TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

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Minister Donohoe outlines initial assessment of economic and fiscal impact of ‘no deal’ Brexit

Last month, Minister for Finance and Public Expenditure & Reform, Paschal Donohoe discussed the economic and fiscal impacts of a disorderly exit of the UK from the EU stating that all forms of UK exit will have a detrimental impact on the Irish economy. The Minister said that:

  • Under a disorderly exit of the UK from the EU, the Irish economy could be 4¼ percent smaller than the current projections over the medium-term;
  • Employment would increase more slowly and the unemployment rate could rise by 2 percentage points;
  • The public finances would deteriorate – the modest surplus projected for 2020 would turn to deficit, and
  • The most adverse impacts likely to be felt in agri-food and indigenous manufacturing sectors.

The Minister said that no matter what form the UK will take to exit the EU, it will have a “detrimental” impact on the Irish economy. The most adverse effects will be felt in agri-food and indigenous manufacturing sectors.