Donohoe Likely to Endorse OECD 15% Corporate Tax Plan
The government is likely to endorse the Organization for Economic Co-operation and Development (OECD) plan for a minimum overall rate of 15 percent, provided the wording of the agreement indicates that it will be the rate of base, reported the Business Post. .
The newspaper said this should imply that the OECD drops the draft document’s reference to a minimum rate of “at least” 15 percent. The Republic, with a corporate tax rate of 12.5 percent, is one of the few countries to resist the OECD plan, with Donohoe having repeatedly stressed since its unveiling in July that the rate was set at “at least” 15 percent leaves open the possibility that it will be higher.
Eirgrid warns electrical system stretched beyond capacity
The Business Post also reported that Eirgrid, the state’s electricity transmission operator, is expected to warn this week that it will not be possible to secure enough new power generation in the coming years to meet the high demand for electricity. The so-called production capacity statement that will be released by Eirgrid is expected to blame the stretched capacity on unprecedented demand from data centers, which consume a lot of power.
The report also says Eirgrid’s technical engineers are in training to handle potential outage scenarios this winter, as excess capacity margins will be very tight.
KBC Ireland Headquarters for sale
The owners of the KBC Bank Ireland headquarters put the Dublin city center building on the market as the Belgian lender seeks to exit the market, according to the Sunday Times
The owner of the building at the corner of Sandwith and Fenian Streets, Sherborough Enterprises, which is backed by hotelier Noel O’Callaghan, has reportedly hired JLL real estate agents in recent months to market the building privately. He owns the nearby Alex and Davenport hotels.
Paddy Whiskey Owners Seek Joint Venture Or Deal
The Sunday Independent reported that the US owner of Paddy Irish Whiskey, Sazerac, was looking to start a joint venture or acquire a distillery to secure a new base to produce the spirit.
Sazerac, which owns 450 brands worldwide including Southern Comfort and Buffalo Trace bourbon, is also reportedly considering building a distillery from scratch for Paddy, which is currently produced by Irish Distillers, having sold the brand to Sazerac in 2016. Paddy is the fourth best-selling Irish whiskey internationally, with sales of around 200,000 nine-liter cases, and the report cites anonymous sources as saying that Sazerac could target 500 million cases per year.
Bank of Ireland plans rebound in SME lending
The Sunday Independent reported that Bank of Ireland’s new director of corporate banking services, John O’Beirne, expects his SME lending to rebound to pre-Covid levels by the end of 2021 SME lending to the bank rose 16% in the first half to reach â¬ 1.4 billion and Mr O’Beirne told the newspaper that the current trend suggests it could reach 2019 levels. ‘by the end of the year as various sectors of the economy continue to reopen.