S.I. No. 316/1997 -- Value-Added Tax (Eligibility To Determine Tax Due By Reference To Moneys Received) Order 1997
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S.I. No. 316/1997: VALUE-ADDED TAX (ELIGIBILITY TO DETERMINE TAX DUE BY REFERENCE TO MONEYS RECEIVED) ORDER 1997 |
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VALUE-ADDED TAX (ELIGIBILITY TO DETERMINE TAX DUE BY REFERENCE TO MONEYS RECEIVED) ORDER 1997 |
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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: |
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1. This Order may be cited as the Value-Added Tax (Eligibility to Determine Tax Due by Reference to Moneys Received) Order, 1997. |
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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. |
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GIVEN under my Official Seal, this 17th day of July, 1997. |
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Charlie McCreevy |
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Minister for Finance. |
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EXPLANATORY NOTE |
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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. |
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