Dáil Éireann Debate, Tuesday - 27 June 2023
227. Deputy Richard Boyd Barrett asked the Minister for Finance to give a full-year cost of lost VAT to the Exchequer by introducing price controls that cap petrol/diesel at €1.30 and 1.40 per litre; electricity at 25c per kilowatt hour; natural gas at 8c per kilowatt hour and oil (kerosene) at €1 per litre; and if he will make a statement on the matter. [31013/23]
View answerI am advised by Revenue that the theoretical estimated full year cost of introducing these measures is provided in the table below. The Deputy should note, however, that a price cap of this nature would result in operators selling fuel at below cost which is not sustainable in any business. The estimates are based on the most recently available price information and do not take account of any behavioural change by either vendors or purchasers.
|
Commodity |
Price € |
Full Year VAT Loss (€m) |
|
Petrol (l) |
1.30 |
316 |
|
Diesel (l) |
1.40 |
267 |
|
Kerosene (l) |
1.00 |
45 |
|
Electricity (KWh) |
0.25 |
217 |
|
Gas (KWh) |
0.08 |
45 |
|
Total |
890 |
