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This year, the budget has received a very mixed reaction from the general public. It was lauded as a budget to be feared and there was a lot of kite-flying of very scary issues which never materialised or that materialised in a toned down manner and this has left some, feeling somewhat relieved.
IBEC, the group that represents Irish business, has stated that the Government has relied too heavily on increasing tax in Budget 2012, rather than reducing current expenditure. The group welcomed specific measures aimed at supporting R&D and financial services, attracting mobile talent and restoring normal activity to the property market, but said the scale of these positive measures was small when compared to the very negative effect of the €90 million increase in employer PRSI charges and the major reduction in the redundancy rebate, announced yesterday. The total cost of Budget 2012 to business will be in the region of €400 million.
The Midlands Branch of the Irish Hotels Federation (IHF) gave a mixed welcome to the Minister for Finance’s Budget announcement. It welcomed the special allocation to be made for the national tourism Gathering initiative in 2013 and acknowledged the significant benefit the reduced VAT rate of 9 per cent has had for the hospitality sector; however, it criticised the guillotining of capital allowance schemes.
One of the most anticipated Budgets of recent times was presented by Minister Noonan this week. Although, many of the measures announced had been expected, there were a few surprises.
Budget 2012 does nothing to tackle the State’s job crisis but everything to ensure we have the highest rate of VAT in the Eurozone according to Galway West TD Éamon Ó Cuív.
Minister for Transport, Tourism and Sport Leo Varadkar has welcomed the ongoing increase in visitor numbers so far this year, and predicted annual growth in visitor numbers for the first time in four years.
Most companies only ever look at the VAT treatment of supplies. Often companies forget to look at the potential to recover more VAT on costs and almost never consider whether they have recovered too much VAT on costs.
Westmeath hoteliers have welcomed the new 9 per cent reduced VAT rate for tourism related goods and services including hotel accommodation, which came into force as of Friday July 1. Joe O’Brien, chairman of the Midlands branch of the Irish Hotels Federation (IHF), stated that the hotel sector is fully behind the initiative and that the IHF is calling on all its members to pass on the benefit of the reduction in full to customers.
As part of the Jobs Initiative outlined by the new Government earlier this year, a second reduced VAT rate of nine per cent is to be introduced from July 1 2011 to December 31 2013 to help the economy grow and increase job creation, especially in the tourism sector.
The announcement by the Minister for Finance in the Government’s jobs initiative to lower the VAT rate to nine per cent in respect of certain goods and services related to tourism is good news for Mayo, according to Mayo Fine Gael TD, John O’Mahony.