Fianna Fáil TD for Cork North West Michael Moynihan is calling for innovative measures to be considered to ensure that the tourism and hospitality industry can get back on its feet after the threat of COVID19 passes.
Deputy Moynihan explained, “Restaurants, bars, cafes, salons and other small businesses have been hardest hit by the Coronavirus and they will need significant supports to ensure that they can get back up and running once the threat of COVID19 abates.
“We need to examine ways of stimulating these businesses, particularly those in the tourism and hospitality industry. One of the measures which could be explored is a once-off tax credit for people spending money in hotels, restaurants, bars and other businesses in the sector.
“People could apply for the tax credit in the same way they do for medical expenses; by submitting receipts or proof of purchase. A cap could be placed on the on the credit and a sunset clause introduced so that the credit itself is time-limited. This could serve as an incentive for people to go out for dinner or go away for a weekend once the threat from the Coronavirus has passed.
“The tax credit would have to be closely monitored to ensure that it isn’t abused, but I believe we need to think outside of the box to ensure that the businesses worst hit by this crisis are supported so that they can reopen and jobs can be saved. Many of these companies were viable, profitable businesses before COVID19 hit. We need to do all that we can to ensure that these businesses survive”, concluded Deputy Moynihan.
