Impact ‘could lead’ to loss of 625,000 international visitors and 21,000 tourism jobs
The Dublin City University business school report finds the food services sector 'facing, and undergoing, significant downsizing, including closures, reduction in opening hours and days, and more limited menus'.
The report said the food services sector was “facing, and undergoing, significant downsizing, including closures, reduction in opening hours and days, and more limited menus… This is bad for the Irish tourism product.” “This projected increase is closer to 19.4 per cent by 2026,” the department said. “In overall terms, this equates to an increase of 14.5 per cent and 36.7 per cent by 2024 and 2026, respectively when the full impact of the transition to a living wage is accounted for.”
As a result of the higher 13.5 per cent VAT rate, he said it was now estimated the annual tax take from the sector would increase to €2.33 billion this year, some €1.17 billion higher than in 2018.
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