Dáil Éireann Debate, Monday - 11 September 2023
493. Deputy Jennifer Murnane O'Connor asked the Minister for Finance the estimated cost if the 9% VAT rate on electricity and gas were applied for the period of 1 November 2023 to 31 March 2024. [39096/23]
View answerAs the Deputy will be aware VAT returns are collected every two months. To avoid underpayments of VAT arising from error or fraud, VAT rates are changed at the start of these VAT periods rather then at other times of the year. The estimated cost of changes are therefore calculated on the basis of these VAT periods.
The cost of applying a 9% VAT rate to gas and electricity from 1 November 2023 to 29 February 2024 is estimated to be €118.7m. If the measure was extended from 1 November 2023 to 30 April 2024 the estimated cost is €176.1m.
