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Mr. Nigel Jones
To ask the Chancellor of the Exchequer for what reasons Customs and Excise is unable to accept VAT returns in euros; and if he will make a statement. [66983]
Ms Hewitt
Customs and Excise are unable to accept VAT returns in euros because to do so would present a real risk of serious revenue losses.The tax is accounted for in respect of monthly or quarterly periods but there is a period of one month in either case for a VAT return to be submitted. Exchange rates may move during this period, giving the business an opportunity to time the sending of the return to maximise the benefit of any fluctuation.