‘Topics’ – Media Round up week ending 13 October 2013
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Dermot.
Commentary
It was another week of mainly positive news ahead of this week’s Budget which is now expected to take €2.5bn out of the Irish economy by way of tax increases and savings. All signs indicate that 2014 will see continued growth in the economy following our exit from the bailout program in December 2013.
The Global economy meanwhile waits nervously for a resolution to the standoff which has closed down most of the US Federal Government for the past number of weeks. Failure to reach agreement by the 17th October deadline could see the US default on its loans. This would cause adverse effects to the Global economy.
Irish Economy
News headlines:
- Rise of 17% in new private cars licensed in September (Read more: http://www.rte.ie/news/business/2013/1007/478855-new-car-sales/)
- Irish merchandise exports set to grow by 6% a year between 2016 and 2030 – HSBC
- Economic and Social Research Institute (ERSI) says economy will grow strongly next year
- Consumer prices up 0.2% in year to September (Read more: http://www.rte.ie/news/business/2013/1010/479542-inflation-figures/)
- SMEs expect further improvement in coming year (Read more: http://www.rte.ie/news/business/2013/1011/479819-sme-business-survey/)
- New bill to allow firms apply to Circuit Court for examinership (Read more: http://www.rte.ie/news/business/2013/1011/479718-smes-examinership/)
- Republic of Ireland to exit bailout in December, says PM (Read more: http://www.bbc.co.uk/news/world-europe-24510141)
Taxation
News headlines:
- €2.5 billion to be taken out of economy in Budget – Noonan (Read more: http://www.rte.ie/news/business/2013/1008/479034-2-5-billion-to-be-taken-out-of-economy-in-budget/)
- Tax hires on pensions, series of smaller cuts social welfare, stimulus package for start ups & Construction sector in Tuesday’s Budget. (Sunday Business Post 13 October 2013)
- Government deficit projected to be ahead of target (Read more: http://www.rte.ie/news/2013/1012/479943-government-deficit/)
Local property Tax (LPT) – IMPORTANT URGENT REMINDER
- Are you are self-assessed for income tax and have failed to pay your LPT? If so:
- Revenue will not issue you with a tax clearance certificate AND
- You may incur a late filing (income tax) surcharge for the late submission of your income tax return, regardless of whether or not the income tax return is submitted on time (by 31 October or 14 November if file & pay online).
- Read more: http://www.revenue.ie/en/tax/lpt/index.html
- Government proposes to force the self-employed to pay their taxes even earlier (Read more: https://www.charteredaccountants.ie/en/General/News-and-Events/News1/2013/October/)
Banking / Credit
News headlines:
- Banks’ funding from ECB down by 1.5% last month (Read more: http://www.rte.ie/news/business/2013/1011/479793-bank-funding/)
- No changes from Bank of England today (Read more: http://www.rte.ie/news/business/2013/1010/479495-bank-of-england/)
SEPA – Is your business ready?
- Is your business ready for SEPA which come into effect from 1 February 2014?
- Under EU directive all businesses MUST CONFORM
- It will standardise EURO electronic payments across the 32 SEPA countries
- All existing national payments (direct debits, credit transfers) IN & OUT will be closed down.
- They will then have to be SEPA compliant
- You will need to ensure your payroll, direct debit & accounting systems are SEPA ready.
- You should contact your bank & software provider NOW
- Read more: http://www.readyforsepa.ie/business.html
Property
News headlines:
- €6.2 billion ear marked for commercial investment in Ireland in 2014 – Sunday Business Post property 6 October 2013
- Dublin climbs office investment rankings. – Sunday Business Post property 13 October 2013.
Global Economy
News headlines:
- Euro zone sentiment dips in October but remains positive (Read more: http://www.rte.ie/news/business/2013/1007/478828-euro-zone-sentiment/)
- Obama and Republicans aim to end budget crisis after meeting (Read more: http://www.rte.ie/news/2013/1011/479695-us-government-shutdown/)
- UK homebuilding surge limits decline in construction (Read more: http://www.rte.ie/news/business/2013/1011/479759-uk-construction-data/)
Stock Markets
News headlines:
- Shares tread water over US deadlock
- Trading choppy across the globe
- Iseq down 0.3%
- FTSE rises 0.3%
- German DAX up 1%
- France’s CAC up 1.2%