Multinational companies (MNCs) moving assets offshore to another tax jurisdiction now face an exit tax of 12.5% as a result of Budget 2019. The new measure, which took effect from midnight last night, will tax unrealised capital gains where companies migrate residence or transfer assets offshore after a US tax code last year aimed at luring foreign intellectual property and services back to America. The new exit tax regime, which is not expected to yield any revenue in its first year of operation, is a mandatory, Europe-wide measure that has been introduced by Finance Minister Paschal Donohoe a year ahead of a deadline of January 1, 2020, for member states to comply with the European Union's Anti-Tax Avoidance Directive.
Molson Coors Canada (MCC), the Canadian business unit of Molson Coors Brewing Company, and Hexo Corp, announced that they have closed the transaction announced on August 1, 2018, to form a joint venture to pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalisation. The joint venture, Truss, will be led by former Molson Coors executive, Brett Vye, in the role of Chief Executive Officer. Vye will report to the Truss board of directors consisting of three members appointed by MCC and two members appointed by Hexo.
British baker Greggs reported a 3.2% rise in like-for-like sales for the third quarter, an improvement on its first half, after its drinks range and new focaccia-style pizzas proved popular during a particularly hot summer. The company, which sells sandwiches, sausage rolls and pastries from more than 1,900 outlets, said the mix of sales in the hot weather led to a lower-than-normal trading margin in the first part of the quarter, offset by improved trading in September. It said expectations for the full year were unchanged.
Lidl will showcase its popular gin products in London, Cardiff, and Edinburgh ahead of the festive season. Showcasing the spirits range Lidl has branded its House of Hortus gin pop-up a "journey of discovery". As well as receiving two free drinks, visitors will learn about gin pairings from mixologists. Different flavours of Hortus gin will be available to sample within themed zones in the pop-up, including the Pink Gin Liqueur Lounge, the Botanical Garden, and the Spirits in the Sky bar. The pop-up will appear on London's Greek Street (26th - 27th October), Cardiff's Queen Street (2nd - 4th November) and Edinburgh's Castle Street (9th - 10th November).
Heineken South Africa said on Tuesday workers contracted to a company that provides it with logistics services were on strike at its Sedibeng Brewery but the work stoppage had caused minimal disruptions. The beer and cider maker said the workers, who are employed by Imperial Managed Logistics, are protesting over poor conditions at a shelter provided for bottle sorters stationed at the Sedibeng Brewery. The firm said it had improved the shelter. The striking workers could not be reached for comment.
AB InBev is opening a new automated warehouse with space to store 23 million pints of beer at its largest UK brewery in Magor, South Wales. The world’s largest brewer plans a global roll-out of the warehouse technology, making Wales the starting point for the technology expected to cut its carbon impact. The 80,000 cubic metre warehouse will enable AB InBev to meet growing UK demand for beer brands, including Stella Artois, Budweiser, Bud Light, and alcohol-free Budweiser Prohibition. Robotic cranes operating across six stories and 9 miles of racking will be able to retrieve any one of the stored pallets in under 60 seconds.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.