Sentences with phrase «increase in vat»

Adds Dr Golding: «While the increase in VAT from 14 % to 15 % is unpalatable and erodes consumer disposable income — particularly among lower income earners, it was anticipated and is hoped will go a long way towards offsetting the Budget deficit.

«Despite the looming increase in VAT and the petrol price levy, consumer confidence will receive a much needed boost from the rate cut.

In other words, if the time of supply was triggered before 1 April 2018, your agreed payments to the seller over time will not increase because of the increase in the VAT rate on 1 April 2018.

The percentage point increase in VAT and the higher fuel levy announced in the budget do indicate further belt tightening for consumers, but with any luck only in the short term while the economy gets back on track.

Similarly, small businesses will welcome an increase in the VAT compulsory registration threshold to # 85,000.

It said any increase in VAT will put undue pressure on Ghanaians.

«The Tory plan is clear: use inflated fears of a debt and monetary crisis to justify massive public spending cuts and an increase in VAT now; blame it all on Labour's management of the economy; and use the resulting war - chest to cut income tax before the next election,» wrote Mr Balls.

From tax increases, to public sector spending cuts, to an increase in VAT, this is a budget that will be felt by all: rich and poor, individuals and businesses.

The plans we set out involved around 80 per cent of the work coming from spending restraint and about 20 per cent from tax increases... The tax increases are already in place; the plans do not include an increase in VAT.

Liberal Democrat rebels are more likely to have cast dissenting votes on social issues, such as the increase in VAT from 15 % to 17.5 %, the introduction of free schools and the expansion of academies, and curbs to superannuation for civil servants.

Its National Chairman, John Walker, said: «The increase in VAT to 20 per cent will however, hurt small firms who will have to pass the increase on to their customers, unlike big business which can absorb the cost.»

The least popular were the increase in VAT (supported by only 22 %) and the free schools policy (supported by 37 %).

«The tax increases are already in place, the plans do not include an increase in VAT.»

The overhaul of the pension system — along with unpopular tax measures and an increase in VAT — form the central plank of a $ 5.4 bn package of budget cuts and reforms that Tsipras has agreed to enact in exchange for rescue funds from a third, $ 86bn bailout the country signed up to last summer.

On CentreRight, Matt Sinclair has set out two additional reasons why an increase in VAT would be wrong.

Portugal has addressed its public debt problem — the deficit was 9.3 % of GDP in 2009 — with a 5 % pay cut for public sector workers earning more than $ 1,500 a month and an increase in VAT.

However, the decline in GDP growth was much larger at 4pp (to -1.1 % y / y from 3.1 % prior to the increase in the VAT), implying significant downside risk to our estimates.»

That included an increase in the VAT from 18 percent to 21 percent, and drastic reduction in the number of state - owned businesses.

Despite all the progress realized by Samaras» government, Greece's creditors demanded close to $ 3 billion in new austerity measures including, among other things, increases in VAT on hotel services up to 13 % (from 6.5 %).

It said: «No increases in VAT, National Insurance contributions or Income Tax.»

The Prime Minister will say voters face their biggest choice on the economy «for a generation» as he pledges a change to the law to prevent increases in VAT, income tax or national insurance over the next five years

David Cameron will today pledge to change the law to prevent increases in VAT, income tax or national insurance over the next five years.

David Cameron today pledged to change the law to prevent increases in VAT, income tax or national insurance over the next five years.

Not exact matches

Austerity measures, including a 5 % reduction in public sector wages and an increased value - added tax (VAT), have been imposed.

According to UK media reports, large confectionery manufacturers are cutting the size of chocolate bars to preserve profits in the face of the UK VAT increase and high ingredients costs.

An HMRC consultation on alternative methods of VAT collection reported that the number of online overseas businesses applying to register for VAT had increased from 700 in 2015 to 8,700 in 2016.

The NCC (National Caravan Council) met with a cross-party group of local MPs and representatives of key businesses in East Yorkshire last week to discuss the impact of the proposed VAT increase on caravan holiday homes.

