It comes as the Central Statistics Office (CSO) said the economy grew by 1.5pc between April and June.
“It’ll settle around 4.5pc in GDP for 2014. We haven’t run the numbers yet, but it will be somewhere around there. Bit less for next year.”
Fruit firm Fyffes has engaged in a "desperate attempt" to salvage its $1bn (€774m) merger with US-based Chiquita, a Brazilian rival has claimed as it ratchets up efforts to unravel the deal.
The European Central Bank handed out the first of its new four-year loans to banks today, the flagship tool in a new stimulus package it hopes will stave off price deflation and revive the ailing euro zone economy.
After a day in which Minister for Finance Michael Noonan upgraded his growth forecast for the second time in seven days, Mr Kenny declared that the decisions taken in coming weeks could secure Ireland’s recovery or threaten it. “While the public finances are not in a position to significantly reduce overall tax levels, the Government is committed to continuing to reform the tax system in a way that reinforces and secures our economic recovery,” he said.
Although the Government has been seeking for weeks to damp down the clamour for a giveaway budget in mid-October, the release yesterday of figures showing the economy grew at an annual rate of 7.7 per cent in April-June has increased its scope to start an overhaul of the income tax system next year .
Protests by asylum seekers in the State’s direct provision system are spreading as residents in a fifth centre in just over a week demonstrated over long delays in the asylum system.
Ireland has become “seriously uncompetitive” in terms of taxation with the country’s high captial gains tax rate proving to be a major barrier to creating jobs and encouraging entrepreneurship, according to a pre-Budget submission by the Irish Venture Capital Association (IVCA).
The Government's being told that there is now scope to unveil €400m in tax cuts in the budget in 25 days' time.
Euro Topics: EU at a loss over national identities: The referendum in Scotland has failed to provide an answer to the question of how the EU should deal with the struggles for national identity within its borders, the liberal Belgian daily Le Soir comments: "Is independence the most appropriate form for allowing people to express their identity and build the type of community that corresponds to their wishes? In Spain, the UK and in Belgium we have yet to hear a convincing yes argument in the context of the EU. That doesn't allow us to call such nationalist aspirations illegitimate, and gives us even fewer grounds to deny people the right to put them to a vote. And it certainly does not entitle the EU to threaten that [in case of a vote for independence] it will not allow the new countries to become members in their own right. Until now the supporters of the existing order, the independentists and the Europeans have in general avoided asking the real question: how can aspirations to national identity be reconciled with a united Europe?"
Hollande wants no more talk of reforms: Speaking on Thursday in the fourth biannual press conference of his term in office, France's President François Hollande focused on international crisis management. Domestic reforms have been wiped from the controversial head of state's agenda, the conservative French daily Le Figaro concludes: "It's not easy to follow this president. He implicitly acknowledges that his policies are a failure, but he denies anyone else the right to propose an alternative. Revise an obsolete social model? He won't hear of it. Work out a genuine and ambitious austerity plan? Nope. Relax the 35-hour work week regulations? Out of the question. Mass dismissals in the public sector and the state apparatus? No, no, a thousand times no. For lack of a truly audacious and goal-oriented policy, the president of the republic is condemning himself to a long-term practice of self-justification that won't convince a soul but will plunge the country into ruin."
Dutch need sensible tax reform: The Dutch Prime Minister Mark Rutte on Thursday rejected the opposition's call for a sweeping fiscal reform within one year, saying he prefers to wait until he has sufficient support for the move. That's doing things the wrong way round, the left-liberal Dutch daily De Volkskrant complains: "Harmonising the extremely complex tax system calls for vision and understanding, not just balling different desires and interests together. The current system with its confusion of premiums, exemptions and deductions has become so complex precisely because every interest group with its own wish list had to be satisfied. ... The main focus of the reform is to make the taxation system more dependent on consumption and income. And in principle both measures meet with little resistance. ... Now, however, the reform threatens to fail as a result of ideological differences even though a new taxation system should be free of such ideological considerations."
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