Budget 2012: Little increases mounting up

Increases in indirect taxes made up the vast majority of revenue-raising measures in Budget 2012, writes Jarlath O'Keefe at Ernst & Young.

10th December, 2011
Budget 2012: Little increases mounting up
Shoppers on Grafton Street: the Vat rate increase is expected to raise an additional €670 million in a full year. Photo: Photocall

In his speech, Minister Noonan confirmed a 2 per cent increase in the standard rate of Vat would become effective from January 1, 2012. He also confirmed that there would be no further increase to the standard rate of Vat in the lifetime of this Government. If the Government stands by that pledge, it does beg the question about exactly where and how future revenue might be raised from indirect taxes.

This might involve moving items which currently...

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