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1.Complicated system leads to SMEs overpaying their VAT
According to recent research small businesses choosing to file their own VAT are overpaying by thousands of euro due to lack of familiarity with the complexities of Ireland’s VAT regime. The country has one of the most complex VAT systems in Europe, with five VAT rates and two VAT schemes.
Two business surveys carried out recently have revealed that business confidence has returned to Ireland and that sales for Irish businesses have increased in the last quarter.
Economic value of volunteer activities abroad equates to €10 million in 2012 a recent study found. An estimated 4,500 people participated in voluntary programmes in 2012, according to a survey to be published today by Comhlámh, an organisation for development workers.
Two thirds of Irish SMEs don’t have employees dedicated to manage their information technology (IT). In an effort to get rid of the ”accidental IT manager” and regain competitiveness, Irish SMEs are looking at cloud computing – 51% use at least one cloud based service with email or document exchange the most used cloud based service.
Ireland will seek a €10 billion credit line when its EU – IMF bailout expires next year, which it will draw on only if needed. Ireland’s borrowing costs have steadily fallen since they peaked in 2011 paving the way for the country to exit it’s bailout at the end of the year and making it the first European state to exit an aid program.