Connect with us

News

Government to examine 9% VAT rate

Published

on

0249324_shutterstock737883745.jpg

By Michelle Crean

Finance Minister Michael McGrath has this week said that the Government will, in the coming weeks, examine the 9% VAT rate.

Minister McGrath was speaking in the Dáil when asked by Kerry TD Brendan Griffin, as well as a number of other TDs from across the country, to retain the 9% VAT rate for the tourism and hospitality sectors.

Fine Gael's Brendan Griffin questioned if the VAT rate would stay the same or be changed.

"To ask the Minister for Finance if he will retain the 9% VAT rate for the tourism and hospitality sector; if his attention has been drawn to reports of the vital importance of this measure for counties such as Kerry, which has a proportionately higher reliance on the tourism and hospitality sectors; and if he will make a statement on the matter".

Minister McGrath said that he'd take all the questions together.

"The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT. Ireland currently operates two reduced rates of VAT, 13.5% and 9%, as permitted by the Directive," he answered.

"Currently, the 9% rate applies on a temporary basis to the hospitality and tourism sectors which includes the supply of hotel accommodation and the supply of meals in hotels (excluding alcohol and soft drinks) until 28 February 2023. The 9% rate was introduced in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place throughout the pandemic. Through no fault of their own, bars, hotels and restaurants had to close on multiple occasions in response to the public health crisis. From 1 March 2023, these sectors are due to return to the 13.5% rate. The supply of alcohol and soft drinks remains unchanged at the standard rate of VAT (23%). As I have said on a number of occasions, the Government will, in the coming weeks, examine the full suite of taxation and other measures that are due to expire at the end of February. In making any decision the Government will balance the costs of the measures in question against their impact."

Continue Reading
Advertisement

News

Killarney to feature on TG4’s Country Music show

By Sean Moriarty A song about Killarney – once made famous by local Country Music hero Dermot Moriarty – will feature on TG4 tomorrow night (Tuesday). The second series of […]

Published

on

0253529_IMG-20210718-WA0024.jpg

By Sean Moriarty

A song about Killarney – once made famous by local Country Music hero Dermot Moriarty – will feature on TG4 tomorrow night (Tuesday).

The second series of the Irish channel’s County Music show ‘Viva Ceol Tire’, which highlights emerging Country Music talent in Ireland, airs every Tuesday night at 9.30pm.

The next programme will feature Donegal singer David James’ version of ‘Oh Killarney’.

The programme was filmed entirely on location in Killarney including Torc Waterfall, Ladies View Moll’s Gap and Kate Kearney’s Cottage.

“The song was written by Dennis Allen. However, it was a hit for Dermot Moriarty in the 1980s. The first time I heard it I loved it and I was thrilled with the reaction my version has got,” James, who is from the small village of Killean in Donegal, told the Killarney Advertiser.

“It’s pretty rural but I love it. I’ll be in Country Music 10 years this May. My first gig was in the local GAA hall for my aunt’s 50th birthday. I was 14 and I’ve been at it ever since.”

.

Attachments

Continue Reading

News

Five questions to ask yourself before buying a stock

By Michael O’Connor, theislandinvestor.com When it comes to investing, nothing is certain. There are no perfect stocks to buy because there’s no way of predicting the future with 100% accuracy. […]

Published

on

0253610_Mike_Stocks.jpg

By Michael O’Connor, theislandinvestor.com

When it comes to investing, nothing is certain.

There are no perfect stocks to buy because there’s no way of predicting the future with 100% accuracy.

The truth is, investing is hard, and building a portfolio of top stocks that beat the market is something that even financial professionals have trouble doing consistently.

For most people, investing in index funds is the perfect hands-off approach, providing broad exposure to the stock market at a very low fee. Even my own personal portfolio is made up of roughly 70% ETFs despite the fact I invest in the market for a living.

But I believe some stock picking is a good strategy for many hands-on people.

Taking a small portion of your overall portfolio and diligently selecting a small number of companies to invest in gives you an opportunity to learn about the investing process and fully understand the businesses you are investing in, which helps to build conviction in your positions.

From a psychological standpoint “collector’s instinct” kicks in, enabling people to participate and invest more money over time.

Lastly, for Irish investors, there are tax benefits to consider. If you invest in individual stocks, you are taxed at the CGT rate of 33%, and the first €1,270 of your gains are exempt from CGT each year. When investing in index funds or ETFs, you are taxed at the exit tax rate of 41% with no annual exemption.

For those interested in picking individual stocks, here are five questions you should ask yourself before investing in any company.

Do I understand the business?

Too many people invest in businesses they don’t understand because it ‘sounds good’. If you have no idea how the company works, you won’t have the conviction needed to hold onto the stock when an inevitable downturn comes.

Can the balance sheet withstand severe, temporary adversity?

This seems obvious, but so many people invest in companies without understanding how much money a company holds and who they owe money to. Economic cycles are guaranteed. You must ensure that the company has enough cash-on-hand to avoid becoming obsolete when activity slows.

Will the company benefit from long-term trends?

Make sure the company will remain relevant into the future. If the stock is cheap now, it may be cheap for a reason.

Is the company enjoying profitable growth?

Not growth at all costs, but a combination of sustainable growth and value. All this information can be found online at sites like stratosphere.io.

What are the risk factors?

Is the company trying something new and untested? If yes, who are its competitors and how successful are they? If other players are more established, this company may have a tough time breaking into the market.

Attachments

Continue Reading

LOCAL ADS

Last News

Advertisement

Sport

Trending