asked the Minister for Finance if he can indicate what adjustments he considers necessary in the fiscal system to deal with this country's application for entry to the EEC.
Ceisteanna—Questions. Oral Answers. - EEC: Fiscal Adjustments.
5.
The adjustments in our fiscal system which membership of the Community would involve are briefly (a) abolition of customs duties on goods imported from within the Community, (b) the adoption of the common external tariff of the Community for goods imported from outside the Community. These adjustments would be made during the transitional period ending in 1970 in accordance with timetables to be agreed. The net loss of revenue would have to be made good by other taxation. As I indicated in my Budget Statement, the technical questions which would be involved in the adoption of various forms of broadly based taxes on expenditure are being examined.