Standard VAT Rate Returns to 23% Following Reduction
With a concerning lack of fanfare by Government or coverage by the media, businesses are reminded that the standard (or higher) VAT Rate in Ireland (rate of Value Added Tax on certain goods and services) increases again as of the 1st March to the original 23% rate.
As part of the measures to assist business with the impact of Covid-19 in Ireland, the Irish Government introduced a temporary reduction in the standard rate of VAT in Ireland to 21% from the 1st September 2020 to the 28th February 2021. The measure was seen as an attempt to boost the finances of a struggling retail sector.
In the meantime the Irish Government have adjusted their original suite of supports for employees and business which remain to some extent in place, particularly for the retail and hospitality sectors, the sectors most negatively impacted by the outbreak of Covid-19 in Ireland.
Businesses are reminded that that VAT rates should be adjusted on their business and retail systems with effect from the 1st March 2021 to account for the addition of the higher rate of VAT at 23% on sales going forward.
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