Search Results for 'Value added taxes'

The Restaurants Association of Ireland (RAI) is urging the Government to retain the 9 per cent VAT rate for the tourism and hospitality industry.

It is said that “charity begins at home”.  It is also said “look after the pennies and the pounds look after themselves”.  Maybe this has been updated for cents and euros I’m not sure but as part of the recent Budget documentation, a report on the VAT cost for charities was released by the Department of Finance.  Its main findings and representations were put forward by the Irish charities Tax Reform Group, a working group formed to examine proposals of reducing the VAT burden on charities in Ireland. 

According to a report published by the Restaurants Association of Ireland, 625 new jobs in the food, tourism, and hospitality sectors have been created in Mayo since the reduced VAT rate of nine per cent was introduced in July 2011.

According to a report published by the Restaurant Association of Ireland, 605 new jobs in the food, tourism, and hospitality sectors have been created in Mayo since the reduced VAT rate of nine per cent was introduced in July 2011. To highlight the scale of job creation, the report compares the number of direct new jobs to a major local employer, revealing that the 605 extra jobs created in Mayo is more than four times the number of people also employed in Mayo at Knock International Airport.

From 1 January 2014, businesses which have not paid for supplies (either in full or in part) within a six month period will be required to repay to Revenue the VAT previously reclaimed on these supplies. This is mainly an anti-fraud measure, however it is hoped that it will encourage prompt payments, thus increasing cash flow for suppliers, as we all know that cash is king!! Where the supplier is subsequently paid, the amount of deductible VAT can be reclaimed by the customer again. This is measured on a pro rata basis.

The Minister for Finance is being urged to either retain the nine per cent VAT rate or introduce a lower rate in support of the hospitality and tourism sectors as well as retaining and creating jobs.

Irish businesses are overpaying thousands of euro in VAT due to a lack of familiarity with the complexities of Ireland’s VAT regime, according to research conducted by business software and services provider Sage.

After much speculation, Minister for Finance, Michael Noonan, confirmed that the standard rate of Irish VAT is to increase from 21 per cent to 23 per cent with effect from midnight 31 December 2011. This VAT rate change is earlier than set out by the Government under the National Recovery Plan where it stated that the standard rate of VAT would only increase to 23 per cent in 2014.

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.

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.