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Outline the role of the Irish Government in encouraging and in regulating business in Ireland. - Leaving Cert Business - Question B - 2013
Question B
Outline the role of the Irish Government in encouraging and in regulating business in Ireland.
Worked Solution & Example Answer:Outline the role of the Irish Government in encouraging and in regulating business in Ireland. - Leaving Cert Business - Question B - 2013
Step 1
Outline the role of the Irish Government in encouraging business
Answer
The Irish Government encourages business through several key initiatives:
- Decreases in Taxation: The government can reduce tax rates such as PAYE and Corporation Tax, which increases disposable income for individuals and profits for businesses. This leads to greater consumer spending and can promote expansion within companies.
- Increases in State Expenditure: By allocating more funds to infrastructure development, such as schools and hospitals, the government can stimulate economic activity, creating jobs and enhancing consumer demand.
- Network of State Agencies: Institutions like Enterprise Ireland and County Enterprise Boards provide support through advice, training, and funding opportunities for businesses, focusing on areas like indigenous industries and entrepreneurship.
- Government Planning: Strategic planning helps to reduce uncertainties within businesses, allowing firms to make informed decisions about their future.
Step 2
Outline the role of the Irish Government in regulating business
Answer
The Irish Government regulates business primarily to protect the environment and ensure fair practices:
- Environmental Regulation: The establishment of the Environmental Protection Agency (EPA) oversees business activities, ensuring compliance with environmental standards through licensing and monitoring.
- Health and Safety Regulation: The government enforces health and safety standards within workplaces to safeguard employee welfare, legislating to minimize risks.
- Data Protection: Implementing laws such as the Data Protection Act 2003 ensures that businesses handle personal data responsibly, protecting individual privacy rights.
- Regulatory Framework: The government sets frameworks in relation to goods' supply and safety, ensuring that consumers are protected from harmful products and practices.