Finance Minister Sunak plans emergency cut in value-added tax – The Times
JUNE 21, 2020 / 1:30 AM / UPDATED AN HOUR AGO
(Reuters) – British Finance Minister Rishi Sunak is ready to cut the value-added tax (VAT) as part of the government’s latest efforts to tackle economic fallout from the coronavirus outbreak, the Sunday Times newspaper reported.
Sunak has ordered officials to prepare options for reducing the sales tax, including a cut in the headline rate, and zero rating more products for a fixed period, the newspaper reported. (bit.ly/2Ym7T8y)
The finance minister may announce lowering the VAT and business rates in a speech in early July, the report added, citing officials.
Britain temporarily cut its value-added tax in 2008 during the global financial crisis, and Germany will do the same from July 1 for six months.
Sunak earlier suggested he was open to the idea but would first need to see how quickly consumers resumed spending.
Reporting by Kanishka Singh in Bengaluru; Editing by Tom Brown
Similar Recent Posts by this Author:
- WE MUST NOT BAIL OUT FOREIGN “IMPORTANT” COMPANIES BASED IN BRITAIN WHERE PROFITS ARE EXPORTED AND BRITISH TAX IS AVOIDED – BETTER TO SUPPORT BRITISH WORKERS
- UK set to borrow £350 billion and more is likely, IFS says
- PUT RISKI & BORIS OUT OF THEIR JOBS – WE NEED 2.6 MILLION TO TAKE TO THE STREETS
- INSIDE SUPERMARKETS ARE MOST DANGEROUS TERRITORY AS THE 2 M RULE IS IGNORED AND MASK WEARING NON EXISTENT
- MARCH 11th IS STILL BUDGET DAY – BEWARE THE IDES OF MARCH COME EARLY THIS YEAR
- THE CANCELLING OF 2020 – COLLAPSE OF COMMUNITIES – INCOMPETENT GOVERNMENT – IS ALL A RESULT OF MIS MANAGEMENT OF A VIRAL INFECTION AND HEADLESS CHICKENS IN OPPOSITION