Business News

Reimbursement of Civil Service Mileage Rates

It has been close to two decades since any changes in the reimbursement of civil service mileage rates were introduced. Owing to economic and environmental considerations, 1st April 2017 introduced the enforcement of significant changes to the dated system which will heavily impact the private sector. All businesses that reimburse their employees for business motoring expenses will begin to see the implications of the recent changes as following: An increase […]

Government assistance to Irish companies

Enterprise Ireland provides a range of supports to Irish companies, including various types of grant assistance. Applications for start-up assistance are handled by the local City or County Enterprise Board, of which there are 35. Funding for established SMEs and large companies is dealt with directly by Enterprise Ireland, who appoint an Advisor to each client company. Start-ups Supports available for start-ups of all sizes include: Start your own business […]

Revenue Chairman comments on “shadow economy”

Revenue Chairman comments on “shadow economy” In her opening statement before the Public Accounts Committee last Thursday, Revenue Chairman Josephine Feehily spoke about the shadow economy. She commented that the shadow economy grows in times of recession “as people look for ways to replace lost income or profits”. In 2010 Revenue “placed great emphasis on tacking cash economy risks by a combination of risk analysis, intelligence collation, assurance checks and […]

Companies Bill 2012

The first 15 Parts of, most likely, 25 Parts, containing 952 sections of law have recently been published by the Company Law Review Group. It is likely that the complete Bill will be published around this time next year, and should be enacted by the end of 2012. The 15 Parts deal exclusively with the private company limited by shares. The remaining Parts, yet to be published, will deal with […]

Employment Initiative July 2011

JobBridge Employment Initiative A National Internship Scheme, known as JobBridge ( became effective on 1st July, whereby job-seekers who accept places for 6 or 9 months with participating employers will receive €50 per week in addition to their existing social welfare benefits. The intern is paid directly by the State, so there is no administrative cost to the employer. In order to qualify, the employer must currently employ at least […]

Credit Review Office Increases Loan Threshold

The credit review office has increased the threshold for loans which can apply for review from €250,000 to €500,000. A statutory instrument which gives effect to this change has been signed by the Minister for Finance Michael Noonan and comes into operation from 9 July 2011. The Credit Review Office was established in 2004 and it provides an independent review process for businesses who have previously been denied credit. The […]

Unannounced Revenue Visits

Unannounced Revenue visits are on the increase.  This point has been brought up at the recent ITI Branch Network Meeting with Revenue in East South East Region. Traders need to be aware that a Revenue Auditor can at all reasonable times call unannounced to a premises where they believe a trade is being carried on.  Records can be requested and can be removed for further investigation. In relation to cash businesses Revenue […]

Commission on Credit Unions established

The Government has established a Commission on Credit Unions to review the future of credit unions and to make recommendations for the future regulation. Some credit unions have run into financial difficulty, while most are considered to be well capitalised. However, given the severe downturn in the domestic economy, no credit union is immune from bad debts. It is thought that some Government funding will be required to strengthen the […]

NAMA Business Plan

The Business Plan in relation to the operation of NAMA has recently been published by the Government. It is anticipated that €77bn of loans will be transferred from the banks to NAMA. This includes €9bn of rolled-up interest on non-performing loans. The underlying assets were valued at €88bn when the loans were granted. NAMA is paying €54bn for loans on these properties. The properties are currently estimated to be worth […]