Michael McGrath (Cork South Central, Fianna Fail)
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Question 53: To ask the Minister for Finance his plans for the top rate of value added tax in view of the commitments in the memorandum of understanding with the EU and IMF; if he will raise the matter with the EU and IMF during the present visit; and if he will make a statement on the matter. [29352/11]

Michael Noonan (Limerick City, Fine Gael)
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The EU/IMF Programme provides for a 1% increase in the standard VAT rate to 22% with effect from January 2013, and a further 1% increase in the standard VAT rate to 23% with effect from January 2014. The Programme for Government limits the standard rate of VAT to 23%, but does not specify the timeframe for this increase. The level and timeframe of any increases in the standard VAT rate will be determined in the context of the annual Budget cycle.