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23/10/2014
New Vehicle Sales Increase
There has been an increase in the sale of new vehicles in Ireland, the Finance Minister has confirmed.
The statistics were revealed by Minister Michael Noonan TD in response to a question from Fine Gael TD Brendan Griffin.
From January to September 2014, the increase in VRT on new vehicle registrations, when competed to the same period in 2013, increased by 30% or €87m. The corresponding increase in VAT is estimated to be €84m – an increase of 32%.
In his response to the Dáil question, Minister Noonan said the growth in sales had provided an additional €171m in tax for the exchequer.
Commenting on the figures, Mr Griffin said it was "extremely good news" for the exchequer.
He added: "On top of the actual cash generated, the increasing new vehicle sales indicate that consumer sentiment is improving rapidly and the increases in commercial vehicle sales indicate that business owners are broadly optimistic about the future of our economy.
"In Budget 2015, the Government chose to help protect the recovery in the motor sales industry by not increasing VRT, motor tax and fuel taxes. I am confident that these measures will help continue the flow of revenue from increasing new vehicle sales for the rest of 2014 and into 2015."
(JP/CD)
The statistics were revealed by Minister Michael Noonan TD in response to a question from Fine Gael TD Brendan Griffin.
From January to September 2014, the increase in VRT on new vehicle registrations, when competed to the same period in 2013, increased by 30% or €87m. The corresponding increase in VAT is estimated to be €84m – an increase of 32%.
In his response to the Dáil question, Minister Noonan said the growth in sales had provided an additional €171m in tax for the exchequer.
Commenting on the figures, Mr Griffin said it was "extremely good news" for the exchequer.
He added: "On top of the actual cash generated, the increasing new vehicle sales indicate that consumer sentiment is improving rapidly and the increases in commercial vehicle sales indicate that business owners are broadly optimistic about the future of our economy.
"In Budget 2015, the Government chose to help protect the recovery in the motor sales industry by not increasing VRT, motor tax and fuel taxes. I am confident that these measures will help continue the flow of revenue from increasing new vehicle sales for the rest of 2014 and into 2015."
(JP/CD)
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