Value Added Tax (“VAT”) in the UK imposes a significant, cumulative
financial burden on households by taxing consumption after income has
already been taxed, often ignoring the personal financial circumstances
of the purchaser.
The tax creates administrative and compliance
costs for businesses, particularly smaller firms, and can discourage
economic activity by increasing the final price of goods and services
beyond what some consumers and suppliers can accommodate.
After
making the argument against VAT, Michael Clark proposes a staged
reduction and eventual abolition of VAT and that the government should
transparently replace the lost revenue through alternative fiscal
measures rather than relying on VAT’s long-standing familiarity....<<<Read More>>>...
