asked the Minister for Finance in relation to section 6 of the Value-Added Tax (Amendment) Bill, 1977, approximately how many persons will be brought into the VAT net; and the estimated revenue from the operation of the section.
Written Answers. - Value-Added Tax.
459.
The number of traders becoming liable to register for VAT under the Value-Added Tax (Amendment) Bill as introduced is estimated at 2,500, and the net increase in revenue at £1 million in a full year.
As a result of amendments which I have proposed to the Bill it is estimated that about 900 people at present registered will become entitled to deregister and the increase of £1 million will be converted to a net relief of about £17.65 million in a full year. Details are as follows:
|
Restoration of 1 per cent flat-rate |
|
|
credit to farmers |
17.5m. |
|
Increase in registration thresholds |
.25m. |
|
Extra refunds to commercial |
|
|
fishermen |
.15m. |
|
Total relief |
17.90m. |
|
Gain from imposition of tax on cardriving |
|
|
schools and miscellaneous |
|
|
services |
.25m. |
|
Net relief |
17.65m. |