Industry welcomes formal extension of reduced VAT rates

Ibec, the group that represents Irish business, has welcomed the announcement from Government today of an extension of the nine percent VAT rate for those operating in the Experience Economy.

The extension will be an important factor in protecting demand for services against economic uncertainty, as well as ensuring the long-term viability of the Experience Economy.

"The announcement will be a welcome relief for those companies operating in the Experience Economy who were brought to the brink as they complied with public health restrictions and are still today gradually emerging from Covid disruptions. The certainty that today’s announcement brings will enable these companies to plan a route back to viability over the coming years.

"While the announcement is welcome, it is important to acknowledge that it must be seen as a first step in the broader development of Ireland’s Experience Economy offering. Industry would like to see continued investment and support to promote domestic tourism, festivals, events, and wider entertainment industry and for domestic tourism product development.

"In addition, there ought to be an increase in funding for overseas tourism and event promotion and product development, as well as funding to support activity to attract large scale business events, conferences, and global events such as The Gathering, to Ireland.

"In addition, we need to look beyond Covid and ensure ambitious investment is directed towards supporting life-long learning in the experience economy to promote adaption, flexibility, and future proofing," Ibec Director of Membership and Sectors, Sharon Higgins, said.

 

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