VAT REFORM
July 1st, 2003
BY KEITH NUTHALLTHE RIGHT of European Union Member States to discount VAT rates on sales of natural gas and electricity would be enshrined in European Union (EU) law if a new reform of EU sales tax law is approved by national governments. At the moment, such exemptions from EU VAT legislation is based on individual ad hoc exemptions and the European Commission wants to tidy up this system, by harmonising the currently highly fragmented collection of national reduced VAT rates. It is proposing the abolition of many of these exemptions, such as on children's ...
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