- The ICAEW claims reforming the UK’s complex VAT system could raise up to £80 billion a year.
- Proposals include adopting a lower, single VAT rate across a broader base to increase fairness and ease of business.
- The current system’s multiple rates and exemptions add complexity without clear benefits.
- Broadening VAT to the OECD average could raise £30 billion more annually; a New Zealand-style system could raise £80 billion at a 15% rate.
- The ICAEW urges the Chancellor to use the upcoming Budget to implement comprehensive VAT reform.
Source: bournerbullock.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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