DUBLIN will receive a €50m cash injection during the St Patrick’s Festival as more than 120,000 tourists flock to the capital.
In total, some 800,000 people will take part in the celebrations, which start tomorrow and run until Monday.
“The St Patrick’s Festival is Dublin’s flagship annual event and it looks like this year could be the biggest yet,” said Dublin Chamber of Commerce chief executive Gina Quin.
An upward trend in overseas visitors has gathered momentum recently, with the total number of trips to Ireland rising to 1,248,300 between November 2012 and January 2013.
Ms Quin said the figures demonstrate the importance of the reduced rate of VAT for tourism services.
“The decision to extend the lower rate of VAT at 9pc was particularly important, however, a commitment must be made to extend the application of the rate into 2014.
One third of all hotel bednights are booked one year in advance, so providing a level of certainty on the VAT rate will allow the tourism industry to market this competitive advantage throughout 2013 in selling tourism products for 2014.”