Dáil Éireann Debate, Thursday - 2 October 2014
71. Deputy Willie Penrose asked the Minister for Finance if he will consider increasing the taxes exemption threshold for small businesses from €75,000 to €150,000 in the forthcoming budget as this would be important to them in the context of the economic environment, in which they are trying to survive; and if he will make a statement on the matter. [37546/14]
View answerIt is assumed that the Deputy is referring to the VAT registration threshold for goods, which is currently €75,000. On this basis, I am informed by the Revenue Commissioners that it is tentatively estimated that the full year cost to the Exchequer of raising the threshold from €75,000 to €150,000 is between €310 million and €430 million.
I would point out however, that any increase in the thresholds above the level of inflation would require a derogation from EU VAT law and agreement by all 28 Member States before it could be introduced.
With regard to increasing the thresholds, it is not the practice to comment on what measures may or may not be introduced in advance of the Budget.
