Decisions on VAT and excise are a vital part of the budget day mix and matter for household spending power
Will the Government cut VAT on bikes in the budget? It is estimated that it would cost about €6m to cut the rate to 13.5 per cent.
So decisions on VAT and excise are a vital part of the budget day mix and really matter for household spending power, even if they do not have the high profile impact on take-home pay which comes from changes in income tax or the USC. And as the cost-of-living crisis hits these indirect taxes have been in the frame, with important changes and key decisions to be made this year again. A key point is that these all have to fall within EU rules, which operate a tight framework for VAT.
However, the Government could decide to extend it again, but at a hefty enough annual cost of €319 million. On its own this does have a major impact on households - perhaps €40-€50 on an average annual electricity bill or a bit more for duel fuel users. But combined with other measures the figures add up. Households got €450 in total via three energy credits last winter. A key choice is whether to have one “final” round of these payments.
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