Dáil Éireann Debate, Wednesday - 18 January 2023
342. Deputy Pearse Doherty asked the Minister for Finance the estimated cost of extending the 9% rate of VAT applicable to electricity and gas from 28 February to end-March and end-June 2023, respectively. [1399/23]
View answer385. Deputy Pearse Doherty asked the Minister for Finance the estimated cost of extending the reduced 9% VAT rate applicable to electricity and gas from beginning of March 2023 to end-June 2023 and end-2023 respectively. [2401/23]
View answerI propose to take Questions Nos. 342 and 385 together.
I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide a costing for the measures outlined above using information provided on tax returns.
However, tentative estimates using third-party data sources and the most recently available consumer price indices for electricity and gas are provided below. These estimates do not account for any behavioural changes and are subject to revision should the volatility in gas and electricity prices continue over the short to medium term.
|
- |
Estimated cost for 1 March – 31 March 2023 |
Estimated cost for 1 March – 30 June 2023 |
Estimated cost for 1 March – 31 Dec 2023 |
|
Electricity |
€12.0m |
€44.4m |
€113.2m |
|
Gas |
€5.4m |
€17.5m |
€37.3m |
|
Total |
€17.4m |
€61.8m |
€150.5m |
