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New car sales nets extra E171m for taxman

Monday, September 01 15:27:44

Figures just released from SIMI (Society of the Irish Motor Industry) show that this year, new car registrations have generated an extra E171 million in tax revenue compared to the same period last year.

Car sales in August (4,873) were up 32pc on August last year. So far this year, 89,279 new cars have been sold, an increase of 30pc on 2013.

The increase in registrations in July and August alone generated an additional E68 million for the Exchequer which brings the total for the year from new car sales to E720 million.

In addition, 4,200 new jobs have been created this year as a result of the success of the dual registration plate and the overall increase in business.

Alan Nolan, Director General said, "The dual registration plate has really helped in spreading the sales through the year, which was the intention, but the real driver in increasing the registrations has been the level of growth in consumer demand, which has not been seen in the Industry for some time. The continued strength of commercial vehicle sales underline the improvement in commercial activity in the economy this year."

New heavy commercial vehicles, although down by 32pc (63 units) in August, remain ahead of last year by 30pc (365 units). New light commercial vehicles are up 54pc (441 units) for August and 47pc (4,196) for the year to date.

"Vehicle sales have a direct impact on employment in the sector and it is great to see the number of people working in the Industry beginning to rise again."

"By the end of this year, we predict new car registrations will exceed 95,000 and while this is very positive, we are still in the very early stages of recovery, having moved from 45pc of normal sales volumes last year to about 60pc this year," added Mr Nolan.

"Next year, new car sales have the potential to generate a further E100 million for the economy, on top of this year's growth and create 1,500 more jobs. However, it is crucial that this growth is not stalled by any negative decisions made in this year's Budget."

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