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2019-21 job losses and potential €1B tourism revenue drop predicted in Ireland's food services sector due to VAT hike from 9% to 13.5% and rising employment costs.
A report from Dublin City University highlights a "commercial crisis" in Ireland's food services sector, worsened by a VAT hike from 9% to 13.5% and rising employment costs.
The average profit margin has plummeted from 7.2% in 2019 to 1.9%.
The findings predict a potential €1 billion drop in tourism revenue and 21,000 job losses unless the VAT rate is reverted to 9%.
Industry groups urge the government to act to prevent further declines.
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2019-21 Pérdidas de puestos de trabajo y potencial 1 B€ de ingresos del turismo predichos en el sector de servicios alimentarios de Irlanda debido al aumento del IVA del 9% al 13,5% y el aumento de los costes de empleo.