Thomas P. Broughan
Question:60. Deputy Thomas P. Broughan asked the Minister for Finance the estimated cost to the Exchequer of reducing the VAT rate by 1% and 2%, respectively. [32392/15]
View answerWednesday, 23 September 2015
Questions (60)
Written answers
As the Deputy is aware, there are a number of VAT rates in operation in Ireland. I am advised by the Revenue Commissioners that information on estimated costs of changes to all of the VAT rates can be found in the pre-Budget 2016 Ready Reckoner on the Revenue Statistics webpage: http://www.revenue.ie/en/about/statistics/ready-reckoner.pdf.
While the Ready Reckoner does not show all of the specific costings requested by the Deputy, other changes can be estimated on a pro-rata basis with those displayed in the Reckoner. For example, the full year cost of reducing the 23% VAT rate by 1% is estimated to be €286 million. Further decreases can be estimated on a straight line basis. The figures for the other VAT Rates are included in the Ready Reckoner.