The Irish Independent reports that homeowners have
been warned they have just days to file a property tax return.
Anyone who is filling out a paper-based return and posting it to Revenue
needs to act in the next day or two, experts said.
This is because the deadline for paper-based returns is next Tuesday. But
because next Monday is a bank holiday, homeowners would need to get the return
in the post by Friday. And a spokeswoman for the Revenue warned about the
"If you are filing on paper, do it now," she said.
And director of taxation at Chartered Accountants Ireland Brian Keegan said
because Monday is a bank holiday, homeowners were right up against the deadline
for paper-based filing of the returns.
"After Tuesday, Revenue will not accept a local property tax return made
using the paper return form," he said.
People who opt to file online have until May 28 to complete the return
Tax officials are also offering the option for people to file online over the
phone by ringing 1890 200 255.
"You will need your property details and details of your bank account or
other source from which you want the payment deducted," the spokeswoman said.
Asked about penalties for those who do not complete a property tax return,
Revenue said penalties will not be imposed automatically. Tax officials will
attempt to engage the taxpayer first.
But she warned: "If you don't send your completed return to Revenue, the
penalty is the amount of tax due, subject to a maximum of €3,000.
"If you knowingly undervalue your property on the local property tax (LPT)
return, the penalty is the correct amount of tax, subject to a maximum of
Anyone who receives a return but is not the owner of the property still needs
to contact Revenue with the name and address of the liable person.
"If you don't, we will still think you are liable, and will pursue you for
the LPT in respect of the property," Revenue said.
Already some 332,500 returns have been submitted; 204,891 of these
electronically. The Revenue's property tax helpline is 1890 200 255.
The Irish Independent also reports that
the new boss of the Dublin Airport Authority, Kevin Toland, ruled out selling
its international assets and said they have provided a financial lifeline during
a time when the airport business in Ireland is struggling.
Releasing the DAA's results for 2012, Mr Toland – who took up his role at the
beginning of this year – revealed that the group's international business was
responsible for generating €27m of the group's underlying €29m pre-exceptional
profit after tax last year. Airport activities at Dublin, Cork and Shannon
generated a combined profit of just €2m, but all of that was made at the
The DAA owns interests in a swathe of international businesses and assets via
its Aer Rianta International (ARI) arm.
It includes a 20pc stake in Dusseldorf Airport, as well as interests in
duty-free operations across the globe, in 11 countries such as China, India,
Canada and Bahrain.
The DAA said the €27m in profits generated from the ARI unit included a
€10.1m dividend from Dusseldorf Airport.
The total ARI profit figure, on an underlying basis, was 6pc higher than in
Mr Toland said he "didn't see any merit" in offloading any part of ARI. A
sale of part of the business could help deleverage the DAA.
There had also been some calls for the ARI business – or at least part of it
– to be transferred to Shannon Airport as part of its departure from the DAA
structure at the end of December.
Mr Toland – the former head of Glanbia's US business – said the stake in
Dusseldorf Airport is a "valuable investment".
"We would see no
reason to part with that unless we got extraordinary
value. If someone comes up with an extraordinary value, of course we'd
consider our options at that point," he added.
"In the last two or three years, those foreign businesses and the income they
produce, have given us massive benefit in terms of our financial security when
you look at the core airport profitability," said Mr Toland.
The DAA's revenue edged 3pc higher last year to €575m, while group profit –
excluding a €24m restructuring charge – was 66pc higher, coming in at €43m.
But those profits were boosted by a €13.7m gain related to the sale
of a 50pc stake in Turckton, a property venture it had with Dunloe Ewart,
which was formerly owned by Liam Carroll.
The DAA sold the 50pc stake to a subsidiary of Dunloe.
Mr Toland said a restructuring of Cork Airport continues and he
hopes it will break even by 2014.
He said he also hopes there will be positive movement on an
outstanding pension issue in coming weeks.
The DAA boss will also be doing customer service shifts at Dublin
Airport next week, he said. Passenger numbers at Dublin rose 1.9pc to just
over 19 million last year.
The Irish Times reports that
Ireland faces at least two more years of tax increases and spending cuts before
an easing of austerity in 2016, according to Government spending projections
However, according to the first formal projections for Government spending and
tax revenues beyond 2015, a neutral budget in 2016 depends on recovery in the
Irish and international economies, the successful implementation of austerity
budgets every year up to 2015, and no large additional banking costs, according
to yesterday’s Department of Finance report.
Also yesterday, the governor of the Central Bank, Prof Patrick Honohan, said he
believed the banks would need further capitalisation before 2019, when new
global rules on capital requirements for banks will come into effect. He did not
give a figure for how much more capital he believed they would need.
