Inflation, Cost of Living, and Taxation

Abstract

The cost of living, finances, and taxation are the subjects that I specialize in studying for this project. It was my intention to look into the PAYE system that is used in Ireland, how it is administered for employees, and how it can lessen the impact of the currently high cost of living. I plan to do an in-depth study of the PAYE income tax system in Ireland, determine whether or not people understand how it operates, evaluate the risks associated with the system, and explain how PAYE works in Ireland in addition to its fairness and feasibility. This is a topic that has piqued my interest because many employees from other countries who come to Ireland in search of employment report having issues navigating the PAYE system, and occasionally even Irish people themselves are confused by its operation. The system's original design was created in 1960 and was updated in 2019. One of the goals of this modification was to make the risk analysis and reporting system "real-time," as well as to update the system in order to implement COVID assistance programs such as the Temporary Wage Subsidy Scheme (TWSS) and the Employment Wage Subsidy Scheme (EWSS). Given the ongoing epidemic, this research will make use of previously acquired knowledge about the PAYE system and its benefits in terms of those assistance programs as well. In spite of the seeming limitations of the subject matter, having a more comprehensive understanding of the PAYE system can have far-reaching impacts. The strengths, weaknesses, opportunities, and threats analysis will try to determine how significant these effects are and will offer additional recommendations for operational support, understanding and explaining better the characteristics of the system and use the many subheadings to comment on particular aspects of how PAYE works in Ireland. 5 In the most recent few months, the cost of living in Ireland has skyrocketed, which can be attributed to a variety of external factors, one of which is the country's exceptionally high inflation rate. In addition, the cost of living in Ireland can be attributed to a variety of external factors, including a variety of economic factors. I would like to concentrate on explaining how the system works, describing how payroll works and how it applies to PAYE workers, giving the lecturer the impression that I did extensive research on the topic, and giving the audience a brief overview of how to use the Revenue PAYE system. This explanation will be based on the introduction. This study was conducted with the goal of learning about the effects of the PAYE system on revenue, the effects of the PAYE system on the current cost of living in Ireland, and the ways in which the PAYE system can assist individuals in surviving difficult times. Using marketing tools to conduct surveys of people to gain a better understanding of the system's benefits and drawbacks, as well as to determine whether or not Irish and non-Irish people living here are aware of the system's significance and how it works. The survey's goal is to gain a better understanding of the system's benefits and drawbacks, and the results will be explored in this project in order to compare them to the literature about specialist authors on the topic