Confirming that personal tax rates will remain unchanged, Public Expenditure Minister Michael McGrathhas not ruled out a reduction in the VAT rate for the hospitality sector. At this point in time, nothing has been ruled out before the Budget is finalised on October 13”. "We would have to assess the economic impact [of cutting the VAT rate], the amount of tax foregone, how effective it would be as a stimulus, and if it would help businesses be more viable." Universities are seeking a sustained investment programme. “The overall investment package required for the sector is €538 million of which €318 million is recurrent spending and €220 million in capital expenditure,” the submission states.

Source: Irish Examiner October 04, 2020 17:03 UTC