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Robust corporation and income tax receipts offset impact of Covid-19 crisis on VAT and Excise receipts - Donohoe

3/6/2020

Today’s Exchequer returns show that tax revenues in May were up 1.3 per cent, or €78 million on May last year, owing to an increase in corporation tax receipts of €1.2 billion;
For now, corporation tax receipts are showing some resilience to the overall economic slowdown;
Income tax fell 7.8 per cent year-on-year, or by €137 million, a figure that is less than expected;
Reflecting significantly reduced consumption, and broadly in line with expectations, VAT and Excise receipts fell by 35 per cent and 36 per cent year-on-year respectively, or nearly €1 billion combined;
Total net voted expenditure to end-May, at €26,098 million, was ahead of profile by €4,175 million, or 19 per cent;
The rise in expenditure reflects increased departmental drawdown in response to the Covid-19 pandemic, particularly in the areas of health and social protection;
An Exchequer deficit of over €6.1 billion was recorded to end-May 2020.

Irish business of Carluccio’s restaurants to be wound up

2/6/2020

The Irish business of restaurant chain Carluccio’s will be wound up next month following its British parent’s rescue by food magnate Ranjit Singh Boparan. Mr Boparan, owner of Fox’s Biscuits and a vast chicken processing empire, bought Carluccio’s in Britain last week from adminstrator FRP Advisory, appointed to engineer a rescue for the troubled business.

Northern Ireland hotels to reopen on 20 July

2/6/2020

Hotels and tourist accommodation in Northern Ireland will be allowed to reopen on 20 July. The Northern Ireland Executive has confirmed the move as part of the relaxation of coronavirus lockdown restrictions.

The move has been welcomed by the Northern Ireland Hotel Federation (NIHF) as a "step forward for the industry".

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