The Government is finalising plans for a massive tax and spending package of more than €5 billion in its crunch final budget ahead of the next general election, according to the Sunday Business Post.
Minister for Finance Jack Chambers is finalising the details of the Summer Economic Statement this weekend with Paschal Donohoe, the public expenditure minister. This statement, outlining the spending parameters for Budget 2025, will be published on Tuesday.
The Coalition’s final budget will include a tax package broadly in line with last year’s €1.15 billion while core spending is expected to increase by at least €4 billion, as it looks to curry favour with the electorate in advance of going to the polls later this year or in early 2025.
There is also expected to be a provision for €4.5 billion in non-core expenditure for next year as outlined in the Stability Programme Update in April, much of which has become recurrent in recent years and used to fund Covid-19 measures and Ukrainian refugee supports.
Fine Gael order hints at general election this year
Fine Gael has ordered that all its general election candidates be selected before the end of September in one of the first concrete signs that the coalition is preparing for a poll this year, the Sunday Times has reported.
Its report reveals that Fine Gael’s national executive, the party’s ruling body, has asked that all Dail selection conventions take place by September 22nd as the party ramps up its general election planning.
At least a dozen candidate selection conventions are due to take place in July, with more scheduled for early September. Fianna Fail is also understood to be focusing on its candidate selection processes with a significant number of conventions due to take place next month and work already under way on the party’s manifesto.
Microsoft Irish arm makes $300bn in payouts following Trump’s US tax changes
Microsoft has transferred more than $300 billion to the US from Ireland since new laws were introduced to encourage US firms to repatriate overseas earnings, the Sunday Business Post reports.
The company is one of many tech giants that have used Irish-based companies to send large payouts to their parent firms in recent years. Accounts for Microsoft Round Island One Unlimited Company, which is based in Ireland, show that it has paid more than $300.8 billion (€277 billion) in dividends to its parent company in the US since 2018.
The biggest dividend paid during the year was $108.65 billion in 2018. In 2023, the figure stood at $38 billion.
Uisce Éireann says €500m extra needed on an annual basis as construction costs of projects jump
Uisce Éireann – previously known as Irish Water – has confirmed that it has been forced to seek more money from the Government to build essential new water projects, because of the massive inflation in construction costs, the Sunday Independent is reporting.
Industry sources claimed that the water utility needs up to €500m a year on top of its €1bn-plus annual capital budget if it is to keep pace with the huge demand for water and sewerage services from new housing and from industry.
Collison brothers sign deal as Stripe chooses new Dublin headquarters
Stripe has chosen One Wilton Park beside the Grand Canal in Dublin as the location for its new Irish headquarters, the Sunday Times has reported. The payments giant, which is owned by Limerick brothers John and Patrick Collison, signed the deal last Friday. The agreement will see Stripe triple the amount of office space it has in Dublin from 4,400 sq m to 14,500 sq m.
It could also mean that the fintech company is on track to employ up to 1,500 people in the city. It already has hundreds of staff in Ireland, with nearly 50 roles open in engineering, sales, operations and other teams.
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