Joan Collins
Question:80. Deputy Joan Collins asked the Minister for Finance if he will address a matter regarding the rate of VAT (details supplied); and if he will make a statement on the matter. [4763/20]
View answerWednesday, 13 May 2020
Questions (80)
Written answers
I am advised that information regarding the potential impact of possible rate changes on VAT receipts is available in Revenue’s Ready Reckoner at link:
https://www.revenue.ie/en/corporate/documents/statistics/ready-reckoner.pdf .
Increases or decreases in excess of the listed 1% change can be extrapolated on a straight-line basis.
Please note that the Ready Reckoner does not account for COVID-19.
Under the EU VAT Directive, with which Irish VAT law must comply, the lowest standard rate that can apply is 15%. In addition, further restrictions apply to the application of reduced rates; for example, while lower rates are permissible for some goods, the minimum rate that may be applied to certain goods and services cannot be less than 12%.