Embedding competitiveness is critical to building resilience in businesses across the economy as the global trading environment continues to shift in the aftermath of the Covid crisis and Brexit. Whilst winding down emergency supports for Covid from €7 billion in 2022 to around €1 billion in 2023, Ireland must continue to invest in the competitiveness and productivity of the sectors worst impacted and the Experience Economy in particular. This can be achieved by investment in the Experience Economy product, revitalising the vibrancy of our city centres, making sure the unwinding of remaining Covid supports is done sensibly and making sure the sectors’ skills and technology base is ready for the competitiveness challenges ahead.
Summary / Key measures
The set of measures in this section seeks to protect our Experience Economy and make the best use of the Brexit Adjustment Reserve.
1
Make the 9% Rate of VAT permanent
Cost: 350 for 10 months
2
Invest in our Experience Economy product and ensure our city centres retain their vibrancy
Cost: €20m
3
Increase funding for overseas tourism promotion and development
Cost: €20m
4
Ensure revenue tax debt warehousing works
Cost: Cashflow only
5
Do not increase other areas of vat or duties on potentially mobile products or services
Cost: Neutral
6
Experience Economy life-long learning
Cost: €10m
7
Reduce excise on alcohol products by €50 million
Cost: €50m
8
Introduce a new craft cider excise exemption scheme
Cost: €0.25m
9
Introduce an export credit insurance scheme
Cost: €20m setup costs
10
Invest in competitiveness and trade promotion
Cost: €225m
11
Continue to invest in customs and logistic supports
Cost: €10m
12
Introduce a reformulation fund
Cost: €5m
13
Extend the pandemic stabilisation and recovery fund
Cost: €0m
14
Extend the foreign earnings deduction to more markets
Cost: €1m
15
Accelerated Tax Allowances and capital grants for farmers for Slurry Tank Capacity Expansion, and for LESS Slurry Spreading equipment
Cost: €20m
