Written answers
Thursday, 26 March 2015
Department of Finance
VAT Rate Reductions
Tommy Broughan (Dublin North East, Independent)
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71. To ask the Minister for Finance the amount it would cost to the Government to lower the rate of value-added tax by each 1% point from 23% to 17%. [12401/15]
Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners information on estimated costs of VAT rate changes can be found in the post-Budget 2015 Ready Reckoner: . While the Ready Reckoner does not show all of the specific costings requested by the Deputy, other changes can be estimated broadly on a pro-rata basis with those displayed in the Reckoner. The cost of lowering the 23% VAT rate by 1% is estimated to be €275 million. Further decreases can be estimated on a straight line basis, where the cost of the additional 1% is added to the cost of the preceding 1% reduction estimate.
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