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Proposed changes to a VAT refund scheme, availed of by non-EU residents who purchase craft and gift items here, will impact jobs, tourism and the retail sector, a report published today concludes. The study was conducted by economist Jim Power on behalf of the ‘Stop Another Tourism Tax’ Campaign – an alliance of independent Irish…

Two in every five jobs here have been disrupted by the Covid-19 pandemic, according to the accounting and professional services group EY in its latest Economic Eye report. The jobs have either been lost or are being supported by government interventions, including the Employment Wage Subsidy Scheme and Pandemic Unemployment Payment. The study found that,…

EU and UK officials are due to resume intensive negotiations in Brussels this morning on a future relationship treaty. Both sides are said to be still far apart on the most difficult issues. The UK’s chief negotiator has said he will not be changing the UK position that any deal must be compatible with what he…

Consumer prices fell at their fastest rate in a decade in October, with prices down 1.5% compared to the same month a year ago, new figures from the Central Statistics Office show today.  The rate of inflation here has dropped on an annual basis for seven months in a row since restrictions to stop the…

Ireland’s taxation system has been ranked as the number one concern among family businesses, according to the results of the first National Family Business Sentiment Survey published today. The report was compiled by the Family Business Network and professional services firm Smith and Williamson.  Respondents called for a more progressive taxation regime with changes specifically…

The European Commission and British government are discussing a possible grace period to allow retailers in Northern Ireland time to adapt to the significant changes that will come into effect on 1 January under the Northern Ireland Protocol. It is understood that a temporary adjustment period, if agreed by both sides, would mean that large volumes…

Researchers at the Economic and Social Research Institute have asserted that Ireland’s tax policy “could be one of the key contributing factors to the country’s strong economic performance”. In a paper titled ‘Effective Tax Rates in Ireland’ the authors show Irish tax rates on labour (income tax) have been consistently lower than the EU average. The same…

The Covid-19 pandemic will cause the Irish food service market to contract in size by nearly half this year, new estimates from Bord Bia have found. However, the report predicts that the sector will experience a recovery next year, even in the worst case scenario. The food service market includes food and drink consumed and prepared…

The Irish food and drink industry has warned of serious economic disruption even if EU and UK negotiators reach agreement on a free trade deal in the coming days. Food Drink Ireland, part of IBEC, says the sector is the most exposed part of the most exposed country to Brexit, which is now just 50…

Talks between the UK and the European Union on a post-Brexit trade deal are likely to run into next week, missing a mid-November deadline, Minister for Foreign Affairs Simon Coveney has said. When asked when a deal was likely, he said: “I think it’s unlikely this week. Hopefully I’ll be proven wrong”. He made the comments in…