The Government has sprung a surprise tax cut, with the main rate of VAT cut from 23 per cent to 21 per cent in the €7 billion “July Jobs” stimulus plan. The tax cut will be in place from September this year to February 2021. The help-to-buy scheme has also been expanded with homebuyers using the programme now entitled to a tax relief of €30,000, an increase of €10,000. The bike to work scheme is being extended, while there will significant investment in cycling and walking facilities, €10 million for the arts and €10 million for tourism. Mr Varadkar confirmed a six month two per cent cut in the rate of VAT, from 23 per cent to 21 per cent, and a six month commercial rates holiday.

Source: The Irish Times July 23, 2020 12:16 UTC