Speaking this afternoon (3 June 2020), following the publication of the May Exchequer Returns, Chambers Ireland Chief Executive Ian Talbot said,
“The Exchequer Returns today are a stark reminder of the impact COVID-19 has had not only on the health of our people, but on our economy. If these businesses are to recover in the months ahead, they will need every assistance to do so. It is also vital that we restore taxation levels as rapidly as possible to ensure that we can continue to meet the Government’s increasing Current Expenditure commitments to deal with the consequences of this crisis.
The collapse in VAT and Excise receipts in the Returns demonstrate the severe difficulty that retail and hospitality businesses are facing, and will continue to face, for some time to come. While protecting public health must remain the priority, this must be paired with a strategy for how we can meaningfully support business to begin the difficult task of reopening.