Sun Sep 15 11:37:39 UTC 2024: ## Irish Government Faces Calls for Wealth Tax Amidst Economic Turmoil

**Dublin, Ireland** – The Irish government is facing increasing pressure to implement a wealth tax, as concerns grow over the country’s reliance on corporation and income tax receipts from a limited pool of taxpayers. The Parliamentary Budget Office (PBO) has urged the government to introduce a wealth tax in the upcoming Budget 2025, citing the ballooning wealth of Irish households, which has surpassed €1.1 trillion.

The PBO’s recommendation comes as a blow to the coalition government’s stated intention to cut inheritance tax in the upcoming budget. The PBO argues that a wealth tax is necessary to correct “market distortions” caused by the current tax system and to ensure a fairer distribution of tax burden.

Meanwhile, the Irish hospitality sector is experiencing further turmoil with the departure of Matt Ryan, a key figure in the development of the Press Up group, the country’s largest pub and restaurant chain. Ryan is reportedly setting up a new environmental services company with Emmett O’Neill, nephew of Irish business magnate Denis O’Brien.

The news follows a period of upheaval at Press Up, which saw London-based investor Cheyne Capital take a majority stake earlier this year. The company has been grappling with financial difficulties and has faced criticism over its treatment of employees.

Adding to the economic woes, the CEO of Capreit, the Canadian company that sold its stake in Ires Reit, Ireland’s largest corporate landlord, has vowed to never invest in Ireland again. Mark Kenney cited the government’s rent cap policy as a major deterrent, claiming it has pushed up the cost of apartments and driven away international capital.

Further complicating the situation, Dublin Airport’s operator, DAA, has warned local politicians that the 32 million passenger-a-year cap imposed by An Bord Pleanála, the Irish planning board, could be challenged in the European courts. DAA is seeking to increase the cap to 40 million passengers, arguing the current limit restricts airport operations and could have significant negative consequences for the Irish economy.

The Irish government is facing a complex economic landscape, with calls for a wealth tax, a struggling hospitality industry, and mounting concerns over the country’s attractiveness to foreign investment. As the country navigates these challenges, the government will need to carefully weigh the various competing interests and make tough decisions in the upcoming Budget 2025.

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