Quote:
Originally Posted by MSS
What would you replace it with, the Independent Value-Add Plus Purchase Tax?
There are two things you can be certain of.
1. VAT is a key part of the tax revenue collection regime and whatever replaces it will need to collect at least the same amount of tax.
2. Taxes will be going up and remain higher for the foreseeable future given the recent unplanned expenditure.
Factually, it was not a European imposition. It was a condition of the UK remaining in the European Union.
|
Yes it was - France and Germany were the first countries to impose it. France was first in their Ivory Coast colony in 1954 then across France in 1958.
It taxes everything and hits Corporatist economies hardest. Which means it hits the low paid hardest as those with high incomes pay the same rate as the low paid but as a percentage of disposable income VAT is always a higher percentage for those with low incomes.
It’s a pernicious tax for which there are far better alternatives.