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02/06/2008
Fine Gael Call For Reduction Of VAT
Opposition party, Fine Gael, has proposed a 1% reduction in VAT saying it would get the economy "back on track".
The party's spokesman on Communications, Energy and Natural Resources, Simon Coveney TD, said on Monday that the cut in the 13.5% VAT rate to 12.5% would help lower prices, reduce costs and get the economy back on track.
"The Party is seeking support for this measure from the Government during a Private Members' Motion in the Dáil this week," said Mr Coveney.
"This measure would not be at any cost to the already hard-pressed Irish taxpayer, or the Government. Our proposal is to fund this from a windfall gains levy on electricity generators.
"These companies will make unearned windfall gains of around €1.6 billion, based on an average carbon cost of €25 per tonne, between 2008 and 2012, arising from the free allocation of carbon allowances by the Government, which the electricity regulator included in the cost of electricity pricing."
The measure is to be discussed in the Daíl next week.
(DW/JM)
The party's spokesman on Communications, Energy and Natural Resources, Simon Coveney TD, said on Monday that the cut in the 13.5% VAT rate to 12.5% would help lower prices, reduce costs and get the economy back on track.
"The Party is seeking support for this measure from the Government during a Private Members' Motion in the Dáil this week," said Mr Coveney.
"This measure would not be at any cost to the already hard-pressed Irish taxpayer, or the Government. Our proposal is to fund this from a windfall gains levy on electricity generators.
"These companies will make unearned windfall gains of around €1.6 billion, based on an average carbon cost of €25 per tonne, between 2008 and 2012, arising from the free allocation of carbon allowances by the Government, which the electricity regulator included in the cost of electricity pricing."
The measure is to be discussed in the Daíl next week.
(DW/JM)
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