Written answers
Wednesday, 18 October 2006
Department of Finance
Tax Yield
9:00 pm
Eamon Ryan (Dublin South, Green Party)
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Question 174: To ask the Minister for Finance the estimate of the increase in tax receipts that have resulted from increased oil prices in 2006. [33201/06]
Brian Cowen (Laois-Offaly, Fianna Fail)
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I am advised by the Revenue Commissioners that the additional revenue likely to accrue to the Exchequer arising from the increase in the price of petrol and other oil products relates to the Value Added Tax portion of the increased price since the start of the year. The revenue collected from mineral oil excises does not fluctuate with price changes. The estimated yield of additional value added tax, based on clearances of oil products to the end of September on which excise duty has been paid, is set out as follows:
2006 | Additional VAT |
â'¬m | |
Petrol | 26.0 |
Auto diesel | 1.9 |
Kerosene | 3.3 |
MGO | 2.4 |
LPG | 0.5 |
Total | 34.1 |
It should, however, be borne in mind that to the extent that spending in the economy is re-allocated to energy products and away from other VAT liable spending and to the extent that the overall level of economic activity is reduced by higher oil prices, there may be little or no net gain to the Exchequer.
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