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Indirect taxes ‘soar across globe’

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An EY report, Indirect tax in 2015, finds that indirect tax rates are continuing to soar across the globe, with the average VAT rate rising to 21.6% in the EU, more countries levying VAT (particularly in emerging markets), and new taxes on health products and e-commerce being introduced by governments globally. Gijsbert Bulk, EY’s global indirect tax leader, said: ‘Rising indirect tax rates are the legacy of economic turmoil and increased tax competition. This burden is being passed back to companies that incur VAT in foreign jurisdictions, as they grapple with rising costs and cash-flow issues. It is more important than ever that companies take steps to ensure they have a clear and robust indirect taxation strategy.’

Issue: 1253
Categories: News , Indirect taxes , VAT