Revenue gets tough on film tax abuse

In Short: The Revenue Commissioners has advertised for consultants to assist in its clampdown on abuse of tax relief in the film sector, writes Colm Keena.

Film production companies and investors have to date paid €4.5 million back to the Revenue arising from its investigation into abuse of the scheme.

A report from the Oireachtas Joint Committee on Finance and the Public Service in November 2003 found that €23 million had been lost to the Exchequer through abuse of the scheme and the Revenue is now in the process of trying to recoup this money.

The Oireachtas committee recommended that the Revenue seek to recover the monies lost. It also recommended that new procedures be introduced for those wishing to avail of the scheme.

Profits drop at AIB's Polish bank

Bank Zachodni WBK, the Polish bank owned by AIB, said that its first-quarter net profit fell 5 per cent to 119 million zlotys (€28.7 million), ahead of market expectations, as its effective tax rate rose.

The bank said it expected its net profit to rise to 525 million zlotys in 2005 from 444 million last year.

Fingleton reappointed

The chairman of the Competition Authority Dr John Fingleton has been reappointed for a further five-year term. The announcement was made yesterday by the Minister for Enterprise, Trade and Employment, Micheál Martin.

EU ministers plan sugar policy deal

A deal to overhaul Europe's subsidy-heavy sugar policy can be achieved this year, but countries will need much more time to cope with the drastic changes foreseen, several EU farm ministers said yesterday.

EU ministers are due to debate reform in November to a system barely changed since its birth in the late 1960s, cutting internal prices that are inflated to more than three times those on the world market.

The European Commission, the EU's executive arm, has called for hefty cuts to prices and the sugar production quotas that are allocated yearly to each EU member state.

Its reform blueprint, floated last year, is now under revision following last month's World Trade Organisation ruling that rejected Europe's appeal on a 2004 judgment condemning much of the bloc's sugar exports as illegal. - (Reuters)

Greely elected president of ICAI

Mr John Greely of John P Greely and Co, Naas has been elected to succeed Mr Terence O'Rourke of KPMG as the president of the Institute of Chartered Accountants in Ireland.

Ulster Bank's deputy chairman Martin Wilson, becomes deputy president of the Institute. VHI chief executive Vincent Sheridan has been elected vice-president.

Robust world growth to continue

High oil prices are depressing the pace of growth but not enough to derail the global economy from one of its best performances in decades, central bankers from rich and developing countries said yesterday.

Booming emerging markets, including China, are major contributors to robust world growth, which is expected to be around 4 per cent this year, said European Central Bank president Jean-Claude Trichet, who heads the Group of 10 meeting. - (Reuters)