Ireland slashes VAT on gas, power supplies
Ireland's government has temporarily cut value-added tax (VAT) on gas and electricity supplies from 13.5% to 9%, to help reduce the burden that the global energy crisis has placed on households.
The cut, which will be in force between May 1 and October 31, will amount to a tax saving of €46mn ($50mn), the government said on April 13. Households will save annually an estimated €50 on gas supplies and €70 on electricity supplies, which the government said would more than offset the increase in carbon tax that is also due to take effect on May 1.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
The government also cut excise duty on gasoline and diesel by €0.20 and €0.15/litre respectively last month, at a cost of €310mn. And it is also providing an extra lump sum of €100 in May to households vulnerable to fuel poverty, at a cost of €37mn.