Discover and read the best of Twitter Threads about #vat

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A brief & simple thread on a long & complicated #Taxation Bill💶💷

This sees aspects of NI/IRL #Protocol brought into effect

TL;DR The Irish Sea is now a #customs border.
What this means in practice depends on UK-EU deal + details of y'day's JC agmt

bills.parliament.uk/bills/2811
1/8
#TaxationBill is infamous:

To push agmt on the #Protocol, UKG threatened to use this Bill to breach it [I'm aware that sounds nonsensical]

What UKG wd hv broken was the need for *joint* UK-EU decisions on how to implement the Protocol.
We're told they have these ready now.

2/8
First, one ‘boon’ for NI from the #Protocol & confirmed in this #Bill, UK-EU Deal or No Deal:

EU goods entering NI will be treated as domestic goods & will not be charged import duty.

VAT/excise rules for mvnts btn NI & EU will continue to apply, ‘modified as necessary’.

3/8
Read 8 tweets
New analysis for the We Mean Business coalition🌿green recovery plans boost 💷income👩‍🔧employment and 📈GDP *better than return-to-normal stimulus measures* with the added benefit of reducing carbon emissions (1/5) #greenrecovery #buildbackbetter
bit.ly/3kbiewr
In all geographies modelled (global, the EU, Germany, Poland, the UK, USA and India), green recovery plans were found to be more effective than return to normal stimulus approaches that reduce #VAT rates and encourage households to resume #spending (2/5)
The green recovery plans modelled are 5-point plans and include a smaller VAT reduction plus:
Public investment in #energyefficiency and electricity grid upgrades
Subsidies for #wind + #solar
Car scrappage schemes (subsidies only provided to #EVs) Tree planting programmes (3/5)
Read 5 tweets
Chief Minister @capt_amarinder shouldn’t mislead Punjabis by indulging in farcical opposition to the Farming Produce Trade and Commerce Ordinance 2020 when his government had included its provisions in the State Agriculture Produce Markets Act by amending it in 2017. 1/3
#Punjab Image
His statement demanding the withdrawal of the Ordinance is nothing but a ploy to inflame farmers' sentiments. If the CM is really worried about the welfare of farmers and the common man, he should imm take back the steep increase affected in the #VAT on #Petrol and #Diesel. 2/3
The new APMC Act provides adequate guarantees for the continuation of MSP & assured mkting regime. Still, I would like to assure that @Akali_Dal_ will continue to follow a policy of zero-tolerance against any step which hurts the interests of Punjabis, Sikhs & farmers. 3/3
Read 3 tweets
So the Finance Bill is out and I heard some people ask how it affects price of rice 😂. Lemme try and explain Sha

So first things first, what's the Finance Bill about?

A thread!
The Finance bill is a legislation aimed at curing the deficiencies of the current tax system. The idea is to promote fiscal equity & improve tax reforms, increase government revenue and bring more people into the tax net. This should improve the ease of doing business in Nigeria.
Also, another major objective of the bill is to make life easy for MSMEs (ease of doing business).

