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Tag: #Ireland

Ireland is ready to reform budget process

Published: Sergey Panov | 26.05.2016 | news
reform of Ireland

The Irish Government is ready to reform the budgetary process to ensure the more regular involvement of parliament. The Government has approved proposals put forward by Finance Minister Michael Noonan and Public Expenditure Minister Paschal Donohoe. The plans were first set out in the Programme for Partnership Government, the document drawn up following months of negotiations between the new minority Fine Gael administration and the opposition parties. The main aim is to ensure that the budgetary process is underpinned by substantially enhanced parliamentary input and feedback. As part of the new budgetary cycle, the Government will publish a Spring/Summer Economic Statement (SES) in June, and will hold a National Economic Dialogue event the same month. It will publish a Mid-Year Expenditure report in July for the first time, and will circulate Tax Strategy Papers to the relevant parliamentary committees in late July. The SES will provide an updated assessment of the macro-economic and fiscal outlook, and an updated forecast on the "fiscal space" in the budget, to inform discussion on budgetary priorities. The objective of the National Economic Dialogue will be to facilitate...

Ministers of Northern Ireland put forward plans for the reduction of corporate tax

Published: Sergey Panov | 16.03.2016 | news
Corporate tax in Ireland

First Ministers of Northern Ireland government put forward a plan to cut the corporate tax rate and make it equal to 12.5% ​​by April 2018. At the moment, the corporate tax rate in the UK is 20%. But after Britain and Northern Ireland’s power-sharing parties in November 2015, the executive branch of Northern Ireland will set its own level of tax rate from April 2018. In Britain, the corporate tax rate will also be reduced to 19% in 2017 and to 18% by 2018. First Minister Arlene Foster and his deputy Martin McGuinness are in the US on a trade mission. Speaking at a meeting in New York, Foster said: "reduced corporate tax rate would significantly increase the attractiveness of Northern Ireland as an investment location for both existing and potential new investors and will benefit local businesses. No region in Western Europe will not have a lower corporate tax rate, so in combination with government support job creation, training and research, Northern Ireland will be one of the most attractive countries for doing business in Western Europe. " According to McGuinness, reduced corporate tax rate will mean that Northern Ireland will be able to "bid for the...