Small landlords would be incentivised to charge cheaper rents in return for being taxed less, under proposals set to be considered by the Government, according to a report in the Sunday Business Post. Officials at the Department of Finance are conducting a review of the tax treatment of landlords and are due to deliver a report in the coming months. Their findings will then feed into the tax strategy papers for the upcoming budget. It is understood a tax incentive for so-called “mom and pop” or small landlords is one of the key measures under consideration and, if implemented, would require the property owner to charge rents a certain percentage below the relevant market rate to qualify for the scheme. Government sources have told the Business Post that it may also include a salary threshold for renters in a bid to ensure it is targeted at those who require more affordable rents.
Public-sector pay deal likely to remain
Government and trade unions are to seek an extension to the current public-sector pay deal rather than open talks on a new agreement, because of fears that inflation and a prolonged war in Ukraine could make a four- to five-year deal impossible to negotiate, according to the Sunday Times. Sources on both sides said yesterday that a broad new public-sector deal covering pay, working hours and conditions is seen as out of reach in the current uncertain economic and political climate. Even an extension to Building Momentum, the current pay deal, will be challenging.
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Global property giant Kennedy Wilson is benefiting from rising rents in a “buzzing” Dublin city, as well as from its decision to stockpile construction materials here over the past two years, the Sunday Independent reports. That has meant that it is not being hit with the same materials shortages and price rises that others in the industry face, according to chief executive Bill McMorrow.
Material price hikes cause slowdown in housing schemes being built
A number of developments around the country are being shelved temporarily until the construction materials market settles down, according to senior sources in the building industry, according to the Sunday Business Post. The unprecedented volatility in materials prices and the risks associated with fixed-price contracts have led to a noticeable slowdown in the number of new residential housing developments coming through the project pipeline, it said. Soaring prices for key construction materials such as steel, timber and concrete over the past six months have made it increasingly difficult for building firms to price tenders.
Marriott hotel chain to leave Russia after 25 years
The Marriott hotel chain has announced it is leaving Russia after 25 years, saying western restrictions made it “impossible” to keep operating there, according to the BBC. The company closed its Moscow office and paused investment in Russia in March, following the invasion of Ukraine. However, its 22 hotels in the country are owned by third parties and remained open. Marriott said the process of suspending operations in Russia was “complex”.
