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Britain should scrap zero VAT rate, says study
A study by the Institute of Fiscal Studies has suggested that Britain should scrap its zero VAT rate, along with reduced rates of VAT. The move would reduce administration costs and raise an extra £23 billion. The zero rate of VAT currently applies to items such as children's clothing and food, and a reduced rate of VAT - 5% - applies to domestic energy. The study proposes applying one standard rate of VAT (Britain's is currently 17.5%) to all items, but acknowledges the reluctance of politicians to tax essential items such as food, in light of the global food and fuel crisis. There is more on this story at:
2008-08-15
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