economic recovery

Ireland’s economic surge trump’s expectations

Economy performing ahead of expectations – Varadkar

Leo Varadkar, Tánaiste and Minister for Enterprise, is optimistic about the future of Ireland’s economy. We might get back on sustainable footing without increasing taxation or cutting on spending.

Varadkar says that the goal of the government is to cut taxes and increase welfare in a “prudent fashion.” T The aim: eliminate borrowing for anything other than capital.

We’re seeing a return to inflation, an increase in the costs of living, and an increase in income is critical. Otherwise, pensioners and people on fixed income will see a fall on their living standards.

Pension gap widens as pandemic deepens the divide

The divide between people of pension age and people of working is becoming a serious problem. The ageing population is set to grow considerably on the following decades.

More people in retirement than people of working age mean more pressure on the state pension.

The need for an auto-enrolment scheme –delayed since the mid 2000s– is critical.

The best way to face and deal with this situation is to start contributing to a pension scheme as early as possible. It’s a good idea to try and aim for at least half of gross pre-retirement income. This allows for good revenue and a comfortable retirement.

European banks still booking profits in tax havens – report

A report from EU Tax Observatory has found that top banks in Europe book profit using tax havens.

The EU Tax Observatory has created a list of tax haven jurisdictions, following two indicators that help identify tax havens: first, effective tax rate on bank profit. Second, amount of bank profit per employee.

There are 17 jurisdictions on this list.

As taxes become a more sensitive issue due to the effects of COVID on the economy, governments need to take more drastic actions to avoid the use of tax havens.

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