Today Minister for Finance Paschal Donohoe announced a reduced VAT rate from 13.5% to 9% for the tourism and hospitality sector. This will affect restaurants, hotels etc.
The new rate will come into effect on 01 November 2020 and will run until December 2021.
The Minister also confirmed that the reduction in the standard rate of VAT from 23% to 21% will expire as planned at the end of February 2021.
You can read the full TaxAssist Accountants Budget 2021 Summary here.
Last updated: 15th October 2020This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.