Budget 2016: European Commission warns any extra revenues be used to cut debt – Independent.ie

Brussels set out four recommendations that it sees as important in protecting the national finances.

These include ensuring that any extra revenue collected this year should be put towards paying down debt and narrowing the deficit at a quicker pace, and to broaden the tax net, including on VAT.

The Commission also noted that zero and reduced rates for VAT make the tax base less efficient than the EU average, signalling it has concerns about the lower rate of VAT for the hospitality industry.

via Budget 2016: European Commission warns any extra revenues be used to cut debt – Independent.ie.

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