142% increase in Irish hospitality sector insolvencies in Q1 2024 due to higher costs and tax changes.
Insolvencies in the Irish hospitality sector increased by 142% in Q1 2024 compared to the previous year, with 46 insolvencies recorded. Deloitte Ireland attributes the rise to increased costs, including labor, energy, and insurance, as well as the return of the VAT rate to 13.5% and the introduction of a mandatory pension scheme. This contributes to a 47% increase in corporate insolvencies across all sectors, with 214 recorded.
March 27, 2024
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