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Revision as of 23:30, 16 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: | P0805 |