Stimulus plan
The VAT rate will be reduced as part of the July stimulus plan announced this evening.
There's also going to be changes to the help to buy scheme as part of the €7 billion package.
The government has been announcing details of the €7 billion July stimulus plan.
50 individual measures as part of the government's July stimulus. Across the board VAT cut from 23 to 21%. Grants and low cost loans for businesses. Sector specific supports.
— Seán Defoe (@SeanDefoe) July 23, 2020
The surprise item is a reduction across the board in the 23% rate to 21% between September this year and February next year.
First time buyers will also get a boost.
The Restart Grant for Enterprises is being extended and expanded.
The grant is being increased, more businesses can apply and further grants will be available to firms which have already received them.
Applications will open soon. See more: https://t.co/Hbenkh64rk #JobsStimulus pic.twitter.com/957C2cgR1O
— Department of Business, Enterprise and Innovation (@EnterInnov) July 23, 2020
For the rest of this year they will be able to get up to 10% or €30,000 back on the cost of a new home under the help to buy scheme - up from 5% or €20,000 at present.
There's to be a staycation subsidy back on €625 spent holidaying in Ireland which will take the form of a tax credit next year.
There will be access to grants of up to €25,000 for businesses as well as low interest loans.
