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DC Advisory hires ex-EY executive as new managing director for Irish corporate finance offshoot IBI

DC Advisory hires ex-EY executive as new managing director for Irish corporate finance offshoot IBI

Business Post01-05-2025
Appointment
DC Advisory hires ex-EY executive as new managing director for Irish corporate finance offshoot IBI
Robert Hussey joins from EY, where he spent eight years and advised on multi-million euro M&A deals
Fionn Thompson
05:00
Robert Hussey spent eight years at EY and has over 30 years of technology M&A experience.
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Flat-rate Vat removal to cost average broiler farm €12,000 a year
Flat-rate Vat removal to cost average broiler farm €12,000 a year

Irish Examiner

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Flat-rate Vat removal to cost average broiler farm €12,000 a year

Removal of flat-rate Vat may cost the average poultry broiler farmer more than €12,000 per year. The Revenue Commissioners have said overcompensation of all flat-rate farmers involved in chicken production amounted to about €7 million in 2017. Revenue considers that the yearly overcompensation is approximate to the level identified in 2017, and it continued since then. The average overcompensation is around €12,500 per year, if the 560 or so poultry breeding, hatching and rearing farms in Ireland are included. The flat-rate scheme compensates farmers, that are not Vat-registered, for the Vat incurred by them on input costs used in the course of their farming activities. This is achieved through the addition of a flat-rate percentage (currently 5.1%) to the price charged by the farmer for their supplies to Vat-registered persons (such as a meat-processing business, in the case of poultry). The flat-rate scheme also reduces farmers' administrative burden of registration and returns. The scheme is provided for under EU legislation. However, a key element is that it should not lead to farmers being overcompensated for Vat incurred by them on their business costs. Following an investigation in 2018, Revenue determined that there was a significant amount of overcompensation in the poultry sector. The matter was re-examined over the last 18 months, and it has been determined that overcompensation is still occurring. This resulted in finance minister Paschal Donohoe's recent decision to remove the sector from the scheme. From September 1, 2025, farmers in the poultry (broiler) sector will not be able to charge the flat-rate addition on the sale of their goods and services. Instead they will be required to register for Vat, if the level of their poultry broiler business is above the relevant Vat registration threshold in order to claim back Vat on their inputs (but farmers can register for Vat even if they are operating below this threshold). The Vat registration thresholds are €42,500 for services and €85,000 for goods. Minister Donohoe said he is required to have regard for the welfare of all farmers who avail of the scheme (more than 85% of Irish farmers avail of the flat-rate scheme). "As the EU Vat Directive does not permit overcompensation, failure to take this action could undermine the integrity of the scheme as a whole". I understand the concern this will cause amongst impacted farmers, and want to emphasise that every effort was made to find a resolution for our poultry sector. However, this matter has come to a head and must be addressed. "I have asked Revenue to provide the appropriate level of assistance and guidance on this matter to the affected farmers. In this regard, queries can be directed to businesstaxesregistrations@ IFA Poultry Chair Nigel Sweetnam said the decision to exclude a single sector is unprecedented. He said most broiler poultry farmers also have suckler, beef, dairy, or sheep enterprises, and this complexity will make compliance with the new Vat rules more difficult, as the farmers must separate their farm enterprises for Vat purposes. The change could possibly be the first of many in Vat for farmers. Accountants say no clear intention in Vat modernisation has been published by Revenue, but it is likely that all farmers could eventually fall into the Vat net over a number of years. Following a complaint about the poultry sector, Revenue undertook a comprehensive review in 2018 to establish if there was evidence of overcompensation. This review, provided to the minister for finance in 2019, established that there was a very significant overcompensation. Due to other factors, including Brexit and the covid-19 pandemic, this matter was not further considered until July 2023. Officials in the Department of Finance and Revenue said additional information provided by the sector indicated that while the overcompensation had reduced from the initial Revenue report, it was still quite significant. Together with the CSO, they investigated the possibility of creating a sector-specific flat-rate percentage for the poultry broiler sector. Unfortunately this was not possible, but if it is developed in the future, the sector could be reinstated within the flat-rate addition scheme. The poultry broiler sector has about 430 chicken farms, and 32 duck and 100 turkey farms and produces 170,000 tonnes of poultry meat. Read More Is it the thin end of the wedge for flat rate Vat compensation scheme?

