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Updated: 22:28, Wednesday, 19 August 2009
A Fianna Fáil backbench TD has called on the Minister for Finance to cut the rates of VAT in the next budget.
Michael McGrath said Brian Lenihan should reduce the 21.5% rate to 15%, and the 13.5% rate to 10% for six months to boost consumer spending.
The Cork South Central TD said the fall in VAT revenue makes up almost 80% of the €575m shortfall on the projected tax take set out in April's budget.
Deputy McGrath, who is Vice Chairperson of the Oireachtas Finance Committee, said the Government must be bold in its approach to domestic policy and not be afraid to try new ideas.
19 August 2009
FF backbencher calls for VAT reduction
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