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Value Added Tax (VAT)

VAT is a very young tax which is constantly evolving and changing which results in its complication. The importance of VAT to the Treasury cannot be underestimated and we expect to see VAT used as an important fiscal tool in the settling of Treasury budgets in the future.

 

"Beyond the everyday world .... lies the world of VAT, a kind of fiscal theme park in which factual and legal realities are suspended or inverted" (quote from Lord Justice Sedley - Royal and Sun Alliance case).

 

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