Oireachtas Joint and Select Committees
Thursday, 9 May 2013
Public Accounts Committee
2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 11: VAT on Intra-Community Trade
10:40 am
Seán Fleming (Laois-Offaly, Fianna Fail)
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Ms Feehily should ensure it answers the question to her satisfaction, and what is put in the VIES returns should reconcile with the audited financial statements. The €200 million is a theoretical figure and I do not know the breakdown between the VAT rate on goods versus services. Nevertheless, it is a figure that demonstrates a risk. The annual report published last week mentioned management and identification of risk. The figure is theoretical but highlights a potential risk, and any business or organisation must examine a potential risk to see if it can turn into an issue. What has been done to ensure the risk does not become a greater issue, as it has been implied there is no great VAT loss?