| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Economy Last Updated: May 7, 2014 - 3:38 PM

Retail Ireland wants tax cuts to "kick-start growth"; 40,000 new jobs in sector?
By Michael Hennigan, Finfacts founder and editor
May 6, 2014 - 12:09 AM

Email this article
 Printer friendly page

Retail Ireland, a unit of Ibec, the principal Irish business lobby group, in advance of a conference in Dublin today, has called for income  tax cuts to "kick-start growth" and it claimed that the sector has the potential of creating 40,000 new jobs in the sector in coming years.

According to the CSO, there were 138,000 employed in 'Wholesale and retail trade; repair of motor vehicles and motorcycles' at end 2013 - - a week hardly passes without some group claiming how thousands of jobs could be magiced up if the Government does x or y for them.

Ignoring this nonsense, what is interesting is the claimed need for tax cuts, which suggests that the 2013 jobs added of 61,000 coupled with expectations of about 50,000 jobs this year, are not expected to have much of an impact on spending.

Of course, demanding tax cuts is seen as a substitute to raising pay levels.

Irish Economy 2014: Did Ireland add 61,000 jobs in 2013?

Retail Ireland today said that 2014 would see the start of a meaningful recovery in the sector. "Despite somewhat disappointing Q1 retail figures, there are signs that many consumers are returning to the shops after a long hiatus." The group predicted that this will lead to consumer spending growth of nearly 2% this year.

The conference, which will be opened by Enda Kenny, taoiseach, who will hear that the sector has the potential to create 40,000 new jobs over the coming years, if the conditions are right.

The lobby group says that recent retail sales figures have shown that while the volume of sales (excluding cars and bars) has increased by 2.2% in the past year, the values of sales has stayed the same. This clearly indicates that shops are aggressive discounting in an effort to attract customers. The pressure on the sector remains. To address the key challenges that still face the sector, Retail Ireland called on government to: 

  • "Cut income tax: The tax burden is too high and tax on work is way out of line internationally. The entry point to the higher marginal tax rate should be increased, and the marginal rate reduced below 50%. This will put more money into the pockets of Irish consumers, and ultimately benefit the Exchequer though greater economic activity and tax revenue.
  • Ensure regulation is sensible, proportionate: Any new regulation of the sector and the supply chain should not impose extra costs on retailers. The government should do nothing that would increase business costs. At the height of the boom many costs, including wages, spiralled out of control, we cannot allow this to happen again,
  • Support the move online: Provide support and incentives for Irish retailers to trade online and ensure they benefit fully from the growing digital economy. At present 75% of online spend goes to companies without a physical presence here. We need to address this trend."

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March