Billy Kelleher
Ceist:156. Deputy Billy Kelleher asked the Minister for Finance the estimated cost to the Exchequer of proposals (details supplied). [22477/18]
Amharc ar fhreagraTuesday, 22 May 2018
Ceisteanna (156)
Freagraí scríofa
Section 56 of the Value-Added Tax Consolidation Act 2010 provides for the zero-rating of supplies of qualifying goods and services, of intra-Community acquisitions and of imports from outside the European Union by certain accountable persons. Accountable persons who qualify are those with a turnover from zero-rated intra-Community supplies of goods, exports of goods outside the European Union and supplies of certain contract work exceeding, or likely to exceed, 75% of their total annual turnover. A revision of the scope of the current scheme would require consultation with the EU VAT Committee and EU approval.
It is not possible to provide an accurate estimate on the cash flow cost to the Exchequer of this proposal, as information available to the Revenue Commissioners does not require traders to separately identify the portion of their turnover that relates to intra-Community supplies, exports, domestic sales, inter company transactions and specific types of contract work. Qualifying businesses are required to register for this scheme and confirm eligibility on registration.