asked the Minister for Finance in view of the fact that a company now pay VAT at point of entry, if he will request the Revenue Commissioners to waive a greater portion of interest on arrears of VAT which is being paid by a company (details supplied) in Dublin 1 whose future will be put in jeopardy if all of the £42,616.87 is sought by the Revenue Commissioners; in view of the fact that six jobs depend on the continuing success of the company if he will request the Revenue Commissioners to reconsider the matter urgently and give a reply to Deputy Gay Mitchell; and if he will make a statement on the matter.
Written Answers. - VAT Arrears.
180.
The fact that a company pay VAT at the point of entry does not alter the statutory position in relation to timely payment of the tax and relevant interest charges. Value-added tax becomes payable by the 19th day of the month immediately following a taxable period. Under section 21 of the Value-Added Tax Act, 1972, as amended, simple interest at the rate of 1.25 per cent per month or part of a month is payable on tax remitted after the due date.
I am advised by the Revenue Commissioners that they have no statutory authority to waive the interest charge of £42,616.87 mentioned in the question.