asked the Minister for Finance if he is prepared, as requested by the Small Firms Association, to replace the bank guarantee required of small firms under the provisions of VAT at point of entry, with a certificate of clearance system.
Written Answers. - Bank Guarantee Proposal.
146.
I am familiar with this proposal which was made to me in the context of a pre-budget submission from the Small Firms Association. The proposal has been examined by the Revenue Commissioners who have advised me that the alternative system proposed would not be satisfactory from their point of view. The bank guarantee is a vital element in ensuring timely payment of moneys due under the scheme for deferred payment of VAT on imports and consequently it is not proposed to eliminate it.