October 20, 2020
Business News

Waterford businesses hit by Covid-19 to get three-month rates deferral

Waterford businesses affected by the Covid-19 outbreak will be able to defer commercial rates by three months, it has been announced.

According to a statement released by the Government, it has come to an agreement with local authorities to postpone collection of the payments from the most immediately impacted businesses in the retail, hospitality, leisure and childcare sectors, for three months.

The Minister for Local Government Eoghan Murphy had been coming under pressure from retailers and other businesses to make a concession on the issue due to the economic impact of the coronavirus.

Any business wishing to avail of the scheme need to contact the local authority in the coming days.

“Recognising that this flexibility will have implications for local authorities in terms of cash flow and critical service delivery implications, short-term cash flow support for local authorities will be made available. It will review the arrangements, as required,” the Government statement  said.

Businesses around the country contribute €1.5 billion in commercial rates to local authorities every year.

This is a critical source of income, making up between 16% and 53% of total funding for essential local services at individual local authority level, averaging 33% nationally.

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