Written answers
Friday, 6 September 2019
Department of Finance
Tax Code
Pearse Doherty (Donegal, Sinn Fein)
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79. To ask 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]
Paschal Donohoe (Dublin Central, Fine Gael)
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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 |
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