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Budget: Indirect Tax

Andrew Bradford Indirect Tax Director Deloitte LLP outlines the indirect tax measures introduced by the Chancellor in the Budget 2009
Perhaps the biggest development in the 2009 Budget for those with responsibility for VAT is not a new VAT measure at all. The announcement of new legislation to make financial officers within large businesses accountable for the adequacy of their businesses' reporting systems and controls was a surprise. It was not subject to consultation and at first glance appears inconsistent with recent communications from HMRC regarding the assessment of taxpayers' systems as part of a risk-based approach.
The new legislation will hold senior accounting staff at large businesses personally responsible for the adequacy of their businesses' accounting and tax reporting.
As VAT is perhaps the tax which...

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