Dáil Éireann Debate, Tuesday - 10 February 2015
237. Deputy John Paul Phelan asked the Minister for Finance the amount of revenue raised in 2013 and 2014 from value added tax charged on newly constructed and sold residential properties; the number of new residential units involved; and if he will make a statement on the matter. [6061/15]
View answer238. Deputy John Paul Phelan asked the Minister for Finance the likely cost, in terms of tax foregone, of reducing the rate of value added tax on newly constructed and sold residential properties from 13.5% to 9%, based on the number of these units on which value added tax was charged in 2014; and if he will make a statement on the matter. [6062/15]
View answerI propose to take Questions Nos. 237 and 238 together.
I am informed by the Revenue Commissioners that the total yield of domestic VAT revenue attributed to the construction industry as a whole in 2013, which is the latest year for which the necessary detailed data are available, is estimated to be of the order of €72 million. It should be noted that this receipt figure is net of any refunds of tax that were repaid during the year. Equivalent figures for 2014 are not yet available.
I am also informed by the Revenue Commissioners that, as the information furnished on VAT returns does not require the yield from particular activities or sectors of trade to be identified, it is not possible to estimate the VAT yield for the specific activities mentioned by the Deputy in his questions. Accordingly, nor am I in a position to provide the projected figures for the reduction of the VAT rate applicable.
