Board index » The IRISH PROPERTY BUBBLE » The Central Bank » IMF Watch (IRL)

Post new topic Reply to topic  [ 647 posts ]  [Go to page]   1, 2, 3, 4, 5 ... 44  Next
Author Message
 Post subject: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 6:03 pm 
Offline
Under CAB Investigation

Joined: Feb 14, 2008
Posts: 1925
Our corporation tax is in play. Our 'beggar thy neighbour' policy was the key factor in the success of the original Celtic Tiger.

I heard Will Hutton on radio saying that we should take a loan from Her Majesty's government, but that it would come with strings attached - namely we would no longer undermine the UK exchequer via corporation tax. Now it looks like other europeans see this opportunity...

Quote:
Belgian Finance Minister Didier Reynders, chairing Brussels talks with all 27 European Union governments, said a cash injection was practically unavoidable.

"I don't believe we will be able to get out of this situation without European aid," he told Belgian radio after a bottomless banking bailout pushed Ireland's public deficit beyond 30 percent of output this year.

After stringent demands were placed on Greece during a 110-billion-euro (148-billion-dollar) bailout there in the spring, Reynders warned that emergency funds would also be "conditional on a whole series of demands."

Analyst Jean Pisani-Ferry, of the Bruegel think-tank in Brussels, said these could go much deeper than budgetary corrections.

"It could bring back the old chestnut about Ireland's fiscal policies ... an excellent opportunity for some to demand a realignment of (corporate) tax policies," which lay behind its emergence over the previous decade as a so-called "Celtic Tiger."
http://economictimes.indiatimes.com/markets/global-markets/Europe-hurtles-towards-Irish-bank-rescue/articleshow/6943418.cms



Hopefully the IMF will fight for us on this one :cry:


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 6:13 pm 
Offline
Under CAB Investigation
User avatar

Joined: Apr 9, 2009
Posts: 1616
F*** Off Europe and take yer Eurosong contest with ya!

_________________
"If you were to mention to grown-ups: 'Ive seen a beautiful house built with pink bricks, with geraniums on the windowsills and doves on the roof....' they would not be able to imagine such a house. You would have to say to them: 'I saw a house worth a hundred thousand pounds'. Then they would exclaim: 'Oh! How lovely.'"

(Le Petit Prince, Antoine de Saint-Exupery)


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 6:14 pm 
Offline
Under CAB Investigation

Joined: Jan 30, 2009
Posts: 2137
bilbot79 wrote:
F*** Off Europe and take yer Eurosong contest with ya!



It gonna go. It was gonna go since lisbon 2.


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 7:04 pm 
Offline
Under CAB Investigation

Joined: Feb 14, 2008
Posts: 1925
I think we might be able to negotiate a promise to adjust at a future point. If the foreign politicians are looking for something to sell to their electorates, a promise might suffice.

There's something odd about the British coming out with a pre-approved 6 billion. How did they come up with this amount? I think it would be better to politely decline this kind offer.


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 7:18 pm 
Offline
Too Big to Fail

Joined: Feb 6, 2007
Posts: 4200
I think we'll keep 12.5%. A number of eastern European countries have low corpo tax too.

What will probably go is transfer pricing, which is actually and genuinely stealing tax income from other countries.

_________________
When Chuck Norris buys a house he wears a Bertiebasher T shirt - ewd3

Ruminations of a Rain Sozzled Paddy blog


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 7:20 pm 
Offline
Too Big to Fail

Joined: Mar 2, 2007
Posts: 4172
CaveCanem wrote:
I think we might be able to negotiate a promise to adjust at a future point. If the foreign politicians are looking for something to sell to their electorates, a promise might suffice.

There's something odd about the British coming out with a pre-approved 6 billion. How did they come up with this amount? I think it would be better to politely decline this kind offer.


+1


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 7:26 pm 
Offline
Too Big to Fail

Joined: Feb 21, 2008
Posts: 4253
gaius wrote:
I think we'll keep 12.5%. A number of eastern European countries have low corpo tax too.

What will probably go is transfer pricing, which is actually and genuinely stealing tax income from other countries.


Probably correct. They'll bump up the rate to the next lowest rate as a fig leaf but all the transfer and brass plate operations that dont directly benefit EU area banks, insurance and pension funds will be squeezed out. The EU high yield operations will survive but they are the ones that produce the least direct benefit to the wider economy. Almost all net zero operations so no corp tax and only need a small number of people to administer the immense cash flows.


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 7:29 pm 
Offline
Too Big to Fail

Joined: Feb 21, 2008
Posts: 4253
CaveCanem wrote:

There's something odd about the British coming out with a pre-approved 6 billion. How did they come up with this amount? I think it would be better to politely decline this kind offer.


I suspect there will be very expensive pro quo for the quid.

Osborne will try his best to end tax poaching by Irl, Inc.


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 7:49 pm 
Offline
Private Tenant

Joined: Dec 2, 2008
Posts: 49
So solemn guarantees mean nothing


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 7:53 pm 
Offline
Planning Tribunal Attendee

Joined: Jun 5, 2008
Posts: 1499
At the offset YES (terms of bailout)

When the dust settles bye bye Low corpo.

_________________
What condition was the property in for each of the properties you are saying the bottom is in for!


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 9:15 pm 
Offline
Old Time Landlord

Joined: Jan 13, 2009
Posts: 382
gaius wrote:
I think we'll keep 12.5%. A number of eastern European countries have low corpo tax too.

