Newspaper group welcomes VAT cut
Published 11/05/2011 | 05:00
THE National Newspapers of Ireland (NNI) welcomed the announcement that the VAT on newspapers is to be reduced from 13.5pc to 9pc.
The lobby group said the old rate was amongst the highest in the EU and has repeatedly called for the reduction.
"The NNI greatly welcomes this significant reduction in VAT, particularly at a time when the media landscape has changed so drastically and the newspaper industry is faced with huge threats," chairman Paul Cooke said.
"Two of our national newspapers have recently closed and the industry is dealing with on-going challenges as it seeks to sustain employment for the thousands dependent on it."
Meanwhile, the Government is finally going to introduce a loan guarantee scheme for innovative businesses struggling to get credit from the banks.
The State will guarantee repayment of a percentage of the bank loans to 'help get the credit lines flowing" again.
Enterprise Minister Richard Bruton said there would be a micro-finance fund to help small start-ups. And he said he would require all government bodies to pay suppliers within 15 days of receiving an invoice.