Factors like the VAT increase and tax credit cuts will add 460,000 more children under the minimum standard for income in two years, the report claimed.

If VAT is 17.5 %, you need to spend # 7085 on goods that pay VAT in order to pay # 1240 in VAT (if some goods attract VAT at a lower rate, this increases the sum of money you'd need to spend in order to pay # 1240).

The controversial VAT increase has survived a vote in the Commons despite hostility from both government and opposition MPs.

Talking of reduction or complete removal of taxes, as Akufo - Addo is promising Ghanaians, I remember how when in 1995 Jerry Rawlings wanted to introduce the Value Added Tax (VAT) on goods and services into our taxation system to increase the tax net and by that the tax revenue, Nana Akufo - Addo led massive «KUM PR3KOO» demonstrations against government in which some unfortunate demonstrators died, compelling government to withdraw the VAT, barely four months after its introduction.

He cited the removal of VAT on domestic airline tickets, which has yielded a 23 % increase in domestic air travel in the first five months of 2017, as an example.

Apparently Balls argued that Labour should rule out a VAT increase before the last election, another argument he lost with Gordon Brown and Alistair Darling, who didn't want to box themselves in.

Asked whether he would consider raising Vat, the Chancellor said he had looked at it last year but decided an increase in National Insurance contributions would be «fairer».

Yesterday's pre-budget report announced big tax giveaways - the largest being a temporary VAT cut, costing # 12.4 bn - paid for, in part, by spending cuts and increased taxation in the future.

Under Labour's plans 95 per cent of taxpayers will be guaranteed no increase in their income tax contributions and everyone will be protected from any increase in personal National Insurance Contributions and VAT.

Ahead of the 2015 election, David Cameron has pledged a tax lock — a law to be passed in the first 100 days of a new government to prevent income tax, national insurance or VAT increases during the next parliament.

Just over seven in ten (71 %) of Lib Dem rebellions in the last session were on social policy (broadly defined), such as the various increases and extensions in VAT, the introduction of free schools and the expansion of academies, and curbs to legal aid and superannuation for civil servants.

I do not have the projections worked out, but I do hope the increase in both the personal allowance and VAT happens in a manner which enhances the fairness of the former while tempering the unfairness of the latter.

In conclusion, the new system aims to both simplify the treatment of sales of goods from a VAT perspective and to reduce the ever increasing criminal activity aimed at milking the VAT system.

2) If Labour makes a «principled stand» against a VAT rise in the budget, can it explain why it didn't rule out such an increase before the election?

VAT will increase to 20 per cent from 4 January next year, with the chancellor insisting that the move was «unavoidable» in dealing with the «years of debt and spending» under Labour.

1) If Labour makes a «principled stand» for a VAT rise in the budget (assuming such an increase takes place), how is this consistent with a VAT rise being «plain wrong»?

Finally, it has been revealed in an official Treasury document signed off by a Treasury Minister that there is a secret tax bombshell to increase VAT to 18.5 per cent.»

For example, increases in capital gains tax (from 10 % to 25 %), withholding tax (from 15 % to 20 %) and the introduction of the Energy Levy (10 %), VAT on Electricity (17.5 %), VAT on Financial Services (17.5 %), Special Import Levy, etc..

A VAT increase was widely anticipated but we hoped that he might have tempered this by updating and expanding the list of those products and solutions that will improve energy efficiency in people's homes such as more efficient heating systems and double glazing.

Nothing has changed since then to necessitate a sharp rise in VAT to 20 per cent (as Will Straw points out, this was far from an «unavoidable» tax increase).

The World Economic Forum places Britain in 140th place for price competitiveness for tourism out of 141 countries and the reduction in the VAT rate to 5 %, as agreed by the Liberal Democrat conference, would increase employment and raise extra revenues for the Government.»

The increase in investment and higher spending will generate enough extra VAT and income tax receipts to make up most of the losses from expected fuel duty rises.

They point to the VAT rise in 2011 which increased thetotal tax take on fuel to about 60 % of the pump price.