Ibec Report: Tax Burden Holding Back Consumer Spending Power
Published on Mar 25 2014 10:33 AM in Retail
A new report by Ibec, 'An Ireland that Works' says that high consumer taxes are 'eroding household spending power', an issue that must be addressed in order to drive retail and economic recovery.
The report, issued today, says: 'The tax burden is too high and is a drag on employment, investment and consumer spending. […] Yes, it was necessary to broaden the tax base and increase some taxes in the austerity budgets, but the tax hikes have gone too far and are restraining recovery in retail and the domestic economy generally'.
Among the measures proposed in the new report are a reduction in the tax burden, improving the government's track record in forming legislation, more targeted investment in skills and the labour market, better promotion of Ireland overseas, promoting enterprise and entrepreneurship, and growing the export share of indigenous companies.
Ibec Director of Business Representation Mary Rose Burke said: "Across a range of important areas the country is not working as it should and the Government needs to act. We have important choices to make on how to build on the economic progress already made, tackle unemployment and drive growth across the economy. We need to get these right."
© 2014 - Checkout Magazine by Stephen Wynne-Jones