PAC to ‘recommend shake-up’ of State’s corporate tax structure

Tax policy

A radical shake-up of the State's corporate tax system targeting banks, property funds and tax breaks for multinational giants is set to be recommended by the Dáil's Public Accounts Committee, according to the Sunday Business Post.

A confidential draft report from the PAC calls for the Government to change the law that currently allows bailed out banks to avoid paying corporation tax for decades to come. It is also recommending reviews of overseas property investors’ tax structures and the tax reliefs afforded to multinationals.

Russian airport

The Post also reports that Russia's largest airport, which is owned by a billionaire oligarch, has raised almost $1 billion through a Dublin shelf company in the last five years. DME Airport, an Irish company which is linked to Domodedovo airport, raised the money through three separate loan note issuances in 2013, 2016 and again in February of this year.

Eir delay

According to the Sunday Times, the €650 million takeover of Eir by French multi-billionaire Xavier Niel was delayed by the Broadcasting Authority of Ireland amid concerns over the character of the one-time pornography baron. Mr Niel was the subject of a conviction in 2005 by the French courts for embezzling €200,000 from several sex shops he owned. Anyone seeking to acquire media companies in the Republic must satisfy conditions set out by the BAI ownership and control policy which has a "good character" clause.

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Data centre

An American data centre company, the Times reports, is planning to launch in Ireland with a €300 million investment in a Dublin facility that will employ up to 220 people.

CyrusOne, which is listed on the Nasdaq, plans to build a pair of two-storey data centres on a site at Grange Castle business park in west Dublin. The Texan company has agreed deals with South Dublin County Council and landowners to acquire more than 20 acres of land if it gets planning approval for the centre.

Fresh refinancing

The Sunday Independent reports that aircraft lessor Avolon has launched a fresh refinancing effort that will be watched closely as parent company HNA Group continues to attract attention for its high debt level.

The Irish-founded, Chinese-owned business is looking to refinance a loan of about $5 billion in an effort to cut the cost of its debt. The loan was previously refinanced in September.

Shares sold

Malin chief executive Adrian Howd has sold almost €300,000 of shares in the State-backed company which continues to trade well below its IPO price, the Independent reports.

Mr Howd, who was chief executive at the time of the company’s flotation in 2015 before standing down and then returning, sold more that 36,000 shares at €8 each. The company raised €330 million from investors in 2015, including the State-owned Ireland Strategic Investment Fund.