Budget 2022, tax deal a win for Ireland but ‘loss for world’, and BoI’s Munster HQ for sale

Business Today: the best news, analysis and comment from The Irish Times business desk

 Minister for Finance Paschal Donohoe at Government Buildings on Tuesday before the unveiling  of Budget 2022. Photograph: Julien Behal/PA Wire

Minister for Finance Paschal Donohoe at Government Buildings on Tuesday before the unveiling of Budget 2022. Photograph: Julien Behal/PA Wire

 

All eyes were on the budget yesterday which saw Minister for Finance Paschal Donohoe unveil a broad package of tax and spending measures aimed at reducing “cost-of-living pressures” while addressing problems in housing, health and childcare. Eoin Burke-Kennedy outlines some of Budget 2022’s measures, here.

In his analysis, Cliff Taylor writes that an economic bounce is paying the State’s bills – for now anyway. While a surprise surge in tax revenue is driving down the deficit – big questions are looming.

Last week we introduced you to our budget families, this week, Fiona Reddan revisits them and outlines how they fared in Budget 2022.

And if you’re wondering what yesterday’s announcements mean for you, then our in-house expert Dominic Coyle, and senior tax director at PwC Maireád Harbron, will answer all of your queries. Just drop them a line, here.

Our budget coverage continues today with the latest news, analysis and comment which you can catch up on, here.

Meanwhile, a number of leading economists and intellectuals have claimed in an open letter to Le Monde that the State is one of the few winners from the OECD tax deal, agreed last week. “Proposals for a global effective minimum tax of 21 per cent (or even better 25 per cent, as we advocate) have been rejected in the pursuit of the lowest common denominator of 15 per cent, a success for Ireland, a loss for the rest of the world,” they write.

In Commercial Property, Tim O’Brien writes thatthe Munster headquarters of Bank of Ireland in Cork is being offered for sale with a guide price of €13.5 million, offering a yield of 5.82 per cent. The entire building is let to Bank of Ireland, which will remain as a blue-chip tenant on a full repairing and insuring lease with an unexpired term of more than 10 years.

Tim also reports that a waterfront period building in Dublin’s Silicon Docksis being brought to market by Knight Frank with potential for redevelopment at a guide price of €4 million.

And finally, Fiona Reddan reports that a number of prime properties on Gardiner Street Lower, Dublin, have come to market seeking €9 million. The sale includes a budget hotel, My Place; a 10-unit apartment block; and a site with development potential.

You can read all the rest of today’s Commercial Property news, here.

Stay up to date with all our business news: sign up to our business news alerts and our Business Today daily email news digest.

All the latest news, comment and analysis READ MORE