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Vrt being phased out?

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  • 23-07-2005 2:19pm
    #1
    L5
    Closed Accounts Posts: 2,951 ✭✭✭


    So i hear from a few people recently that vrt is being phased out shortly. is this correct and surely the 2nd hand car market will collapse once this starts. Would it be worth my while waiting a year or so to see what happens?

    thanks


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    #2
    Silvera
    Registered Users Posts: 4,033 ✭✭✭Silvera


    If it is 'phased out' the govt will replace it with another form of motoring tax - they have too much to lose not to do so.

    Motoring taxes (incl VRT) net the State c.€800 million a year.


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    #3
    bazz26
    Registered Users Posts: 51,240 ✭✭✭✭bazz26


    It is only talk and even at that they were only talking about phasing it out over a 5 to 10 year period. The Exchequer could not take a shock to the system like that in one year. I also read that about 17% of all taxes paid into the Exchequer in Ireland comes from motorists so don't hold your breath on VRT going.


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    #4
    mike65
    Closed Accounts Posts: 88,978 ✭✭✭✭mike65


    more here

    Mike.


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    #5
    AMurphy
    Closed Accounts Posts: 1,237 ✭✭✭AMurphy


    L5 wrote:
    So i hear from a few people recently that vrt is being phased out shortly. is this correct and surely the 2nd hand car market will collapse once this starts. Would it be worth my while waiting a year or so to see what happens?

    thanks

    Right! and what new tax is being phased in to replace it?
    Vacation home property tax, property tax on all properties.

    Here we have "property tax" on cars, boats, houses, land. 1.25% pa, which is kinda nice for the gov as the value of houses keeps appreciating, so every year they get a bit more and more. Meanwhile the tax on the car drops as it depreciates, however, not as much as the prop tax goes up.

    Right it may cause an unexpected wrinkle for a few years, just like the taxi permitting change caused lots of Dublin taxis to loose money on previously purchased taxi plates. But it will resolve itself quickly after a while, or even before. Lets say the Gov announced a revustion in the VRT in some months hence, this woudl immediately depress transactions as people would wait before making any transactions, if they could.

    And lets say the new tax rakes in even more funds, would your roads improve any, or would the Gov simply buy another MB or jet.?.

    The devil in the details.


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    #6
    whizzbang
    Registered Users Posts: 1,366 ✭✭✭whizzbang


    I doubt that VRT is goign anywhere until after the SSIA's mature, it is perfect for the government, they give you 25% you give them 46% back! :)

    J


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    #7
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    whizzbang wrote:
    I doubt that VRT is goign anywhere until after the SSIA's mature, it is perfect for the government, they give you 25% you give them 46% back! :)
    46%? :confused:

    Or do you mean they'll keep VRT until the SSIAs mature as they'll be in for a VRT/VAT windfall with so many punter buying new jammers?

    Ah yes - definitely true.

    To the OP - don't bother waiting, no real change will happen soon.


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    #8
    whizzbang
    Registered Users Posts: 1,366 ✭✭✭whizzbang


    yep, 46% includes VAT! just pointing out that they will get a net gain!

    that beign said I'd sya we will have soem form of VRT for at least 5 to 10 years, its too valuable!

    J
    The Atheist wrote:
    46%? :confused:

    Or do you mean they'll keep VRT until the SSIAs mature as they'll be in for a VRT/VAT windfall with so many punter buying new jammers?

    Ah yes - definitely true.

    To the OP - don't bother waiting, no real change will happen soon.


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