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Leaked documents confirm Irish 2% VAT hike

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Ireland will increase its VAT rate by 2% in next month's budget, leaked documents to the German parliament confirm.

The documents, which contained details of the new 23% VAT rate, were seen by a German parliamentary committee as the Irish leader, Enda Kenny, held talks with his German counterpart, Angela Merkel.

The European Commission apologised for the release, describing it as “regrettable”.

The 2% hike is expected to generate €670 million ($905 million) annually in extra revenue.

Speaking today, Ireland’s finance minister, Michael Noonan, said the hike had been agreed in negotiations with the European Central Bank, European Commission and the IMF.

Earlier this month, Noonan was selected by International Tax Review as one of the 50 biggest influences in tax.

For full coverage of Ireland’s budget, follow www.internationaltaxreview.com.

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