§ Mr. Geoffrey Finsbergasked the Chancellor of the Exchequer what was the total amount of value added tax collected in each of the fiscal years ended in April 1975 and April 1976, respectively; and what were the total costs of its collection 598W and for any investigatory matters thereto appertaining.
§ Mr. Robert SheldonNet receipts of VAT in the financial years ended 31st March 1975 and 1976 were £2,509.5 million and £3,454.9 million respectively. It is estimated that the costs of collection were about £50 million in 1974–75 and about £70 million in 1975–76. These estimates include the costs of investigation which is not separable from other aspects of the administration and control of VAT.
§ Mr. Durantasked the Chancellor of the Exchequer what plans he has for altering that part of VAT which requires firms to pay VAT on unpaid debts.
§ Mr. Robert SheldonI am afraid I cannot yet add to what I said on this subject at Committee stage of the Finance Bill on 11th May.