Written answers
Tuesday, 23 July 2024
Department of Finance
Tax Yield
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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450.To ask the Minister for Finance the full-year revenue that would be generated by increasing stamp duty on non-residential property to 10%; and if he will make a statement on the matter. [33738/24]
Jack Chambers (Dublin West, Fianna Fail)
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I am advised by Revenue that the estimated yield that would be generated by a range of potential changes to the rate of stamp duty chargeable on transfers of non-residential property is published on page 19 of the Ready Reckoner, available on the Revenue website at:
www.revenue.ie/en/corporate/documents/statistics/ready-reckoner.pdf.
While the specific estimate sought by the Deputy is not provided, it can be estimated on a straight-line or pro-rata basis. Ready Reckoner estimates do not take account of any potential change in behaviour by the taxpayers concerned in response to changes in the tax rate.
The Deputy will wish to note that an update of the Ready Reckoner is due to issue in the coming weeks.
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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451.To ask the Minister for Finance to provide a full-year cost of lost VAT to the Exchequer by introducing price controls that cap petrol/diesel at €1.30 and €1.40 per litre, electricity at €0.25 per kilowatt hour, natural gas at €0.08 per kilowatt hour and oil (kerosene) at €1 per litre; and if he will make a statement on the matter. [33739/24]
Jack Chambers (Dublin West, Fianna Fail)
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I am advised by Revenue that the estimated full year cost of introducing these measures is provided in the table below. The estimates are based on the most recently available price information and do not take account of any behavioural change by either vendors or purchasers. The estimates are also adjusted to account for the right to deduct input VAT on commodities (excluding petrol) by VAT registered businesses.
Commodity | Price € | VAT Loss (€m) |
---|---|---|
Petrol (l) | 1.30 | 85 |
Diesel (l) | 1.40 | 74 |
Electricity (KWh) | 0.25 | 274 |
Natural Gas (KWh) | 0.08 | 111 |
Kerosene (l) | 1.00 | 6 |
Total | 550 |
Note: estimates are rounded to nearest €1 million.
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