Ireland will provide financial assistance to households
2023.02.21 09:30
Ireland will provide financial assistance to households
By Kristina Sobol
Budrigannews.com – Ireland extended a temporary lower VAT rate for the hospitality sector through the summer season and announced 1.3 billion euros ($1.4 billion) in financial assistance on Tuesday to assist households coping with the still high cost of living.
The government also outlined on Tuesday how it would end some supports, including reductions in excise duty on gasoline and diesel, and the package was less substantial than the 4 billion euros that were introduced in September as inflation began to rise.
One-time payments for pensioners, parents, and social welfare recipients are included in the most recent round. The COVID-19 pandemic saw the reintroduction of the 9% VAT rate for the hospitality industry, but it won’t return until the end of August to 13.5%.
Leo Varadkar, the prime minister, stated that the measures would be largely financed within the parameters of the already-announced budget for 2023. This would leave more “financial firepower” to act later this year if necessary due to the 5 billion euros, or 2% of gross national income, budget surplus that was recorded last year.
A 1.25 billion euro business energy support program was included in this year’s budget. The program has not been used much so far; however, on Tuesday, the government expanded the program in an effort to assist more businesses with higher energy bills.
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