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REMEMBER THAT EXTRA euro Minister Noonan placed on a bottle of wine in last year’s Budget?
The steep tax rise garnered plenty of attention when it was announced last December, with representative body the Irish Wine Association calling it “disproportionate, excessive” and contrary to the Governments’ “stated aim to support small business”.
Well, we now know how much has been raised in taxes for the State as a result of the measure: the Department of Finance has confirmed €45 million was brought in by the levy between January and the end of August.
Minister Noonan revealed the figure in an answer to a parliamentary question from Fine Gael TD Brendan Griffin. Speaking to TheJournal.ie, the Kerry South deputy said he had been curious as to how much the measure had raised, and that he welcomed the figure:
“Anything we can do to bring in extra revenue that means we aren’t having to be cutting, for example, services for older people, is to be welcomed,” Griffin said.
Asked whether he would support a further increase in the tax, he said said that “everything should be considered” in the run up to the Budget, but that there was a danger that if another rise was brought in “you might be into diminishing returns”.
Griffin added that “not one person” in his constituency had been in contact with him to complain about the tax since it was brought in.
Excise on wine brought in around €231 million in both 2011 and 2012, according to Department of Finance figures. The take for the first nine months of this year was at €174.8 million; the expected boost in trade in the run up to December is likely to bring the final figure well above the €231 million figure by the end of the year.
Competitiveness
The IWA is reiterating its call on the Government to reverse the measure, which it says is “challenging Ireland’s competitiveness as a tourism destination”.
Chairman of the body, Michael Foley said: “Ireland has the highest levels of excise in the EU and as a result is one of the most expensive countries to purchase wine.
“This clearly increases the risk of expediting cross-border shopping, which has a huge impact on the overall Irish retail sector.
“In basic terms, if we look at a standard €8 bottle of wine, a massive 53 per cent of this price is attributable to tax (excise & VAT).”
Corresponding VAT rates were not released by the Department, which said that “VAT returns do not require the yield from a particular sector or sub-sector of trade to be identified”. However, the IWA puts the overall VAT figure for wine for last year at €251 million.
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Of course, they know how we secure unsecured debt here
Here comes the good times again.
Lets bring back the coked up Celtic tiger days:)
If ya don’t get on the ladder, you’ll miss the boat.
When the tide goes out you see who’s been climbing ladders without a saddle
Paddle even
Are you suggesting the banks could be in some sort of zone of danger, John M?
No! I would never talk down the economy, once Dublin property rises the boom will lift all boats out of the water
http://m.youtube.com/index?&desktop_uri=%2F#/watch?v=_7HkG6OSo3E
This point illustrates the position of the Irish banking balance sheet,
Danger zone
Ireland is the safest country to lend too. The government will cover it no matter what happens in the banks !!
To not too!
Too not to
When the investers know that Irish taxpayers will cover any future losses,is it any wonder the banks had no problem whatsoever raising the cash.
Yes that’s how a loan work- well done you
It’s like free money over here lads. We are not called treasure island for nothing.
Treasure Oreland not as a good as use to be.
You’re always welcome Matt.
Can we consider dividing the comments on articles into categories ‘worth reading’ ‘personal agenda driven bull’ ‘troll’ ‘grammar police’, would’ve liked to have been able to find the intelligent commentary on this one.
Sure it’s ok. When ye fall flat on yer face we’ll pick up the tab…who’s your boy
At the end of the day banks need to be funded. The fact that this funding is not coming from the Irish taxpayer is very good news.
Banks don’t need funding, they need to run their business profitably like every other private company.
They need one to do the other. Like every business they need capital, which is exactly what this is.
Must go in and look for a tracker mortgage tomorrow so,100% mortgage of course….
Ask for 110% get a bit extra to furnish it.
Since we went to the expense of bailing them out should we not be glad they can now issue bonds and perhaps increase lending?
Sure with hindsight we may not have bailed them out, but we did and we should try and make the best of the situation we are in.
Unsecured? Haha.. The government owns AIB. Even if it didn’t.. It would still be secured by us lemons.
Of course there is high demand when the sovereign state has got your back even if it means breaking its people.
This seems to be a return to more normal practice and it is a relief to see them described as over subscribed, ie more demand than could be met.
Any idea what the rates are. Also given that Spain’s banks make ours look like models of stability where is there no push from Europe to resolve this once and for all.
A Catalan Minister who is pushing for independence stated today that if Madrid wants to continue threatening them and not working with them that Catalunya could down tools for a week and that Madrid could see how the world looks at its bonds then. Catalunya is the only reason that Madrid has a pot to pi55 in.
Our banks and economy might be stabilizing but the rest of the EuroZone is cracking up.
Time for the EU to act and resolve this, it can do so but the political will is not there.
Had to happen eventually, but they should underline the “unsecured” part this time…
another corner around which there are green shoots !!
I know its great, soon banks will return to profitability and will be able to pay six figure bonuses, meanwhile the goons will owe 207,000,000,000 with an annual interest payment of 7,000,000,000.00
Credit must go to the great Enda kenny who saved Ireland. We owe our beloved leader so much
Anyone aware that the Central Bank of Ireland is licensed to operate by the Bank of England!
So, why the surprise at this return to the conniving markets by a cog in the wheel?
I can’t wait to see what we proles vote for in the next dumb General Election. Ha! Ha! Ha!
Gamechanger.
Let’s hope the regulator doesn’t just sit on his hole this time and actually makes sure the banks are in line.
Nicky
Adebayo
Failte abhaile Adebayooooooo!
Stoksey mo chara d’aois. Tá sé ar fheabhas a bheith sa bhaile aris.
More comebacks from retirement than a boxer.
&Colin C:
No way!!! Why has somebody been mimicking me? I only went once.
Would like to know what madman thinks mortgage backed securities are a good idea. Mortgage arrears Ireland:
http://businessetc.thejournal.ie/mortgages-1154823-Oct2013/
How the 2007/2008 financial crisis began:
Would agree Neil, but you would have to assume these are not backed by so called sub prime mortgages. On the other hand we already have a problem with mortgage arrears which could quickly become a big problem when the ECB start banging up rates again, so probably not the best type of investment to issue. I’m sure they know what they’re doing :)
Brutal
have your say