The Government plans to allocate €1.5 billion for tax cuts in the upcoming October Budget, but €1 billion of that will go toward reducing VAT for restaurants, bars, and cafés from 13.5% to 9%.
Finance Minister Paschal Donohoe confirmed the measure aims to support the struggling hospitality sector. However, it leaves just €500 million for all other tax measures.
These new plans will significantly be limiting the potential for personal tax cuts at a time when households continue to feel the pressure of the cost-of-living crisis.
Joining Andrea to discuss is Deputy General Secretary Responsibility Private Sector, Greg Ennis, as well as business owners and listeners.