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.
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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.