Ritchie welcomes Treasury investigation into Tourism VAT

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info@newrytimes.com
Tuesday, March 29th, 2016
Politics
SDLP MP for South Down, Margaret Ritchie, has welcomed the Treasury’s commitment to investigate the economic benefits of a reduced rate of Tourism VAT. ritchie8Ritchie, the chair of the All-Party Parliamentary Group on the Visitors’ Economy said, “I am delighted to welcome the commitment from the Treasury to look at the merits of a reduced rate of tourism VAT. “The majority of EU countries have lower rates of VAT for tourism and hospitality businesses and UK businesses are at a disadvantage as a result. “The tourism and hospitality sectors in Northern Ireland have the additional difficulty of competing with the Republic of Ireland, which has a rate of only 9%. They have enjoyed boosts in the industry and job creation. “Particularly in constituencies like my own of South Down, tourism is a vital component in the local economy and a cut to tourism VAT could stimulate employment, boost visitor numbers and enhance the overall Northern Ireland economy.
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LearnSpark1She added, “I look forward to the conclusion of this investigation by the Treasury and urge all parties interesting in boosting the tourism and hospitality industries in Northern Ireland to continue to make the case for a cut in VAT.”

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