John Arnold Director of European Tax Services with Ernst & Young Tax Advisers in The Netherlands and Chairman of the ICAEW VAT Committee gives his initial reaction to the new rules
Even if there is some golden mean between abusive tax avoidance and abusive tax collection Customs have not found it. Make no mistake what the Finance Bill has introduced is not a proportional and targeted response to aggressive VAT avoidance schemes but broadly-based VAT transaction reporting rules which will require all but the smallest businesses in the country to report to Customs & Excise everyday transactions far removed from any normal concept of tax avoidance. It would have been helpful to have had rather more clarity and rather less spin from the outset. Businesses could then have planned better on...
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John Arnold Director of European Tax Services with Ernst & Young Tax Advisers in The Netherlands and Chairman of the ICAEW VAT Committee gives his initial reaction to the new rules
Even if there is some golden mean between abusive tax avoidance and abusive tax collection Customs have not found it. Make no mistake what the Finance Bill has introduced is not a proportional and targeted response to aggressive VAT avoidance schemes but broadly-based VAT transaction reporting rules which will require all but the smallest businesses in the country to report to Customs & Excise everyday transactions far removed from any normal concept of tax avoidance. It would have been helpful to have had rather more clarity and rather less spin from the outset. Businesses could then have planned better on...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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