VATupdate
VAT

Ireland cuts VAT rate from 23 to 21% – Parliament approval expected mid-August 2020

Source Financial Provisions (Covid-19) (No. 2) Bill 2020′)

Ireland announced a range of new measures to help businesses cope with the economic struggles due to the Covid-19 pandemic. The measures include a cut in the standard VAT rate from 23 to 21%. Businesses will also be able to delay payment of their PAYE and VAT for a period without incurring any penalties.

The measure will apply from 1 September 2020 until 28 February 2021. The cut is aimed at decreasing the costs of purchases such as food, alcohol, clothes and motor repairs for Irish consumers.

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