Economy
‘Mass closures’ inevitable unless government reduces Vat rate – retail body
Retail Excellence Ireland criticises ‘punitive’ labour costs imposed by government, including the increased minimum wage, statutory sick pay and legacy tax debt
There will be mass closures in the retail sector if the government does not revert the rate of Vat to 9 per cent, Retail Excellence Ireland (REI) said today.
It comes amid a coalition row over the rate of the tax, which was hiked back up from the pandemic-era 9 per cent to 13.5 per cent last September. Neale Richmond, the junior enterprise minister, told the Business Post that he favoured splitting the Vat rate, ...