1/ VAT in Brexitlandia - warning contains numbers 😱😱😱
2/ It seems UK government did no planning on VAT systems and costs before, during or after the referendum 😳
3/ It would now seem in leaving the EU the U.K. will create more red tape and costs for U.K. companies at a time when much of the world economy is booming and the U.K. plans on trashing its existing trading structures. Some may think this insane 🤡🤡🤡
4/ The EU has proposed a VAT reform which could help reduce the amount of VAT lost by member states due to fraud 👏👏👏
5/ The EU estimates the gap between expected VAT receipts and actual receipts for the U.K. is €22bn a year ec.europa.eu/taxation_custo…
6/ In sterling that is around £19.5bn a year. Current net U.K. contributions to the EU are around 8.5bn a year
7/ The EU estimates its reform will reduce the VAT gap by 80% europa.eu/rapid/press-re…
8/ If that is correct and the proposal became law then the UK would review an extra £15.6 bn a year
9/ If one deducted from that figure the U.K. contribution to the EU it leaves the UK £7.1bn better off
10/ Or £136m a week. If the NHS was asking for £4bn this year (but did not get it) the U.K. could meet that request in future with change to spare
11/ But that would not be the will of the people 🤐🤐🤐
