Dáil Éireann Debate, Tuesday - 14 July 2020
297. Deputy Brendan Griffin asked the Minister for Finance the amounts generated by the 23% VAT rate in each year since 2012, in tabular form; if he has considered reducing the rate in order to stimulate businesses, particularly in the retail sector; and if he will make a statement on the matter. [15166/20]
Amharc ar fhreagraI am advised by Revenue that VAT registered traders are not required to separately identify the VAT generated from a particular activity or product type on their VAT returns. However, using Revenue and other third-party data, an estimate of the VAT generated at the standard rate (currently 23%) for the years 2012 to 2019 is provided below.
|
Year |
Yield Standard Rate (23%) €m |
|
2012 |
€8,013 |
|
2013 |
€7,957 |
|
2014 |
€8,530 |
|
2015 |
€9,153 |
|
2016 |
€9,690 |
|
2017 |
€9,546 |
|
2018 |
€10,045 |
|
2019 |
€10,901 |
Information in relation to the effect of a VAT rate change on receipts is available on page 25 in the Revenue Ready Reckoner at link which the Deputy may be interested in:
www.revenue.ie/en/corporate/documents/statistics/ready-reckoner.pdf.
The Government is fully aware of the unprecedented impact that the coronavirus is having on business and people’s livelihoods. In this regard a range of measures have been introduced to provide income support to those who need it while also giving confidence to employers to retain the link with employees so that when this crisis passes our people can get back to work as quickly and seamlessly as possible.
In addition to current support measures, my officials are examining a range of possible measures to ensure that the economy is in a position to recover rapidly while maintaining a stable tax base.
