Tuesday 17 October 2017

EU's Apple ruling blamed over Irish confidence dip

EU Competition Commission officials claim Apple underpaid its taxes by €13bn. Photo: Reuters
EU Competition Commission officials claim Apple underpaid its taxes by €13bn. Photo: Reuters

Charlie Weston and Colm Kelpie

THE ruling against Ireland from Europe on the taxes paid here by Apple is being blamed for a drop in consumer confidence.

The findings over the corporate giant's taxes are causing uncertainty and unease for the average consumer in this country, according to the latest consumer confidence survey.

EU Competition Commission officials claim Apple underpaid its taxes by €13bn.

The looming Budget and limited income gains expected may also be affecting confidence, according to KBC Bank and the Economic and Social Research Institute, the bodies behind the survey

The KBC Bank Ireland/ESRI consumer sentiment index edged lower to 102.0 in September from 102.7.

The small scale of the monthly decline implies no statistically significant change from the August reading, KBC said.

The index is effectively unchanged from the September 2015 reading.

Meanwhile, households have more money, but the amount they're spending is falling, official figures suggest.

Gross household disposable income increased by €194m to €24.82bn in the three months to the end of June.

But spending by households dropped over the same period, according to the Central Statistics Office (CSO).

Household expenditure fell by €288m to €22.31bn.

Because household disposable income has risen, and spending is less, the spending-income ratio has increased.

Overall, however, the amount being saved in the economy has fallen slightly.

Irish Independent

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