Terence Flanagan (Dublin North East, Independent)
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194. To ask the Minister for Finance the cost to the Exchequer of the reduction in VAT to 9% which the levy on private sector pension savings was meant to fund in each year since it was introduced; and if he will make a statement on the matter. [46416/13]

Michael Noonan (Limerick City, Fine Gael)
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The 9% reduced VAT rate for tourism related services was introduced in July 2011 as part of the Government Jobs Initiative. The measure was designed to boost tourism and create additional jobs in that sector. The measure was estimated to cost €120 million in 2011, €350 million in 2012, €350 million in 2013, and €60 million in 2014. In the recent Budget I announced that the 9% VAT rate would be retained, at a cost of €290 million in 2014 and €350 million in a full year.