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Retailers Call For A 3% Reduction In VAT

Published on Jul 5 2017 11:10 AM

Retailers Call For A 3% Reduction In VAT

A new report released by Retail Excellence calls for the government to reduce VAT by 3%, in order to lessen the potential negative impacts of Brexit.

In its Pre-Budget 2018 submission, Retail Excellence offers recommendations to the government. The report focuses on consumption taxation, cost of employment, competitiveness, retail finance, online support, increased resources for authorities to combat crime, town renewal, rates, infrastructural investment, and increased investment in the home renovation scheme.

Spokesperson for the organisation Lorraine Higgins said, “With external headwinds like Brexit and the limping on of negotiations between the UK and the EU, Ireland is already left exposed and this will impact on the sustainability of economic growth trends. While many industries talk about the potential impact of Brexit, it is clear retail is already being affected.

“Our quarterly Trading Reports compiled in conjunction with our partner member, Grant Thornton, have recorded three successive quarters of decline primarily as a consequence of sterling devaluation and a migration to online shopping. Therefore, it is critical measures are implemented to counteract the foregoing and Retail Excellence’s Budget 2018 proposals are formulated to deal with these challenges”.

Retail Excellence reveals that "decisive action must be taken, or else retail failure will become a reality".

© 2017 - Checkout Magazine by Patrick Lewers

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