Relief for the industry or a blow to public health: Mixed reaction to delayed health warnings on alcohol
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Irish Examiner

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Relief for the industry or a blow to public health: Mixed reaction to delayed health warnings on alcohol

There was a mixed reaction to the Government confirming it would delay putting health warnings on alcohol products, from 'breathing space for a sector under pressure' to 'a blow for public health in Ireland'. At Cabinet on Tuesday, ministers heard that the introduction of health warnings on alcohol labels was being delayed by two years after concerns were raised about the impact of their implementation in the current global trading environment. It comes against the backdrop of fears for Irish business from US trade tariffs propagated by President Donald Trump, with Fine Gael ministers in particular such as Paschal Donohoe and Peter Burke raising concerns in recent months. Part of the landmark Public Health Alcohol Bill, which has seen the introduction of minimum unit pricing and advertising curbs, the measure will now proceed next year as planned but at a 'more appropriate time', Cabinet heard. Ibec organisation Drinks Ireland welcomed the move and said it provided 'much-needed relief' for drinks producers in this country. 'Our members are currently contending with major trade uncertainty, new tariffs on product entering our most important export market, the US, and threats of further tariff escalation,' it said. 'In these uncertain times, companies must be as competitive as possible to survive in international markets. This means tackling regulatory burden and reducing costs for producers.' It claimed that commentary that the now-deferred changes would not impact exports, as the labelling requirement would only have applied here, was 'misguided and disingenuous'. 'The introduction of supplementary requirements uniquely for the Irish market would have placed additional pressure on all companies operating here, and this would of course be more pronounced for SMEs,' it added. The move was also welcomed by the Irish Whiskey Association, which called it a 'reprieve' as some members would have seen packaging and labelling costs increase by over 35%. Meanwhile, Alcohol Action Ireland said it was disappointed by the Government's decision and said the measure was aimed at informing consumers about the health risks that come with alcohol consumption. 'It's not just that the government is allowing its own groundbreaking legislation to be undermined by the very industry it is designed to regulate,' its CEO Sheila Gilheany said. This delay will have real-life consequences that will be felt by ordinary Irish people every day. Labels are crucial to efforts to reduce incidences of cancer, liver disease, and foetal alcohol spectrum disorder in Ireland and indeed to change the conversation about this product which is heavily marketed as risk-free and essential to everyday living.' Ms Gilheany added that the step-by-step approach to implementing aspects of the Public Health Alcohol Bill has been slow and allowed a space where misinformation has flourished. She also criticised the failure to date to introduce stricter curbs for advertising allowed by the law, which would restrict the content of such adverts to 'facts, stripping out the industry myths which are used to recklessly promote alcohol consumption'.

Irish food and alcohol prices among highest in Eurozone, with basic groceries far above EU average
Irish food and alcohol prices among highest in Eurozone, with basic groceries far above EU average

Irish Examiner

timean hour ago

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Irish food and alcohol prices among highest in Eurozone, with basic groceries far above EU average

Ireland is the second most expensive country in the Eurozone for food and alcohol, with consumers paying significantly more for items like milk and bread compared to the EU average, the Central Statistics Office (CSO) has said. In a new release analysing data published last month by the European Commission, the CSO said it shows how Ireland compares with other European countries, with this country ranking among the most expensive across several categories. Irish consumers pay 12% more for food than the EU average, while alcohol prices are nearly double the European average. Statistician Edel Flannery said: 'Looking at specific food categories, we can see that except for Meat, prices for the various types of foods in Ireland were all higher than the EU27 average in 2024. 'Prices for Breads & Cereals were 17% higher than the EU27 average, while Milk, Cheese & Eggs were 11% higher, Fruits, Vegetables & Potatoes were 9% higher, Oils & Fats were 6% higher, and Fish prices were 5% higher.' In the category covering coffee, tea, mineral waters, soft drinks, and fruit juices, Ireland was the most expensive of 36 European countries, with prices 40% above the EU average. For tobacco, prices in Ireland were more than twice the EU average, at 159% higher. Across the Eurozone — comprising the 20 countries using the euro — Ireland ranked either first or second for the cost of food, drink, and tobacco. These figures come amid a growing backlash against the rising cost of groceries. Month-on-month CSO data shows food inflation is consistently outpacing overall inflation. For tobacco, prices in Ireland were more than twice the EU average, at 159% higher. The most recent figures reveal that grocery inflation is more than double general inflation, as Irish households pay more for basic necessities. A recent Barnardos survey found that over two in five families are cutting back on essentials like heating, electricity, food, and medical appointments due to rising costs. Two in five parents reported skipping meals or reducing portion sizes so their children would have enough to eat. Charities have urged the Government to provide targeted supports in the upcoming Budget for families hit hardest by inflation. However, ministers this week indicated the hospitality sector is set to be the main beneficiary, with a planned VAT cut expected to cost €1bn. Meanwhile, the consumer protection watchdog said it has conducted a series of unannounced inspections at retailers nationwide. The Competition and Consumer Protection Commission (CCPC) said it identified multiple breaches of consumer protection law, including inaccurate or missing price displays on items for sale. 'Consumers need to see prices up front in order to make informed choices,' the CCPC's Patrick Kenny said. 'If our enforcement officers find breaches of consumer protection law, we will act.' Separately, Junior Enterprise Minister Alan Dillon has asked the CCPC to investigate supermarket profitability and whether barriers exist preventing new retail chains from entering the Irish market, The Irish Independent reported this week. Read More Gardaí urge public to be vigilant over latest eFlow scam texts

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