Darren O'Rourke
Question:128. Deputy Darren O'Rourke asked the Minister for Finance the projected revenue of the carbon tax receipts in each of the years from 2021 to 2030; and if he will make a statement on the matter. [49632/21]
View answerTuesday, 12 October 2021
Questions (128)
Written answers
I am advised by Revenue that the estimated additional yield arising from a €7.50 increase in the rate of carbon tax will yield an additional €109 million in 2022 and €148 million in a full year. 2022 is not a full year in terms of revenue yield due to the delayed commencement on home heating fuels.
With regard to cumulative carbon tax receipts over the period 2024 to 2030, this will depend on a number of factors, such as changes in the world price of crude oil, exchange rate movements, general economic performance, changes in consumer behaviour arising from increases to the carbon tax, the uptake in cleaner technologies for transportation and heating purposes, potential changes to EU legislation which are directed at reducing or dis-incentivising fossil fuel consumption, and indeed other considerations including any enduring Covid impacts.