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Extra €563m a year as VAT goes back to top rate
e 9% VAT rate going back to 13.5% for the hospitality industry by autumn will see an extra €563m a year going in the co ers of the Exchequer.
e Revenue Commissioners have said the sector will pay €1.7bn a year in VAT when the rate reverts to 13.5%.
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e 13.5% rate for the sector was cut to 9% in November 2020 as the Government introduced measures to address the economic impact of the pandemic.
However, many businesses had enjoyed a 9% rate for most of the last decade. e 13.5% rate was cut to 9% in July 2011 to help the hospitality sector