Eurobond sale window closing

the commission,” Irish Finance Minister Michael Noonan said. “The decision leaves me with no choice but to seek cabinet approval to appeal.

“This is necessary to defend the integrity of our tax system; to provide tax certainty to business; and to challenge the encroachment of EU state aid rules into the sovereign member state competence of taxation.” Disputed system Ireland also said the disputed tax system used in the Apple case no longer applied and that the decision had no effect on Ireland’s 12.5 percent corporate tax rate or on any other company with operations in the country.

“The European Commission has launched an effort to rewrite Apple’s history in Europe, ignore Ireland’s tax laws and upend the international tax system in the process.

“The commission’s case is not about how much Apple pays in taxes, it’s about which government collects the money. It will have a profound and harmful effect on investment and job creation in Europe,” Apple said. – Reuters KENYA needs to act swiftly if it is to sell eurobonds by year end without a jump in borrowing costs, according to the International Monetary Fund (IMF). The potential for a US rate increase and looming elections have narrowed the window for a second international dollar bond issue, IMF country representative Armando Morales said. Kenya should “get all the financing they need well ahead of elections” due in a year. The Kenyan Treasury should be prepared to act on the sale “as soon as the markets allow”. Kenya plans to borrow 462 billion shillings (R65bn) from external lenders this fiscal year to help plug a 9.3 percent budget deficit. The country raised $2.82bn (R40.55bn) in a debut eurobond sale in 2014, and might issue new debt if an opportunity arose, the Treasury said in June. – Bloomberg