Five things CAs need to know this week: 10 October 2016
A look ahead to some of the things happening in business, accountancy and politics this week.
1. EU financial transactions tax group to meet
Monday sees 10 EU countries meet to discuss a common financial transactions tax for supporting nations.
The introduction of a single tax on financial transactions across the EU countries that adopt it has been debated by finance ministers for more than five years but countries remain divided on how to apply the levy.
On Tuesday (11 October), finance ministers from all EU member states will meet in Luxembourg but will not discuss the tax, as no significant progress is expected at Monday's meeting.
2. SNP holds annual conference
The Scottish National Party (SNP) holds its annual conference this week (13-15 October 2016).
First Minister Nicola Sturgeon is expected to focus on Scotland's relationship with the EU and a potential second independence referendum when she gives her keynote address on Saturday.
The conference will also see the announcement of the party's new depute leader, after Stewart Hosie stepped down earlier this year. Angus Robertson MP, Tommy Sheppard MP, Alyn Smith MEP and Inverclyde councillor Chris McEleny are the four candidates in the running for the job.
Party leaders have pledged the conference will give voters a "message of inclusion and hope in troubling times".
3. The 2017 Irish budget is announced on Tuesday
Irish Finance Minister Michael Noonan presents the Budget 2017 on Tuesday with an expected €1.2 billion package, two thirds of which is earmarked for extra spending and one third for tax cuts.
The public were asked in an Irish Times/Ipsos MRBI poll how they would like to see any available money allocated in the budget. Four out of five respondents advocated even higher spending; one in five opted for lower taxes – cutting income tax and either reducing or abolishing the Universal Social Charge (USC) and water charges.
Under EU rules, the Government must operate within tight fiscal parameters to achieve annual deficit and debt reduction targets.
4. Legal case against Brexit to open at High Court
The High Court will hear arguments against Brexit from the People's Challenge group in a case beginning on 13 October, expected to conclude on 18 October.
The group is a crowdfunded campaign taking the Government to court in a bid to force the Prime Minister to get parliamentary approval before triggering Article 50. Theresa May recently revealed she plans to do so by the end of March 2017.
As a majority of MPs supported remaining in the EU, some anti-Brexit campaigners argue that a parliamentary vote could go against triggering Article 50 meaning that Brexit does not occur. Others have argued that it would mean MPs are able to soften Brexit by ensuring terms are better for British citizens.
5. Results from JP Morgan, Citigroup, Sky, Wells Fargo & Co, LVMH
- Monday: Finals due for Surface Transforms, Waterman Group and YouGov. Interim from LVMH Moet Hennessy Louis Vuitton SE.
- Tuesday: Interims due from LiDCO Group and Ted Baker. Finals due from Volution Group, Genedrive, Nanoco Group and River And Mercantile Group.
- Wednesday: Interim due from Tissue Regenix Group. Finals due from Diurnal Goup.
- Thursday: Interim due from Sky Plc. Finals due from Imperial Innovations Group.
- Friday: Finals due from Inland Homes. Interims due from JPMorgan Chase & Co, Wells Fargo & Co and Citigroup.