🚨Almost 600 restaurants have closed since the Government hiked their VAT bills by 50% last Sept, an industry lobby group calculates.
Government last year ended a special 9 per cent VAT rate for hospitality businesses, increasing the tax to 13.5%
https://t.co/90DoNXpXor
The cross-party political support expressed by Ministers, TDs & Senators for the return of the 9% VAT rate at yesterday's event was really encouraging to see.
We now need to see those words matched with action & a return of VAT9 in #Budget2025 before it's too late for many more.
@adriancummins We couldn’t agree more. The term “Busy Fools” has never been more relevant.
2019 - margins 8% to 10%
2023 - margins -1% to 2%
-1% to 2% simply not viable margins for the hospitality sector. 400+ closures in 9 months
Wake up @FineGael@FineFail your both killing a sector
New economic research by @GrantThorntonIE for @DubCityCouncil shows demand decline for Restaurants since beginning of 2024
This research will strengthen our case for a reduction in the vat rate for food led businesses to 9%
Current climate in Food&Bev:
Produce/Utilities⬆️
Vat Rate⬆️
Minimum Wage⬆️
Employer PRSI⬆️
5 Days Sick Pay per emp⬆️
Carbon taxes⬆️
Lack of beds⬇️
Hangover from bad summer 23
Vat Warehouse
Impending pension 3%
Where's the support?
@mmcgrathtd@LeoVaradkar@MichealMartinTD
🚨Update - Closure of Food Led Businesses
Tomorrow I will be raising again the issue of escalating Closures of Food Led Businesses with Ministers @simoncoveney & @cathmartingreen as part of the Tourism & Hospitality Forum
Government support is required urgently to Rescue a sector in crisis
Minister @simoncoveney - the factors relating to this closure and like every other business that has closed down………….and more to come are -
Vat increase to 13.5%
Wage inflation
Increase in supplier costs.
A rescue plan for Hospitality is required with immediate effect.
@adriancummins Every single day we hear of Restaurants and Cafes closing. This will accelerate even more as the Vat returns for Nov/Dec and Jan/ Feb fall due. Government needs to admit their mistake and reverse it immediately.
Overbearing cost increases ranging from energy and produce to insurance and rates have meant that busy restaurants and cafés around the country are having to close their doors, not because of a lack of customers but because of reasons beyond their control. Owner of a Kildare café that closed last month, Dora-May Cousins, explained just how much of a part cost increases played in the closure on @drivetimerte yesterday.
🚨Low margin businesses like Restaurants, Cafes and Gastro Pubs will suffer the worst from an increase to the 9% vat rate. Emery, cost of business crippling Biz
🚨1 in 5 restaurants face closure if the rate reverts to 13.5% on 1 March
🚨Support your local Hospitality Business
🚨1 in 5 Restaurants face closure it 9% vat rate increases at the end of February
🚨Energy & Cost of Business crippling Low margin Restaurants, Cafes and Gastro Pubs
🚨Top 5 issues for the Hospitality & Restaurant Sector in 2023
➡️Cost of Energy
➡️Inflation regarding Business Costs
➡️Retention of 9% Vat for Restaurants & Food Service
➡️Staff Shortage
➡️Warehouse Tax
🚨VAT rate for hospitality
The Taoiseach has said a lower VAT rate for food and drink hospitality could be an option.
The rates are due to move to 13.5 in February 2023. Taoiseach Leo Varadkar has been asked for his thoughts on whether pubs and restaurants could continue at 9%
9% Vat for Restaurants, Pubs and Cafes
In todays @businessposthq the Department @IRLDeptFinance confirm “it was possible to have different vat rates for sectors within the Hospitality industry, but that it would be technically challenging”
@EllieD798@Paschald@LeoVaradkar
Government need to review close contact rule regarding Restaurant’s & Hospitality businesses.
The United States Government has reduced the timeframe to 5 days
Use of antigen tests should be used similar to Health Care sector with continuous testing
Huge anger across the Hospitality regarding NPHETs request to close at 5pm
Why wasn’t the booster campaign rolled out faster.
Why can’t those with boosters enter Hospitality premises using COVID pass if Gov approve 5pm curfew
Where is the plan to keep Hospitality open viably