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.
Sources
- gov.ie – Minister Donohoe announces details of tax measures contained in the July Stimulus Plan
- Independent.ie
- Avalara
- vatit.com
- EY
See also
6 month temporary reduction to the standard rate of VAT – Approved
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