- ICAEW is inviting research proposals into the simplification of the UK’s VAT system
- The winning entrant will receive a £5,000 prize and present their research at a VAT Conference in London in 2025
- The proposal should be no more than 2,000 words and address challenges within the current system
- The UK’s VAT system is more burdensome on businesses compared to countries like Singapore, New Zealand, and Australia
- The complexity of UK VAT hinders effective policymaking, tax collection, and HMRC’s digitalization efforts
- Authors are encouraged to look at successful international VAT reforms and apply lessons to the UK
- Ed Saltmarsh, ICAEW Technical Manager, VAT and Customs, highlights the challenges of the current VAT system and encourages innovative reform ideas.
Source: icaew.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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