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|region=Steering Committee |
|region=Steering Committee |
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|proposer=Michael Dakin |
|proposer=Michael Dakin |
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|approved= |
|approved=Yes |
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|status= |
|status=Reviewed |
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|type=New |
|type=New |
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}} |
}} |
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Revision as of 22:53, 12 August 2021
| Policy: | Phase out VAT in 2 stages |
|---|---|
| Stream: | Public Services |
| Description: | In first 6 months reduce VAT to 10% and after 2 years remove VAT completely.
VAT is a direct tax that has an unfair impact on the poorest in society. For example the poorest pay on average 12% of their income on VAT, while the richest 10% pay on average 5% of their income. Removing VAT would stimulate small business by cutting their retail price by 20%. It would mean that introducing a higher minimum wage would not have such a detrimental impact on smaller businesses. It would put more money in the pocket of the poorest. |
| Region: | Steering Committee |
| Proposer: | Michael Dakin |
| Branch: | |
| Approved: | Yes |
| Status: | Reviewed |
| Policy Created: |