EU tax attack; Developers in court; and a bad day at the office for Greencore

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

The EU is looking to impose a temporary tax on digital sales as an interim measure, pending agreement on a new EU-wide tax regime. If successful, it will hit Ireland’s tax revenues. Photograph:  Damien Meyer/AFP/Getty Images

The EU is looking to impose a temporary tax on digital sales as an interim measure, pending agreement on a new EU-wide tax regime. If successful, it will hit Ireland’s tax revenues. Photograph: Damien Meyer/AFP/Getty Images

 

A European Commission proposal to impose a special tax on the sales of big digital companies in the European Union threatens to hit Irish corporate tax revenues and lessen the attraction of our 12.5 per cent tax rate, writes Cliff Taylor.

Details of the new tax setback come after a stormy Ecofin meeting yesterday where Minister Paschal Donohoe and colleagues from other smaller states hit out at commission claims last week that they were accommodating aggressive tax planning by big business. Paddy Smyth reports from Brussels.

Closer to home, developer Marlet won a court battle against a company connected top Johnny Ronan over the freehold of two strips of land that have been holding up a €100 million docklands development. Mark Paul reports that Marlet will have to pay €45,000 for the freehold, some way shy of the €20 million valuation Mr Ronan had put on it.

Sticking with commercial property, Eir’s headquarters has been sold to a Far Eastern buyer in a €176 million deal. Jack Fagan has the details

And listed housebuilder Glenveagh estimates that the most active overseas private equity buyers are sitting on land capable of delivering over 17,000 homes. Joe Brennan reports.

Joe also covers the shocking collapse of Greencore’s share price yesterday after problems at its US business forced the company into a surprise profit warning.

Longtime Irish Nationwide boss Michael Fingleton didn’t own a computer and all his email and other communications both inside and from outside the failed lender went through his PA Melody van der Berg, an inquiry into the collapse of INBS heard yesterday. Laura Slattery was there.

And for those whose memory of the crash is fading, Jack Fagan reports on a large parcel of land bought by developers Paddy and Simon Kelly in the boom for a figure believed to be in excess of €20 million is back on the market. The price tag? €2.25 million.