Today's other stories in brief
Bill is 'another step in wrong direction'
The Finance Bill is another step in the wrong direction, according to Alan McQuaid, chief economist with Bloxham Stockbrokers. "The Finance Bill has done nothing to show that the Government knows what it is doing or has the economic ingenuity to dig the country out of the current recession," he said.
Incentives 'unlikely' to help in short term
Measures in the Finance Bill aimed at incentivising businesses are unlikely to have short-term benefits, according to the Institute of Chartered Accountants in Ireland. It said the initiatives, while welcome, were not of a scale reflective of the serious economic situation.
Call to postpone parking levy
The Dublin Chamber of Commerce has called on the Government to postpone the parking levy until all projects in the Transport 21 scheme for Dublin are delivered. "Many commuters who drive do so because they do not have suitable alternatives," said Gina Quinn, chief executive of the chamber.
'Missed' chance to help traded sectors
The Finance Bill is a "missed opportunity" to provide meaningful support to the traded sectors of the economy, said business association Ibec yesterday.
While it acknowledged that improvements made to the research and development tax credit scheme would offer support, Ibec said it was disappointed Minister for Finance Brian Lenihan had failed to deliver enough flexibility for multinationals to maximise its benefits.
Financial services sector to benefit
The Bill contains practical changes that will help the financial services sector, according to Deirdre Power of Deloitte. The insurance industry will benefit from a widening in the deduction for equalisation provisions to credit insurance firms, while purchasers of wholesale debt instruments and certain discounted securities no longer have an exposure to income tax from such notes.
Stamp duty change to hit developers
A stamp duty measure introduced in the Bill will hurt property developers. Joanne Whelan of Deloitte said it created uncertainty for developers at a time when "invigorating the market should be the priority".
