Vol. 431 No. 3
99 Mr. Cox asked the Minister for Finance the estimated amount of revenue that will be raised as a result of section 83 of the Finance Bill, 1993, which provides for advance payments of VAT on 1 December 1993; and the estimated amount of revenue that will be returned in respect of advance payments of VAT in 1994 under section 84 of the Finance Bill, 1993.
Section 83 of the Finance Bill, 1993, will give rise to a cash flow gain to the Exchequer in 1993 which is estimated at £145 million. This amount will be credited in total against the November/ December VAT liability of the traders concerned. The bulk of the advance payments will be dealt with in accordance with the mechanism established by section 83 (a) of the Bill, with only a small amount under the section 84 mechanism. Due to the change in the VAT payments pattern as a result of the abolition of payment of VAT at the point of entry for intra-Community imports it is difficult to make a breakdown between the two. However, it is estimated that not more than £5 million will be refunded through section 84 of the Bill.
