General Industry News

Donohoe confirms the end of tourism’s 9 per cent VAT rate

The Irish Times – 27.09.2022

The tourism industry says it will continue to lobby for a further extension to its special low 9 per cent VAT rate, after the Government confirmed its intention to end the measure as planned at the end of next February, when it will revert to 13.5 per cent. The Irish Tourism Industry Confederation (ITIC), the sector’s main lobbying group, said it is a “significant disappointment” that the measure has not been extended.

Euro zone likely entering recession as price rises hit demand

RTE Business – 23.09.2022

The downturn in business activity across the euro zone deepened this month and the economy is likely entering a recession as consumers rein in spending amid a cost of living crisis, a survey shows. Manufacturers were particularly hard hit by high energy costs after Russia's invasion of Ukraine sent gas prices rocketing, while the bloc's dominant services industry suffered as consumers stayed at home to save money.