Rethinking Britain’s VAT: Simplify Rules and Expand Coverage for Economic Stability

• Britain’s VAT rules are overly complex and need simplification.
• Businesses should advocate for VAT to be applied broadly, similar to New Zealand’s approach.
• Simplifying VAT could reduce compliance costs and help address the fiscal deficit.
• Extending VAT to more items is plausible given the current fiscal situation.
• Some revenue from VAT changes could be used to reduce other taxes.

Source: observer.co.uk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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