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Outline two ways in which the Irish Government supports business: (i) (ii) - Leaving Cert Business - Question 12 - 2010
Question 12
Outline two ways in which the Irish Government supports business: (i) (ii)
Worked Solution & Example Answer:Outline two ways in which the Irish Government supports business: (i) (ii) - Leaving Cert Business - Question 12 - 2010
Step 1
(i) Grants through Enterprise Ireland/Údarás na Gaeltachta/IDA
Answer
The Irish Government supports businesses by providing grants through agencies such as Enterprise Ireland and Údarás na Gaeltachta. These grants can assist with various stages of business development, from start-up to expansion, enabling businesses to invest in new technologies, expand their operations, and ultimately grow their workforce.
Step 2
(ii) Low tax rates – Corporation Tax / VAT reductions
Answer
Another way the Irish Government supports businesses is through favorable tax policies, including low corporation tax rates and VAT reductions. This creates a more attractive environment for both local and foreign investment, encouraging businesses to establish and grow within Ireland.