So, the first, probably major reform, applies to Company Income Tax. The major changes includes the following:
Read 25 tweets
ITALY: imho, Salvini needed the survival of M5S to a final vote on #TAV, where the opposition would furnish sufficient "yes" votes for the project to go on with #EU money while M5S, party which is part of the government, would vote AGAINST. (1/n)
That happened on August 7th ( bit.ly/2Hd1QtV ).
But to see why that was important, let me remind you that M5S is actually born out of the Anti- TAV movement, not the other way around. (2/n)
Especially here in Turin, where M5S are in power, the two are joined at the hips. Let's see the situation from M5S angle first. They vote Yes to TAV, they lose most of their support base, on top of the losses incurred in the recent local elections. (3/n)
Read 17 tweets
#China has taken a series measures to boost #manufacturing industry in recent years as economic growth slows down.The latest moves were cutting #VAT &
introducing more credit to manufacturers. Thanks to these measures, the
industry has seen some rebound lately,according to Wu Ge. Image
However,#credit cost is still very high for #SMEs, who are the main components of #manufacturing,according to the credit spread between #SOEs and SMEs, which rose slightly following the Baoshang #Bank issue. mp.weixin.qq.com/s/9fxogwIAw1go… Image
While the efforts to reduce over-capacity over the past few years have helped lessen the burden for manufacturing, a weak aggregate demand along with the global economic slowdown are still dragging down the performance of manufacturing. #economics Image
Read 5 tweets
FWIW, here are my subjective rankings of the #ToryLeadershipContest #tax cut proposals. (This is a personal view only - I don’t have a dog, or even a vote, in this fight.) In reverse order… (1/6)
No. 5 (i.e. last). Reform #VAT and replace with a sales tax (#Gove). Bad economics. VAT is a relatively efficient tax and the current system already allows the UK gov’t to set lower rates for some goods and services to help the poor. #Brexit will increase this flexibility. (2/6)
No. 4. Raise the threshold for paying the top rate of income tax (#Johnson). Neither one thing nor the other? Won’t actually make much difference to those earning just above the old threshold, or any difference to those who earn a lot less. (3/6)
Read 6 tweets
The deep-seated reasons for the whopping #house #price in #China are the overdependence of local #government on #realestate #income and lack of effective supply of public affordable housing.
1. #government takes 60-70% of developers' sales proceeds annually by land sales and taxes. Land transfer fees directly contribute to 90% of local government fund revenue,while #taxes and fees related to #realestates (especially land #VAT) account for 20%+ of local tax revenue.
2.This will push up #land prices and result in undersupply of #land. This leads to long-term #supply-#demand imbalance, since cities with more #population inflow see more serious undersupply and higher land prices.
Read 5 tweets
1/Staggering conflicts of interest by the man chasing self employed doctors off of our wards and even out of the country @MelJStride MP by presiding over the forced false employment without rights of the genuinely self employed #IR35 ...& the loan charge architect @DevonLiveNews
2/this follows the previous revelation that @MelJStride, who heads up @HMRCgovuk, was making more than his ministerial salary doing PR for high profile corporate tax avoider Amazon. Furthermore he did not declare this conflict of interest to parliament.

mirror.co.uk/news/politics/…
3/This MP's loan charge policies are reportedly driving taxpayers to suicide because they undermine the #RuleOfLaw by changing the rules retrospectively. Something which was predicted but continued regardless. Eg a rather prominent warning by @IHPA_UK

standard.co.uk/business/suici…
Read 10 tweets
Good morning! 👋🏽

I know it’s Saturday, and you’ve been waiting to read the #GPcontract documents so here are all the link you need, in one easy thread.

Our next @NHSEngland #primarycarenetworks #twitter chat will take you through the documents on Tuesday 9th April, 8pm...
Read 8 tweets
🇨🇳 #China will cut export rebate rates to 13% and 9%, respectively, for exports that enjoyed 16% and 10% rebate rates in accordance with value-added tax cuts effective April 1, according to a statement from the Ministry of Finance.
*Link (Chinese): bit.ly/2Tr5h3o
🇨🇳 #China is extending a public holiday to get people to travel and spend more as the government pins its hopes on a vast consumer base to help cushion an economic slowdown - Reuters
reuters.com/article/us-chi…
🇨🇳 #China Regulator Says Financial Markets Can Open More Quickly - Bloomberg
bloomberg.com/news/articles/…
Read 167 tweets
.@ATAFtax launches 2018 African Tax Outlook. #ATAFNexus2018
Average #tax to GDP ratio for #Africa was 16.2% in 2016 compared to the 34.3% @OECD average and 22.8% in Latin America.
#VAT was the highest contributor to #tax revenue in all countries. Personal income tax came second (lower in ECOWAS at 13% compared to 23% in SADC and EAC).
Read 10 tweets
I did a quick explainer for @prospect_uk on how #Brexit may affect #VAT, both domestically and in relation to EU-UK trade. Quick thread on some of the key points: prospectmagazine.co.uk/economics-and-…
1/ The UK, like all other EU member states, currently is part of the common EU VAT area. While the EU does not prescribe exact VAT rates, it put in place certain guidelines, e.g. a minimum standard rate of 15%, or limits on granting of reduced rates and exemptions.
2/ Leaving the EU presumably means leaving its VAT area (Monaco currently only non-EU state that is a member). This would have a range of serious implications, both positive and negative.

(Though some trade experts expect EU would offer UK continued membership, if asked.)
Read 10 tweets

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