The October Budget outlines a €1.5 billion allocation for tax cuts in the coming year. However, a significant portion, approximately €1 billion, is designated for reducing VAT rates specifically for restaurants, bars, and cafes. This allocation significantly constrains the ability to implement further income tax cuts. Additionally, potential changes to the tax package could arise if the European Union is affected by tariffs imposed by the United States, complicating the fiscal landscape.
In October's Budget, €1.5 billion is allocated for tax cuts next year, but a €1 billion reduction in VAT for hospitality will limit potential income tax cuts.
Should the EU be impacted by US tariffs, adjustments to the current tax package may be necessary to address the economic challenges faced.
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