If the budget in 2016 does not contain new taxes and spending cuts, it will be
the first non-austerity budget since 2008. Under the Constitution, a general
election must be held no later than the spring of 2016. It has been the
long-held objective of the Coalition to have completed the budget adjustments
before the next election.
The budget projections are contained in the Stability Pact Update, a three-year
economic and budgetary forecast all EU member states must submit to the European
Commission by the end of April each year. Along with a number of other
governments, the Coalition submitted its update last night just before the
Speaking to the Oireachtas Committee on Finance, Public Expenditure and Reform,
the Minister for Finance Michael Noonan refused to be drawn on the 2014 budget,
which is to be finalised by October.
He said that the new forecasts are underpinned by a “technical assumption” that
the promissory note savings, secured in February, will be allocated to deficit
reduction. Mr Noonan said that how the savings are used needed to be discussed
with the EU-IMF troika. He added that his preference would be for increased
investment in job creation.
In the first update of the Government’s economic and budgetary projections since
Budget Day 2013 in December of last year, gross domestic product – the widest
measure of economic activity – is forecast to expand by 1.3 per cent this year
and 2.4 per cent in 2014.
In 2015-16, GDP growth is expected to grow by 2.8 per cent. In 2016 the
unemployment rate is forecast to stand at 12.3 per cent, down from 14.7 per
Mr Noonan stressed the figures are forecasts compiled by Department of Finance
The Irish Times also reports that Irish banks will need
more capital before 2019, the governor of the Central Bank of Ireland said
yesterday following the publication of its 2012 annual report.
“By 2019, they will need more capital when Basel III comes into effect,” Mr
He declined to say how much the banks would need, adding that this would emerge
when a fresh round of prudential capital ratio stress tests (known as PCARs) are
conducted in September or October this year.
“PCAR will reveal just at what point over the next six years the additional
capital will be needed,” the governor added.
These stress tests will apply to AIB, Bank of Ireland and Permanent TSB. Basel
III deals with capital adequacy and liquidity requirements for international
active banks. This latest accord increases the capital buffers that banks must
Speaking yesterday at the joint Oireachtas Committee on EU Affairs, Mr Honohan
said in an “ideal world”, all the capital needed by the banks “could be provided
by the private sector”.
However, Minister for Finance Michael Noonan has a longer time-frame in mind.
Yesterday afternoon he also asserted that while the PCAR is imminent, he noted
that its “timing is under discussion”.
“If not this year it will be the first half of
next year,” he said. This would coincide with similar stress tests planned by
the European Banking Authority for next March.
Mr Honohan said “full implementation” of announced budgetary measures was
“essential” to preserve market confidence in Ireland’s recovery. “I’m to
sticking to the programme as designed,” he said.
The governor said adherence to the targets set out in the EU-IMF bailout had
helped it re-enter capital markets in the past year and increased the prospect
of a “successful exiting” from the programme at the end of the year.
Mr Honohan also referred to recent events in Cyprus, where certain depositors
had their funds raided as part of an overall solution to the financial crisis in
“I wasn’t wholly satisfied with the way Cyprus worked out. I would have done it
differently myself. It’s water under the bridge now.”
Examiner reports: “We need that intergovernmental agreement. We need that this
year; any delay to that, is a delay to the project. Each delay to the project
curtails it,” said Mainstream Power’s founder and CEO Eddie O’Connor.
“The earlier we get an intergovernmental agreement, the sooner we can start
spending this money. Before we can spend seriously big money we need to see that
both governments are committed.”
Mr O’Connor was speaking at a conference in Tullamore where some of the world’s
leading manufacturers of wind farm components and transmission technology met to
discuss the potential of setting up a supply chain in the midlands worth at
Between 2016 and 2020, Mainstream’s 5,000 megawatt Energy Bridge alone will
require 1,700 turbine towers, 5,000 blades, 1,700 nacelles, 16,000km of
inter-array cabling, 1,700 convertors, 30 electrical substations and 400km of
HVDC underground cables. Rather than importing these materials, which are worth
well in excess of €7bn, the plan is to attract these manufacturers to set up
base in Ireland employing tens of thousands of people locally.
Mr O’Connor said if you could show the companies the development was going ahead
they would locate manufacturing plants here.
Larry de Vaal, business development manager with wind turbine manufacturer XEMC
Darwind said: “XEMC Darwind has already looked at manufacturing opportunities in
Ireland and with a project of this scale there is a very real opportunity to
locate component manufacturing, assembly, installation and long-term maintenance
here in the midlands.”
However, Mr O’Connor said that there is a narrow window of opportunity during
which Ireland needs to move or else the whole project will fail.
“We have taken an awful lot of risk upfront in anticipation that they
(Government) will do what they said that they will do.
“There is a need in Britain for renewable power as they are committed in law to
have 15% of their power generated by renewables by 2020. We have a window of
opportunity we either take it now, use it of lose it.”
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