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Business News
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Leadership
UK VAT hike may stem flow of cross-border shoppers
08.12.2009
The UK Government may announce plans this week to bring the country’s VAT rate closer to that of the Republic, which could stem the flow of shoppers travelling north of the border to avail of cheaper prices.
According to reports, UK Chancellor Alistair Darling is likely to up the UK VAT rate or signal plans to do so in his pre-budget report which he is set to deliver tomorrow. Some commentators are of the view that the VAT rate may be hiked to as high 20pc as the UK Government seeks to boost its tax revenues.
Darling introduced a temporary cut in the VAT rate from 17.5pc to 15pc last year in an attempt to boost consumer spending. The temporary rate is due to expire on 1 January.
In contrast, Ireland’s VAT rate currently stands at 21.5pc, following a rise of 0.5pc last year. This places Ireland’s VAT rate at the upper end of EU VAT rates.
According to commentators, hiking the VAT rate is less of a political hot potato than upping interest rates for the UK Chancellor.
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Leadership Magazines
Irish Director
Irish Director is the definitive magazine for leaders and senior decision makers in Ireland. Produced in association more..
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Owner Manager is the latest title from the BusinessandLeadership.com stable. It is the only magazine in Ireland to more..
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Knowledge Ireland is a ground-breaking quarterly magazine from our sister brand siliconrepublic.com, unique in its more..
Irish Director is Ireland’s leading senior management magazine. Designed for business leaders and decision makers across the island, it covers topics of specific relevance to Ireland’s senior directors.
Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
Marketing Age is the definitive ‘voice’ of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
Knowledge Ireland is a ground-breaking bi-monthly magazine from our sister brand siliconrepublic.com, unique in its exploration of strategy and innovation through people and technology.
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