Seen & Heard: Revenue to widen net on tax evasion in professions

Investment in Irish driverless car tech firm among Sunday stories

According to the ‘Sunday Times’, The Government’s 14 per cent holding in Bank of Ireland is likely to be drip-fed into the stock market over time

According to the ‘Sunday Times’, The Government’s 14 per cent holding in Bank of Ireland is likely to be drip-fed into the stock market over time

 

Following a successful investigation into medical consultants, which has delivered €61 million from 275 consultants – with 300 cases still working their way through the system – Revenue is considering the same approach for other professionals, the Sunday Business Post writes. Solicitors, barristers, accountants and dentists are among those the paper understands will be targeted. It cites a confidential Revenue briefing paper that raises concerns that other professionals may be using corporate structures to shield money for the taxman as emerged with some consultants.

The paper also reports that the special liquidator of bad bank, IBRC, is looking to have Patricia Quinn, wife of former billionaire Seán Quinn, declared bankrupt. The move, which the paper says was made in recent days, comes on foot of guarantees given by Ms Quinn on loans advanced to her husband by Anglo Irish Bank.

Cubic Telecom, the mobile tech firm reported to be developing systems that would allow driverless cars to communicate with networks, is due to announce it has raised a further $40 million, the Sunday Independent reports.

Chief executive David Napier says the business is now valued at $200 million. It previously attracted names such as Audi, chip-manufacturer Qualcomm and Sierra Wireless in a previous $37.1 million funding round, the paper writes.

The Sunday Independent also reports on a US-analyst’s move to issue a “sell” recommendation on Irish airline Ryanair. Bernstein is not doubting the airlines prospects for a strong summer season but warns that there is a 25 per cent downside for the company as it runs out of low cost airport options for further expansion in Europe. It also worries about the potential for growth in all-important ancillary revenues and says the market does not appreciate the potential deterioration in Ryanair’s underlying economics.

Inheritance tax is up for review in the forthcoming budget, the Sunday Times reports, along with tax treatment of share options. A briefing for the incoming Minister for Finance identifies “key projects for 2017” as including “analysis of inheritances and capital acquisitions tax”. The paper reports that Revenue raised €330 million in inheritance tax last year from children and close relatives of people who had died. The paper says the Government is also considering lowering exit tax on gains in investment funds to bring it into line with DIRT.

The Government’s 14 per cent holding in Bank of Ireland is likely to be drip-fed into the stock market over time rather than sold in a large block, the Sunday Times reports. Although a bulk sale could raise more money, the paper says, a slow unravelling of the State’s holding in the bank is seen as more politically acceptable.