Key strands of the Organisation for Economic Co-operation and Development plan (OECD) to overhaul global business tax rules have run into resistance within the accounting and legal professions in Ireland, according to The Irish Times.
The OECD received a submission this week which shows how the body that represents Ireland's main accounting bodies has claimed that core elements of the plan are 'biased' against states like Ireland.
The initiative, which has big implications for Ireland’s corporate tax regime, follows a request from global political leaders for a worldwide plan to eradicate aggressive tax avoidance by multinational groups.
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Minister for Finance, Michael Noonan, has said that there will not be a 'contagion effect' should Greece exit the Eurozone as the government prepares plans for a potential default or withdrawal, according to the Irish Independent.
"We don't think there'll be a contagion effect if there was a Greek exit but we've had the conversations at a high level with the NTMA and the Central Bank and we're watching the situation," the minister said.
The Independent report that Noonan says that member states have 'gone about as far as they're going to go' to prevent a Greek exit and that it's time for Europe to prepare 'the B plan'.
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The Bank of Japan has maintained its record monetary stimulus as Governor Haruhiko Kuroda looksto spur inflation and announced plans to improve transparency, Bloomberg reports.
The central bank announced today that it will continue to expand the monetary base at an annual pace of 80 trillion yen (€909 billion).
In a bid to improve transparency the Bank of Japan said that it will increase the frequency of its economic outlook reports and release assessments of each board member starting next year.
Governor Kuroda has seen an increase in capital expenditure in his country after urging companies to put more cash into new facilities.
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The new owners of the Clerys building on O'Connell Street has said they intend on investing in the rejuvenation of the property that will lead to the creation of a minimum of 1,700 jobs.
According to The Irish Times, Natrium, the join venture who acquired Clerys last week said that it was "conscious that the necessary closure of the department store has had a very serious impact on the former employees."
Natrium said today that the Clerys building has the potential to be transformed into a mixed use destination in Dublin City.
"The Clerys building can be transformed to create a major new mixed use destination in Dublin city centre and to create large numbers of sustainable jobs."
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The Dealz owner, Poundland, says that it targets a total of 70 stores for Ireland but says that the current strength of the euro poses a significant challenge for them, according to The Irish Times.
The discount retailer, which is based in Britain, said that it had opened 10 stores all across Ireland including a retail park leaving the total number of stores at 41.
In both the UK and Ireland Poundland said it made an underlying pretax profit of £43.7 million (€60.9m) in the year to March 29th.
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