VATupdate

UK Reviewing VAT Group Rules

The UK Government has recently issued a call for evidence from UK VAT groups on future policy reform. Multinationals typically form VAT groups to simplify administration of VAT within a group and to benefit from transactions between individual members being outside the scope of VAT. Another benefit is that forming a VAT group speeds VAT recovery, as input tax credits can immediately be set off against the output tax liability of another group member, rather than having to apply and wait for a VAT refund.

Source: tax-news.com

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