The extent of the surprise in tech giant Apple over the decision by the European Union’s highest court to back a determination by the European Commission that it owes Ireland €13 billion plus interest in back taxes was evident in its swift move to inform markets that it would have to take a $10 billion tax charge in its current quarter’s earnings to reflect the outcome. Joe Brennan reports. Cliff Taylor analyses what the ruling really means while we give readers a timeline on a saga that has played out over more than 30 years.
Meanwhile, in his column, John McManus argues that Ireland remains central to “a rotten system depriving some of the poorest countries of much-needed tax revenue” in the wake of the ECJ ruling.
More glum news in another key sector of the economy as Mark Hilliard reports on an update by Fáilte Ireland which blames poor weather among other factors for declines across all tourist markets as the industry looks nervously at events in key markets that could determine the short-term future of thousands of businesses in the sector.
Even the promise of more financially secure retirement under the mandatory workplace pension – auto-enrolment – which is due to come into force next year is not without clouds, as benefit consultants WTW said both workers and employers were likely to push back significantly against higher contributions levels of 6 per cent.
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In cheerier news, high-end yoga apparel retailer Alo Yoga, a favourite of celebrities including Taylor Swift and Katie Holmes, is entering the Irish retail market and planning to open its first store on Dublin’s Grafton Street.
Another new arrival is US law firm Vinson & Elkins has opened an office in Dublin with plans to grow its footprint in the altogether less glamorous, albeit lucrative aviation sector.
Speaking of aviation, Eamon Ryan’s departmental junior minister, James Lawless, has become the latest figure to take aim at the 32 million passenger cap imposed on Dublin Airport under a 2007 planning approval, calling the limit “antiquated” in advance of a meeting on Wednesday with Ryanair boss Michael O’Leary. Jack Horgan-Jones reports.
A Dublin landlord at the centre of a long-running dispute with the Revenue Commissioners, was hit with a €291,979 penalty in the High Court earlier this year relating to the underpayment of income tax, and has now found themselves featuring in a list of tax defaulters released by the Revenue Commissioners.
In her Money Matters column, Joanne Hunt has advice of those looking to make the move from employment to self-employment, including tips on how to decide whether to operate as a sole trader or go the limited company route, each of which has advantages and downsides.
Ronald Quinlan, in Commercial Property, reports that Castlethorn developer Joe O’Reilly is looking for a strategic partner to further develop the Killeen Castle golf resort which is valued at up to €30 million.
Developer Johnny Ronan once had plans for a high end residential scheme at Delgany’s Stylebawn but the 13.9 acre site is now on the market, courtesy of a receiver, hoping for bids in the region of €4.75 million.
And with planning approval for four large houses in its garden, and a golf course just around the corner, interest is likely to be keen in Foxrock Villa which is on the market with a guide price of €4.5 million.
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