Monday, December 08, 2008

Veritas elects to absorb VAT hike

Veritas has opted not to pass on the half-percent increase in VAT to its customers for the Christmas period.

The new VAT level, which came into effect on Monday, was set to increase prices on the company's non-book products, but a spokesman for Veritas has stated it will absorb the cost and protect its customers.

Speaking to The Irish Catholic, Manager of Veritas in Dublin's Abbey Street, Derek Tisdall, said the move was a gesture of goodwill to its loyal customers.

''We are willing to take the hit for them,'' he said.

Admitting that the increase was another bit of bad news on an already hard season for both retailers and customers, Derek said the company would stand firm, ensuring that already hard-hit Christmas customers wishing to source cards, music CDs and Nativity sets would not be further stretched.

This was a decision that affected all Veritas outlets, he confirmed.

''It is impossible at this point to calculate what this will cost Veritas,'' Mr Tisadall admitted, ''but it is the principle of the thing.''

Veritas Director, Maura Hyland, said the decision had been reached by consensus among all shop managers at a recent meeting.

''There is always stress around Christmas,'' she said, ''and even more so this year. We decided to show loyalty to customers who have been so loyal to us.''

Mr Tisdall pointed out that Veritas till receipts would show the full 21.5 percent VAT rate, a requirement under law, allowing businesses and overseas travellers to reclaim their VAT.

''The half percent will be paid by Veritas,'' he confirmed of all sales, adding, ''Hopefully this will help.''
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(Source: IC)