The managing director of Co. Kerry's Parknasilla Resort, Tony Daly, has said that the rise in the hospitality industry's VAT rate from 9% to 13.5% contributed to a 5% decrease in the resort's revenues last year.
The Irish Independent quotes Daly as saying that the VAT rate increase "has had a negative impact on business" and that the resort did not pass the rise in VAT on to its customers, which adversely affected its revenues in 2019.
Business Costs Increase "Across The Board"
Daly added, "The cost of doing business increased across the board in 2019, impacting on operational profit. UK business has decreased due to a weak sterling exchange rate."
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