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1. Hoteliers say rise in VAT rate will cost jobs
Michael Noonan’s comments on the increasing of the 9% VAT rate will lead to the loss of jobs in the industry, according to Tim Fenn, chief executive of the Irish Hotels Federation.
2. ‘Black Economy’ a problem for building firm-CIF
Over two-thirds of construction companies have been asked to do a job for cash outside the tax system this year, according to a survey by the Construction Industry Federation. 95% of those surveyed believe they have lost jobs to black market operators in recent months.
Something is starting to stir on the building front. Although the statistics released by the CSO last week are starting from a very low base, they show a small rise in house prices and approved planning applications, with the biggest changes coming from the Dublin market.
The head of the IBEC has urged the government to scrap the €500m in planned tax hikes in the forthcoming budget. Kennedy believes that further tax hikes are likely to bring in less, not more, revenue for the state.
The executive board of the IMF have has said that Ireland has completed the eleventh review under the bailout and has approved a disbursement of €770 million. The IMF said that growth in the economy if encouraging, but unemployment and non performing bank loans are worrying signs.