Statement from Ged Nash TD on the November exchequer figures

05 December 2023

In response to the publication of the November exchequer figures, Labour’s Finance & Enterprise Spokesperson Ged Nash TD said:

“We were being conditioned by government to expect bad news. It is without doubt good news for our country that the recent slide in Corporation Tax returns has been reversed.

“However, we cannot be in any way complacent.

“We are still far too reliant than is healthy on a small number of multinationals for a disproportionately large quantum of our business tax take and indeed on the income tax side too in terms of taxes generated from high-quality, skilled foreign direct investment jobs.

“This concentration has risks and serious implications not for our tax system alone but for our labour market and enterprise model.

“We are extremely vulnerable to decisions made in boardrooms in the US.

“A paradigm shift is required to ensure our SME base becomes more productive, sustainable and export-orientated.

“We also need to set targets to ensure that job quality and sustainability in our indigenous enterprise base is front and centre to Ireland’s economic and climate action plans.

“VAT receipts are up by only 1.5% and this is the lowest percentage level of annual growth among the top three tax heads.

“This reflects the fact that the cost of living is still high and it speaks to a distinct nervousness among consumers about the short to medium term future.”

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