I'm not sure what a "sales tax, value added tax" is that the Prime Minister alluded to in his budget communique yesterday, but I guess as the regulations become known we'll be able to figure it out?
For example, will the 7.5% VAT be applied at the port?
No mention was made of reducing excise taxes upon import either.
Is VAT to be charged on net invoice prices at retail or on the list price?
Lots of questions remain unanswered.
If I remember correctly the PM said they projected growth at 2.7% last year but it came in at 0.7%. So much for that optimistic projection.
I guess I have my bed time reading for a couple nights now.
Download Budget Communication Combined 2014-15 here...
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In closing, with no restraints on deficits and debt to GDP or limits on the VAT rate itself, how long do you think it will be before VAT is at the originally planned 15% or even higher?
