§ 16. Dr. Winstanleyasked the Chancellor of the Exchequer if he will revise the Purchase Tax collection arrangements in order to assist small firms which have difficulty in carrying the burden imposed by the present quarterly collection one month in arrears.
§ Mr. MacDermotNo, Sir. The present arrangements which give an average period of credit of 2½ months for payment of tax represent a fair balance between the trade and the Exchequer.
§ Dr. WinstanleyDoes not the Financial Secretary think that he owes something to the small traders who are acting as unpaid tax collectors and who under the present system are in great difficulties and put to considerable expense in doing so?
§ Mr. MacDermotDifficulties resulting from the extension of credit by traders to their customers are not limited to small traders, but I remind the hon. Gentleman that the tax is imposed on the trader.