two candidates who are against austerity measures won two seats in parliament. This is happening against the backdrop of the economy that grows by 5% this year, and promises of Prime Minister to lower taxes. Snap elections took place, because two MPs went. In the five years to 2013 the Irish Government measures to push nearly 30 million EUR to reduce the deficit, which was 13% of GDP in 2011 Among the measures were a tax on property, charges for water and rising taxes income.

As investor confidence is restored, the cost, which is funded Irish Government reduced. Yields on 10-year government bonds fell to 1.7% compared to a peak of 14.2% in July 2011. It was lower financing costs and faster economic growth give the Finance Minister the opportunity to maneuver. If the budget for 2015 does not change, the deficit will fall to 2.4% of GDP next year from 3.7% as set for this year. Moreover, Irish GDP expanded by 7.7% yoy in the second quarter – the fastest growth in seven years.

In addition to seeking support at home, Noonan is trying to appease international outrage at the Irish tax system from which benefit multinational companies of the caliber of Google and Apple.

Read this next

Industry News

SEC awards $20 million to whistleblower despite degree of culpability and reporting delay

The Securities and Exchange Commission has awarded a whistleblower with $20 million for providing new and critical information that led to the success of an enforcement action.

Institutional FX

Tradesmarter’s white label WOW TRADER integrates with TradingView

Tradesmarter’s white label trading platform solution WOW TRADER has integrated with TradingView, the high performance and mobile friendly charting tool.

Industry News

ASIC loses fee overcharging case against Commonwealth Bank of Australia

“ASIC pursued this case because we believed CBA did not have robust compliance systems to ensure customers were being correctly charged. ASIC will carefully consider the judgment and continue to work to ensure large financial institutions charge fees correctly and put their customers first.”

Digital Assets

Kraken pays $362K fine for onboarding Iranian users

Cryptocurrency exchange Kraken will pay $362,158 to settle its civil liability for apparent violations of US sanctions on countries like Iran, the Treasury Department’s Office of Foreign Assets Control said.

Digital Assets

Bankrupt lender BlockFi owes $275 million to FTX.US

Distressed crypto lender BlockFi has filed for Chapter 11 bankruptcy protection, nearly two weeks after halting withdrawals of customer deposits due to significant exposure to bankrupt exchange FTX.

Metaverse Gaming NFT

Astar Network powers WASM smart contract devs with Swanky toolkit

Blockchain innovation hub Astar Network is launching Swanky, an all-in-one tool for smart contract developers that bridges the elements of WebAssembly (WASM) ecosystem into a single interface.

Digital Assets

Crypto exchange AAX’s marketing exec leaves as withdrawal halt continues

Atom Asset Exchange (AAX) is losing Ben Caselin, its vice president for global marketing and communications, at a time when senior executives continue to leave the crypto exchange at a critical time.

Digital Assets

A Safe Platform To Trade Your Cryptocurrency

We’ve all probably wondered at one point in time if we should even bother with cryptocurrencies. Judging by the rapid demand for cryptos, it seems that it’s only just the beginning. Once we’ve established and decided that ‘of course’ cryptocurrencies are a market worth delving into, there comes the hardest question of them all: which crypto exchange should I go with?

Retail FX

OctaFX broker invites everyone on a festive trading journey

This winter, the global Forex broker OctaFX invites every trader on a four-week trading journey aboard its Festive Express. A massive New Year campaign will appeal to all who love lucrative offers. It is the perfect opportunity to start celebrating the coming year.

<