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The interim period of the Companies Act 2020 has been extended to the end of April next year following Government approval this week. The Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising as a result of Covid-19. It ensures that 240,000 companies…

The digitisation of the Irish economy could potentially be worth around €300 billion in 2023, accounting for 65% of economic output. That is according to forecasts by Amárach and the International Data Corporation contained in a new report by Microsoft Ireland. The research, which was carried out with over 360 business decision makers and technology…

The food service sector in Ireland will not return to pre-pandemic levels until 2023 at the earliest, according to a new report by Bord Bia. While the value of the sector increased by 14.6% this year, the Irish food promotion board said it remains 41% lower than pre-pandemic turnover levels. Bord Bia said it expects…

Business representative group Ibec has said the economy is going through a period of “exceptional growth” despite Covid and that should allow the worst impacted sectors to be supported through the winter under the Employment Wage Subsidy Scheme. In its latest Quarterly Economic Outlook, Ibec expects the economy to grow this year by 13% and…

The new dedicated rescue process for small companies, that makes restructuring faster, cheaper and more efficient, launches from today. Similar to examinership, the scheme is available to eligible to all small and micro businesses in the country. However, examinership was seen as too slow and cumbersome for many small firms, leading the Government to accede…

Over 40% of first time buyers used gifts as part of their deposit in the first half of this year, according to new figures from Banking and Payments Federation Ireland (BPFI). The latest housing market monitor shows that the median deposit for first time buyers was over €52,000 during that period. Meanwhile, the median deposit…

The Pandemic Unemployment Payment (PUP) will have five rates when it reopens to new entrants laid off as a result of the latest Government Covid-19 restrictions from tomorrow. The top rate will be €350 and will be available to those earning €400 or more a week. Those who received wages between €300 and €399 prior…

Two new reports from the Economic and Social Research Institute examine the flow of trade in services between Ireland and Northern Ireland and the factors influencing foreign direct investment in both jurisdictions. These are the first two reports to be published by the ESRI as part of the Government’s Shared Island Initiative. It is part…

The Revenue Commissioners have said there have been examples of “absolutely fraudulent behaviour” in relation to the Employment Wage Subsidy Scheme (EWSS). Chairman Niall Cody said these cases have been referred to gardaí and in the context of the overall money paid out, they are very small. However, he said Revenue was very concerned and…

The National Public Health Emergency Team is believed to be considering a range of curbs on the hospitality sector tonight, with the aim of reducing transmission of Covid-19. The measures being assessed are thought to include eliminating the capacity of people to book multiple tables, and also reducing numbers to six people per table. It…