Dáil Éireann Debate, Tuesday - 7 March 2023
231. Deputy Carol Nolan asked the Minister for Finance if he will outline the projected impact which the proposed rise in excise duty of a total of 21 cents on petrol and diesel over the coming months would have on overall revenues generated in a full year; and if he will make a statement on the matter. [11089/23]
Amharc ar fhreagraAs the Deputy will be aware, in 2022 my predecessor provided for a reduction in the rates of excise applied to petrol and diesel. These reduced rates were due to expire on 28 February 2023 but the Government decision of 21 February 2023 provided for a further extension of these reduced rates. On 1 June 2023 a phased restoration of these rates will begin with two further restoration dates in September and October 2023.
I am advised by Revenue that the estimated additional receipts accruing in a full year from the proposed changes to Mineral Oil Tax (MOT) on petrol and diesel are outlined in the following table. These are tentative estimates and do not assume any behavioural change.
|
Fuel Type |
MOT €m |
VAT €m |
Total €m |
|
Petrol |
159.0 |
36.6 |
195.6 |
|
Diesel |
478.6 |
35.2 |
513.8 |
