S.I. No. 316/1997 - Value-Added Tax (Eligibility To Determine Tax Due By Reference To Moneys Received) Order 1997

S.I. No. 316 of 1997.

VALUE-ADDED TAX (ELIGIBILITY TO DETERMINE TAX DUE BY REFERENCE TO MONEYS RECEIVED) ORDER 1997

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 14(1B) (inserted by section 131 of the Finance Act, 1995 (No. 8 of 1995)) of the Value-Added Tax Act, 1972 (No. 22 of 1972), hereby order as follows:

1. This Order may be cited as the Value-Added Tax (Eligibility to Determine Tax Due by Reference to Moneys Received) Order, 1997.

2. The amount specified in section 14(l)(b) (inserted by section 97 (a) of the Finance Act, 1994 (No. 13 of 1994)) of the Value-Added Tax Act, 1972 (No. 22 of 1972), is hereby increased to £500,000.

GIVEN under my Official Seal, this 17th day of July, 1997.

Charlie McCreevy

Minister for Finance.

EXPLANATORY NOTE

Section 14(l)(b) of the VAT Act allows a taxable person with a turnover of not more than £250,000 to use the moneys received basis of accounting for VAT. The Order increases that turnover amount to £500,000.