Seen & Heard: Cuts to lower rates of USC planned for budget

A 0.5 per cent cut in the two lower rates of universal social charge – currently 1 per cent and 3 per cent – are reportedly planned for the forthcoming budget, according to the Sunday Business Post. A similar proposed cut to USC is reported in the Sunday Times, which says Minister for Finance Michael Noonan also plans to take steps to prevent Airbnb hosts claiming rent-a room tax relief.

Voters back Apple appeal

A poll carried out for the Sunday Business Post shows that 54 per cent of voters support the Government’s decision to appeal the European Commission’s findings that Apple owed

Ireland

€13 billion in back taxes. Forty-three per cent said the State should have accepted the ruling, with 3 per cent in the don’t know category.

The not-so-squeezed middle

The middle classes own close to 60 per cent of Ireland’s financial assets, more than in any other country in western

Europe

, according to insurer

Allianz

. However, as reported in the Sunday Times, its research shows that a higher proportion of Ireland’s population has fallen out of the middle class since 2000 than in many other countries. With net financial assets averaging €41,190 per person, Ireland’s middle class is under threat from ultra-low interest rates, according to the report.

Cerberus wages soar

The Sunday Independent reports that pay packages for senior staff at the Cerberus firm responsible for managing Project Eagle rose 45 per cent last year, according to accounts filed in the UK. The paper reports that eight staff at Cerberus European Capital Advisors Limited Liability Partnership (CECA) shared £39.56 million (€45.7 million) in the year ending December 31st, 2015.

Consumers not benefiting

British retail chains are not passing on the steep drop in the value of sterling to Irish consumers, according to the Sunday Times. Highlighting the fact that many do not let Irish customers buy from their UK websites, it says buyers here are locked into unfavourable euro prices in these stores. The exchange rate for £1 is now €1.15, down from €1.36 a year ago.

However, the paper found that a price comparison for the same items in retailers’ British and Irish stores indicated the stores were working off implied exchange rates of between €1.36 and €1.51.

Tour company splashes out

City Splash Tours, which operates the Viking Splash Tours in Dublin, is to expand into the UK after entering a joint venture with a London company. The Sunday Independent reports that the firm aims to reach new franchise agreements in cities in Europe, while also expanding into the US.

The firm has seven vehicles in Dublin and is planning to launch 20 vehicles in London for a number of themed tours. The firm has developed a new amphibious vehicle to replace the current second World War former army trucks they use.