DIESEL LAUNDERING
Diesel laundering is costing the state around €160m a year, leading for calls to substitute a rebate system for the current use of green dye in subsidised agricultural diesel, The Sunday Business Post reports.
Tag: exports
GO NORTH (& SAVE TAX)
Anyone commuting to the North for most of the year to work can save a fortune on tax by claiming trans-border relief. This means they pay Irish income tax only on the income they earn in the Republic (they are, of course, subject to British tax on the income earned in the North but this is lower).
To qualify for the relief, a person must commute to the North for at least 13 weeks a year, and for every week they work in the North he or she must stay in the Republic for at least one day a week.
WEATHERING THE STORM
Many indigenous technology businesses are weathering the economic storm better than in virtually every other sector because of their export-driven focus, according to a report in The Sunday Business Post.
MARIO ROSENSTOCK
It may not represent the kind of smart economy the government is so desperately punting as the panacea for all our economic ills but it is undeniably smart and eminently exportable.
EXPORT OUT OF THE RECESSION
With the Irish economy in the doldrums, small firms are turning their attentions overseas and the Sunday Times consulted a number of experts for advice on how to “internationalise” a business.
THE ONLY WAY IS UP?
The OECD became the latest forecaster to raise its forecast for the Irish economy which it did last month as part of its twice-yearly Economic Outlook.
The latest projection from the Paris-based policy advice body envisages that the Irish economy will contract by 0.7% on average this year in GDP terms, much less than the 2.3% decline projected in its previous forecast round in November. Moreover, its forecast for next year was revised up by even more. The economy is now expected to grow by 3% in 2011, up considerably from the 1% it was pencilling in in November.
CALYX
In what probably constitutes the longest headline in the Sundays considering the size of the deal involved, The Sunday Tribune details a €5m deal for software firm Calyx with the department of education in Queensland, Australia.
RECESSION IS OVER SAYS ENTERPRISE IRELAND
The chief executive of Enterprise Ireland, Frank Ryan, has declared that the recession is over. In an article in the Sunday Tribune he said that exports at companies backed by the state agency were rising again, after plunging 10 per cent last year.
UP IN ASHES
Even direr than all manners of plague and pestilence, the ash cloud from the unpronounceable Icelandic volcano is literally overshadowing the entire Irish economy, particularly the tourism industry.
Given the continued uncertainty, all of the Sundays give the cloud prominent coverage. The Sunday Times reports tourism executives will meet the Government tomorrow amid fears the chaos could create a crisis for the €5 billion industry.
Inward tour operators are already reporting thousands of cancellations and the continuing unpredictability of flights is doing nobody any favour. Abbey Travel, Ireland’s biggest inward operator, said it had already received 1,000 call-offs – mostly from France and Germany.
“This is probably the greatest threat that has faced our sector – it’s more threatening than foot and mouth or swine flu,” said Jane Magnier, Abbey Tour’s managing director, who called for a co-ordinated response to the crisis.
The Sunday Business Post reports the disruption is costing tourist firms €20m a day – €11m for Ryanair and Aer Lingus and €9m in lost revenues elsewhere in the sector.
Outbound tourism operators are hoping for a silver lining amid the gloom, arguing that people will travel regardless. Tanya Airey of Sunway believes more people will opt for a bonded package experience rather than the DIY approach.
“After the first episode, we got a huge number of emails and thank-you cards from holidaymakers for putting them up – an extra week in some cases. People who booked their own accommodation and flights had no comeback,” she said.
For those determined to travel abroad Blue Insurances – an Irish firm that provides about 70% of the cover in the Irish market – is in talks with its underwriter about providing volcano cover.
“We are expecting a big rise in people looking for insurance and ash cover,” the company said.
OVER €500M. EXPORTS STUCK IN IRELAND
They may not be everyone’s idea of a priority but the first exports to get moving this week after ten days of restrictions on travel will be consignments of Botox, Viagra and oral contraceptives from large