What will probably go is transfer pricing, which is actually and genuinely stealing tax income from other countries.



http://en.wikipedia.org/wiki/Tax_rates_of_Europe

Ireland's corpo tax is still an anomaly in western Europe, where it hurts......
In a wider European context, only Cyprus' is lower than ours in the euro zone, and Bulgaria's in the EU, both at 10%. Most Eastern European States have it at 15-19%.
Now, who were the cocky b*****s walking the corridors of Europe, shouting "we're the wealthiest country of Europe, we know better how to make money..."
Time to eat humble pie for us. We stepped on too many toes in the last decade over this tax.......and now the owners of those toes have to bail us out.
My guess, Ireland's corpo tax is going to be around 16% within 2 years. Like the bailout, it's not a matter of IF, but when, by how much, and how fast. Talk of keeping our corpo tax as it is now, is reminiscent of the denialism we saw around the property market, IMHO.


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Wed Nov 17, 2010 9:45 pm 
Offline
Too Big to Fail

Joined: May 18, 2009
Posts: 4164
CaveCanem wrote:
I think we might be able to negotiate a promise to adjust at a future point. If the foreign politicians are looking for something to sell to their electorates, a promise might suffice.

There's something odd about the British coming out with a pre-approved 6 billion. How did they come up with this amount? I think it would be better to politely decline this kind offer.


I think the €6 Billion is the figure Britian would have to stump up if we look for a bailout from the ESF.

What the British are saying is that we would be able to go to them directly and they would bail us out with a lot more.

_________________
"Abortion is the only event that modern liberals think too violent and obscene to portray on TV. This is not because they are squeamish or prudish. It is because if people knew what Abortion really looked like, it would destroy their pretence that it is a civilized answer to the problem of what to do about unwanted babies." ~ Peter Hitchen


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Thu Nov 18, 2010 4:05 pm 
Offline
Homeless

Joined: Nov 9, 2010
Posts: 7
Much of what would happen if the corpo tax rate was raised even 2.5% is not known. People haven gotten awfully emotional about it. The 2.5% rise could yield a half billion which could pay for our children's hospital but invariably the people that are so intent on keeping the mythical tax rate would rate a public hospital low on the list of priorities.


http://www.progressive-economy.ie/2010/ ... state.html

Quote:
Wednesday, November 17, 2010
Crisis shedding light on the Irish state
Peadar Kirby:

Take the issue of corporation tax. What is remarkable about the present debate on these issues is just how successfully powerful vested interests have created a firm consensus throughout Irish society that the present level of corporation tax is untouchable. It is simply ruled out as a possible subject of debate any time it is raised, and the Irish media and Irish society as a whole (judging by the complete lack of debate on the issue) seem to acquiesce in this. Is this not extremely revealing? At a time when we are agonising over cutting back welfare payments, pensions, various supports for the most vulnerable in our society, and core funding for our health and education services, and are being told that the pain must be widely shared, we all seem to accept that powerful global corporations who declare a very high level of profits in Ireland should share absolutely no part of the adjustment. This remarkably benign and subservient treatment is based on the claim that raising corporation tax by a percentage point or two might undermine a core part of the state’s development strategy. But instead of debating whether this might be so, and seeking evidence as to what impact it might have, we simply succumb to a response based on fear.


The effective tax rate is even lower than the mythical 12.5


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Thu Nov 18, 2010 4:13 pm 
Offline
Too Big to Fail

Joined: Mar 2, 2007
Posts: 4172
Design for Life wrote:
Much of what would happen if the corpo tax rate was raised even 2.5% is not known. People haven gotten awfully emotional about it. The 2.5% rise could yield a half billion which could pay for our children's hospital but invariably the people that are so intent on keeping the mythical tax rate would rate a public hospital low on the list of priorities.


http://www.progressive-economy.ie/2010/ ... state.html

Quote:
Wednesday, November 17, 2010
Crisis shedding light on the Irish state
Peadar Kirby:

Take the issue of corporation tax. What is remarkable about the present debate on these issues is just how successfully powerful vested interests have created a firm consensus throughout Irish society that the present level of corporation tax is untouchable. It is simply ruled out as a possible subject of debate any time it is raised, and the Irish media and Irish society as a whole (judging by the complete lack of debate on the issue) seem to acquiesce in this. Is this not extremely revealing? At a time when we are agonising over cutting back welfare payments, pensions, various supports for the most vulnerable in our society, and core funding for our health and education services, and are being told that the pain must be widely shared, we all seem to accept that powerful global corporations who declare a very high level of profits in Ireland should share absolutely no part of the adjustment. This remarkably benign and subservient treatment is based on the claim that raising corporation tax by a percentage point or two might undermine a core part of the state’s development strategy. But instead of debating whether this might be so, and seeking evidence as to what impact it might have, we simply succumb to a response based on fear.


The effective tax rate is even lower than the mythical 12.5


Do you have any dealings with foreign companies established here? I do and I can tell you that thyy'llbe making plans to move. Approx 150K are employed by foreign companies here. Add the same again for the jobs that those 150K create and you get some idea of the carnage that would ensue if they were to fuck off. What industry are you working in?


Top
 Profile  
 
 Post subject: Re: Will Ireland's corporation tax survive?
PostPosted: Thu Nov 18, 2010 4:26 pm 
Offline
Homeless

Joined: Nov 9, 2010
Posts: 7
They'd all pack up shop over a 2.5% increase?


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 647 posts ]  [Go to page]   1, 2, 3, 4, 5 ... 44  Next

    Board index » The IRISH PROPERTY BUBBLE » The Central Bank » IMF Watch (IRL)

Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Click for Latest Posts LATEST POSTS Click for Forum List FORUMS

Click for Latest PostsFollow, Retweet @dailypinster

- Pyramid Built, Is Better Built!