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Finance Magazine - December 2008 Issue

 
Make or break year
The economic and financial crisis is so deep that the possibility of an early bounce back should still not be relied on. However, the opportunities are becoming apparent, even as short term difficulties persist, such as the failures of leadership at Irish Governmental level, in respect, for example, of errors regarding the banking system recapitalisation, and, the Finance Bill which has compounded the macro-economic errors of the Budget (See page 24). Nevertheless, the process of rebuilding should begin without delay.
The Finance Bill
We broadly welcome the tax changes included in the Budget, provided they are followed with the necessary cutbacks on the spending side. Unfortunately, all that has happened since the Budget is that the Finance Bill has increased personal taxes further and little progress other than promises has, to date, been made on cutbacks on the spending side. This is most disappointing.
Finance (No.2) Bill 2008
While there are no VAT measures introduced in Finance (No 2) Bill 2008 which relate directly to the financial services sector, there are a number of measures which, when taken together, will have a subtle and material impact on the sector. In particular, additional VAT costs will arise for the sector together with additional compliance obligations and a new relationship with the Revenue Commissioners.
Foreign tax credits and double taxation agreements
Successive Finance Acts have introduced measures that have improved Ireland’s attractiveness as a holding company location and as a gateway for international investment. Conor O’Brien examines some of the matters that still need to be addressed, if Ireland is to consolidate its position and seek out new opportunities in the face of increased competition and the global financial crisis.
Background to the crisis - and the hedging implications
In an uncertain market there is a greater need for cashflow planning, budgeting, protection and certainty - and some hedging products provide flexibility which will tick all those boxes, says Criona Fitzgerald.
The view beyond year end and into 2010
Foreign exchange hedge - a November case study by BOA
Different approaches to fx exposure, as one size won’t fit all
Has an effective UCITS management company passport finally arrived?
Irish property - back to basics
Asset revaluation - challenges for property developers and others
M&A: the kind of market it is going to be in 2009
Exchange traded funds - opportunities for portfolio diversification
Finance jobs: Q1 will be a challenge
Putting sales first
Two more triggers towards a turning point
space space space space space space
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