Gerald Nash (Louth, Labour) | Oireachtas source

I move amendment No. 59:

In page 91, to delete lines 5 to 7, inclusive, and substitute the following:

“44. (1) Section 46 of the Principal Act is amended, in subsection (1)(caa), by the substitution of “28 February 2023” for “31 October 2022”.

(2) The Minister shall, before 14 February 2023, cause a report to be laid before Dáil Éireann on the revenue foregone as a result of the operation of subsection (1)(caaa), and the impact on domestic households of not further extending the period provided for by the subsection.”.

At the end of February, the flat rate on gas and electricity bills will go back up to 13.5% from 9%, which is the current rate. On budget night, a resolution was passed to further extend the VAT rate cut to the end of February. We are proposing to extend the VAT rate cut on electricity and gas bills out to the end of 2023. The approximate costing I received from the Minister, given the varying interpretations, is around €150 million to €160 million to extend that to the end of 2023. We know the €200 credit is expiring next April and whatever about gas bills, electricity bills will still be an issue with the ever-rising cost of electricity. We are asking the Minister to consider further extending the VAT rate cut from 13.5% to 9% out to the end of 2023. That would remain in existence to assist hard-pressed families throughout the remainder of 2023.