Ireland may cut tax on business in stimulus plan - minister

Ireland is considering reductions in business tax as part of a "radical and far reaching" multi-billion euro stimulus plan set to be announced in the week of July 21, Business Minister Leo Varadkar said on Wednesday.

Ireland's tourism and hospitality sector has called for a cut in the rate of Value Added Tax (VAT). The government temporarily reduced the rate to 9% from 13.5% in 2011 to help the industry recover from the last economic crisis.

"The kind of things that we are considering are restart grants to help businesses that are reopening or have reopened, reductions in business tax and commercial rates, access to low-cost loans," Varadkar told a news conference.