Telecoms group Digicel paid more than $10 million (€9.3 million) in rental charges in the year to March 2023 to use a jet owned by a company controlled by Irish businessman and Digicel founder Denis O’Brien.
The Sunday Independent writes that the charges were among $41.3 million (€38.3 million) of related party transactions outlined in documents relating to the “restructuring support agreement” that will see Mr O’Brien lose most of his stake in the telecoms group in exchange for a $1.7 billion (€1.6 billion) debt write-off.
Budget to include tax cuts for small landlords and backstop for apartment developers
Minister for Housing Darragh O’Brien is working on a number of budget measures to address housing supply, the Business Post reports, including tax breaks for small landlords and a “backstop” for developers who cannot sell new-build apartments.
The backstop which would involve the State buying apartments developers cannot sell on the open market and using them for cost rental housing, through extension of the €450 million Croí Conaithe scheme. The Minister said the landlord tax break plan was designed to encourage them to stay in the rental market.
Landowners consider legal challenge on tax
The Sunday Times writes that landowners are understood to be taking legal advice over whether to seek leave for judicial review after An Bord Pleanála turned down close to 90 per cent of their appeals against sites being included on maps of residentially-zoned land that would make them subject to a vacant site tax of 3 per cent of market value annually.
RTÉ TV licence bailout could reach €35 million
A significant drop-off in licence fee revenue has stoked fears within Government that an emergency RTÉ bailout of up to €35 million could be needed in October’s budget – well above a figure of between €15 million and €20 million accepted by Government a few weeks ago, the Business Post reports.
A senior source said the final bill could be closer to the €35 million former director general Dee Forbes sought before the broadcaster became embroiled in controversy over payments to star presenter Ryan Tubridy in June.
Biden entourage boost hotel and vehicle hire business
US president Joe Biden’s three-day visit to the Republic in April was good news for hoteliers and vehicle rental firms, according to figures released under the US freedom of information act and reported by the Sunday Times. The US secret service apparently spent more than half a million euro on hotels, including €207,000 at the Clayton Burlington Hotel, €143,000 at the Herbert Park Hotel and another €70,000 at the Conrad. Hotels in Mayo, Galway and Sligo also benefited. A further €726,000 was paid for vehicle rental to two Dublin businesses.
Tesco unveils €80 million plan for new Irish stores and upgrades
Tesco Ireland is to spend €80 million this year on eight new Irish store openings, and the upgrade of dozens of existing shops, according to the Sunday Independent. The new stores will operate on the Tesco Express model. Four will be in Dublin, including one in Rathfarnham opening next month, with the others in Cork and Waterford. The groups expects the expansion will create more than 100 jobs.
