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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
What are the implications of Value Added Tax? |
Hereby i would like to know whether the vat is fair of not, and how would it be like in afew years time, Whether it is following the cannons of adam smith or not. Thank you very much in advance. VAT is an EU sales tax and is more than just 17.5%. It actually is quite a complex tax that is present in many countries around the world. Is it fair, sales tax is supposed to be a key revenue stream for governments around the world and it is key to a strong economy. However, due to its complexity it is hard to give relief from the tax in areas that need it (such as charities and disabled usage) without people using such loop holes for ineligible use. On the otherhand the way in which the tax is applied by the tax man can sometimes seem unpractical and harsh. Future... it depends on whether the EU looks to cut red tape and improve the environment that businesses operate in or whether they look to close the VAT gap and tighten the net on those who evade taxes, which often means that others who benfited from ligitimate gains also lose out. At this moment it could go either way. Being from the US we don't have a value added tax. I wish we would go to that and get rid of our complicated income tax system. VAT is a sales tax which is difficult to avoid. It is also a government lie that enables them to keep income tax artificially low but charge you by the back-door on most things that you buy. You need to be aware that governments waste a lot of money and you should lobby them as much as possible to spend as little as possible because that is the only way to keep taxes down. |
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