Search Results for 'Value added tax'

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.

Budget 2012 is unique in that the proposed expenditure cuts were announced a day ahead of the tax changes and also many of its provisions were well flagged ahead of Budget Day. The financial adjustment was set at €3.8bn with €2.2bn coming from expenditure cuts and €1.6bn coming from increased taxation. Despite all the advance leaks and speculation the Minister managed to keep a number of the changes secret until the Budget Speech especially in the area of incentives to business and measures to kick start the property market.

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.

Over recent weeks, there has been much speculation on the provisions to be announced in Budget 2012. The anticipation was heightened by the “State of the Nation” address by An Taoiseach Enda Kenny on Sunday night. In an unprecedented move, Minister Howlin and Minister Noonan shared the burden and spread their respective speeches over two days. Some of the main features introduced in the 2012 Budget are set out below:

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.

Retail Ireland, the group that represents the Irish retail sector, this week published the results of a survey of member companies and called for measures to improve consumer confidence and domestic demand in the forthcoming Budget.

Now may be a good time to transfer assets and/or family owned businesses to the next generation and avail of the potential tax benefits arising from reduced property values and current tax reliefs.

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.

July is ‘festival season’ in Galway with the local economy poised to receive a major economic boost from visitors to the Galway Film Fleadh, Galway Arts Festival and Galway Races. However it essential businesses create competitive and attractive prices for the public and take advantage of the new VAT rate if the annual high attendance to be sustained during the current recession.