Brendan Griffin
Question:220. Deputy Brendan Griffin asked the Minister for Finance the annual cost of a reduction in value added tax from 23% to 21%; and if he will make a statement on the matter. [10557/16]
View answerTuesday, 17 May 2016
Questions (220)
Written answers
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 post-Budget 2016 Ready Reckoner on the Revenue Statistics webpage: http://www.revenue.ie/en/about/statistics/index.html.
The Revenue Ready Reckoner estimates the full year cost of reducing the 23% VAT rate by 1% to be €318 million. Further decreases can be estimated on a straight line basis, thus the full year cost of reducing the standard rate from 23% to 21% is estimated to be €636 million.