Tuesday, 13 October 2020
Financial Resolution No. 3: Value Added Tax
I welcome the introduction of the reduction in VAT. Coming from a Border area that has been struggling for a long time with Brexit and the coronavirus, I hope the Government will also consider the issue of the general rate of VAT. With regard to manufacturing and industry, I have been speaking to many retailers in Dundalk who are competing against Northern businesses and they believe it is very important that we look at the general rate of VAT. There are manufacturers and shops in Dundalk for which the full rate of VAT makes everything very expensive. It is very important that we all get our shoulder to the wheel and help one another. This measure was badly needed and the hospitality sector will really appreciate it. Nonetheless, I ask the Government to also consider reducing the general rate by 2% or 3% for the next 12 to 18 months to give retailers an opportunity to compete with everybody else.