From yesterday the VAT rate on sectors of the economy that are likely to be used by tourists (restaurants, hotels, cinemas, newspapers and other tourism-related activities) has been reduced from 13.5% to 9% in a bid to make us a more attractive destination.
The government has urged this savings to be passed on to the consumer. The scheme will run until December 2012 when it will be reviewed. There is no legal obligation for business to alter their pricing accordingly but Enda Kenny has said that companies will be 'failing Ireland' if they don't.
FS
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