Retail Excellence Ireland warns mass business closures, particularly restaurants, if the government doesn't reduce VAT rate amid rising operational costs.

A retailers' group, Retail Excellence Ireland (REI), warns that many businesses, especially restaurants, will have to close if the government does not reduce the Value-Added Tax (VAT) rate. Almost 50% of REI members will struggle to cope with rising operational costs associated with things like wage increases, high interest rates, and unpaid debt. If VAT is not reduced, the group predicts mass business closures.

February 06, 2024
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