VAT RETURNS ALL YOU NEED TO KNOW

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Introduction of VAT law in the UK

Value Added Tax (VAT) is a part of the UK tax system since April 1973. VAT replaced the purchase tax, and currently, it is the third-largest source of the UK government’s revenue, after income tax and National Insurance.

VAT gave rise to certain controversies with issues other than the tax itself.

On the one hand, the opponents claim it to be a regressive tax as the poor people pay a considerable portion of disposable income on VAT than the rich.

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