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Announced this week by Paschal Donohue, the Minister for Finance, Budget 2022 contained a number of measures that will affect Irish motorists and the motor industry.

Several elements that will be of interest to motorists include, €30 million allocated to road maintenance and €100 million to E.V charging grants and infrastructure.

The major changes include:

Cost of fuel

Carbon taxes are to rise to €7.50 per tonne, which will raise the price of fuel. This will increase by the same amount in every budget until the year 2029.

At midnight Tuesday 12th October, 2021, the price of a litre of petrol increased by 2.1c per litre and of diesel by 2.5c. A 60-litre tank of diesel increased by €1.48 and a similar tank of petrol by €1.28.

Budget 2022: Fuel Costs

VRT changes

The existing €5,000 Vehicle Registration Tax (VRT) exemption of battery-electric cars up to a value of €40,000 will be extended to the end of 2023. This exemption for low-emission cars had been predicted to be ceased.

Elsewhere VRT will increase, together with the price of new cars from the beginning of January 2022.

The twenty-band emissions-indexed VRT calculation system will remain with a 1% VRT increase for new vehicles that fall between bands 9-12, a 2% increase for vehicles in band 13-15 and a 4% rise for the highest-emission vehicles in bands 16-20. This will now bring the VRT rate in the top tier to 41 percent.

The rates for low-emission vehicles generating less than 110g/km of CO2 in bands 1-8 remain unchanged.

Motor Tax

There has been no changes to general motor tax rates, aside from VRT.  

Hydrogen

On hydrogen, few details were provided, but the Accelerated Capital Allowance scheme for gas and hydrogen-powered vehicles and refuelling equipment has been extended for three years.

 

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