Brendan Griffin (Kerry, Fine Gael)
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220. To ask the Minister for Finance the annual cost of a reduction in Value Added Tax from 23% to 21%; and if he will make a statement on the matter. [10557/16]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that information on estimated costs of changes to all of the VAT rates can be found in the post-Budget 2016 Ready Reckoner on the Revenue Statistics webpage: .

The Revenue Ready Reckoner estimates the full year cost of reducing the 23% VAT rate by 1% to be €318 million. Further decreases can be estimated on a straight line basis, thus the full year cost of reducing the standard rate from 23% to 21% is estimated to be €636 million.