Friday, 6 September 2019

Questions (79)

Pearse Doherty

Question:

79. Deputy Pearse Doherty asked the Minister for Finance the estimated cost of increasing by €100,000, €500,000, €1 million and €2 million, respectively, the threshold at which businesses must use the invoice system as opposed to cash receipts system for VAT; and if he will make a statement on the matter. [34985/19]

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Written answers (Question to Finance)

I am advised by Revenue that the estimated temporary cash flow impact on Exchequer receipts, of increasing the threshold at which businesses must use the invoice system as opposed to cash receipts system for VAT by €100,000, €500,000, €1 million and €2 million is provided in the following table.

Increase

New Threshold

Cost (€million)

€100K

€2.1m

€10m

€500K

€2.5m

€45m

€1 Million

€3.0 m

€92m

€2 Million

€4.0 m

€166m