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Calls for 15% VAT reduction after 'dramatic decline in retail business' since Covid-19 outbreak

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Calls for 15% VAT reduction  as there is a "dramatic decline in retail business" amid Covid-19

Calls for 15% VAT reduction after 'dramatic decline in retail business' since Covid-19 outbreak

The Association of Fine Jewellers calls for an emergency VAT rate to help retail businesses navigate the waters of Covid-19.

The association calls on Minister for Finance Paschal Donoghue to introduce an emergency VAT rate from 23% to 15% in order to ease the impact of Coronavirus on their members.

The Association represents 150 of the best small to medium sized retail jewellers in Ireland, many of whom are families steeped in the local communities for decades. 

Secretary for the Association Damian Duggan said: “These are unprecedented times for small family businesses who make up the bulk of the membership of the Association and more needs to be done to protect them from the devastating impact the coronavirus will have on their businesses...This is an urgent call due to the dramatic decline in retail business where some of our members have experienced an 80% reduction in turnover. Therefore, the Minister should reduce the temporary 23% standard rate of VAT to 15% with immediate effect."