Fianna Fáil's Barry Andrews has called on the Government to return any tax receipts taken from the Live Aid DVD to the Band Aid trust for its work in Africa.
Mr Andrews said he would ask the ministers responsible to give "immediate consideration" to this matter.
The call comes following a move earlier today by the British Chancellor Gordon Brown to return VAT paid on the DVD and CD of the 1985 concert.
The remixed CD - featuring Duran Duran, Phil Collins, Bananarama, Boy George and George Michael - will be out next month, 20 years after the release of the original.
The British Tory government agreed to made a donation in 1985 to charities working in Ethiopia and Chad equivalent to the VAT collected on sales of the original 1984 Band Aid record Do They Know It's Christmas?
Mr Andrews said: "20 years ago when the original single went on sale the Government here led the way in ensuring that every penny spent by Irish consumers went to the aid operation in Ethiopia.
"Today the need for such funding is just as great in many parts of the continent, including the Darfur region of Sudan. By returning the VAT from the sales of the DVD and CD the Government would boost Band Aid's takings in the republic by over 20 per cent.
"With the re-released CD hotly tipped to take the Christmas Number 1, clearly the actual cash figure will be significant," Mr Andrews said.