Billions of euro in corporate tax this year a once-off, department officials warn

Seen & Heard: Warnings on corporate tax, Goodbody earnings and a falling rate of new home builds

Department of Finance officials are predicting that billions of euro worth of corporate tax collected in 2022 will be once-off in nature and will not be repeated next year, according to the Sunday Business Post.

The Government had previously highlighted that between €8 billion and €10 billion in corporate tax could be “more vulnerable to shock” in general. But departmental officials and Revenue have now identified a more precise amount of business tax receipts for 2022 that are definitely once-off, and therefore are not expected to be replicated in 2023. The Business Post understands this figure is close to €2 billion for 2022 to date. Government officials expect that figure to climb by the end of the year, especially as November is traditionally the largest month for corporate tax receipts.

Goodbody swings €7m into the red in first full year of AIB ownership after €138m deal

Goodbody Stockbrokers is to record a loss of about €7 million in the current year, according to a recent strategy update provided to staff, the Sunday Independent reports. This is the first full year that the firm has been under the ownership of AIB, which completed its €138 million acquisition of the stockbroking and wealth management company in September 2021.


Clash with Elon Musk on Twitter safety ‘inevitable’ in Ireland

Ireland has been told to prepare for an “inevitable confrontation” with Elon Musk, the mercurial billionaire owner of Twitter, once it assumes responsibility for enforcing new regulations governing harmful content posted on social media platforms, the Sunday Times is reporting. Ireland’s role in policing content on Twitter will be larger than any other country as the social media giant’s European headquarters is located in Dublin where, until Friday, it employed about 500 staff at offices on Fenian Street.

Number of new house builds falls by 14 per cent over the last year

The number of new homes being built has fallen significantly over the last year as soaring construction costs and a lack of finance hit developers, an analysis by the Sunday Business Post shows. The number of new home starts has declined to just 26,396 in the year to October from a record high of 34,850 in March. On an annual basis, the number of new starts fell 14 per cent from 30,947 in the year to October 2021 to 26,396 at the same point this year.

Minister for Housing Darragh O’Brien last week said the Government would surpass its 2022 target of building 24,600 homes this year.

No sweat: Sports Surgery Clinic planning multimillion-euro expansion in Santry

Sports Surgery Clinic (SSC), the specialist sports medicine hospital, is seeking permission for an expansion of its operations at its Santry site that industry sources said would be worth “tens of millions of euro” following increasing demand, the Sunday Independent is reporting.

According to a planning application submitted to Fingal County Council, SSC is seeking a four-storey over-basement extension to the Santry clinic.

Flutter punters may have another winner

Shareholders in Flutter may be in for some good news, after with the stock expected to rise on Monday after a New York arbitration court proposed settlement terms in its dispute with Fox Corporation over the valuation of an option it had to buy shares in Flutter’s FanDuel business, The Sunday Times reports. Fox welcomed the finding, which it described as “fair and favourable.” Fox claimed the option should be priced based on a $11.2 billion valuation set in December 2020. The Judicial Arbitration and Mediation Services tribunal found that Fox has a ten-year option to acquire an 18.6 per cent stake of FanDuel for $3.7 billion. The price would rise to more than $4 billion when factoring in a 5 per cent annual escalator.

Alltech hit with downgraded outlook from Moody’s

Credit ratings agency Moody’s has downgraded the outlook for Alltech, the Sunday Independent reports. The firm, which is controlled by the Lyons family, downgraded the outlook due to a number of headwinds such as potentially lower demand, inflation and supply chain challenges. In a recent note, Moody’s said it expected the company’s “operating performance will remain weak and free cash flow will remain strained in the next 12 months as the company faces volume declines, inflationary headwinds and supply chain challenges”.