The government is consulting on a proposed reform of the VAT Terminal Markets Order, which provides for the zero rating of certain commodity transactions on named commodity exchanges. The aim is to simplify and modernise the legislation to take account of the evolution of commodity markets since the 1970s, when the Order was first made. The consultation proposes to introduce a principle-based approach to determining which terminal markets, market members and transactions fall within the scope of the zero rate, as well as proposals that will make it easier to implement updates in response to changes in the market.
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The government is consulting on a proposed reform of the VAT Terminal Markets Order, which provides for the zero rating of certain commodity transactions on named commodity exchanges. The aim is to simplify and modernise the legislation to take account of the evolution of commodity markets since the 1970s, when the Order was first made. The consultation proposes to introduce a principle-based approach to determining which terminal markets, market members and transactions fall within the scope of the zero rate, as well as proposals that will make it easier to implement updates in response to changes in the market.
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