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Treasury Committee to investigate the costs to small businesses.
The Treasury committee will investigate the costs to small businesses of the move away from EU acquisition VAT to import VAT. In a letter to HMRC committee chair Nicky Morgan asked for:
- An estimate of the costs to businesses to consumers and to HMRC arising from the charging of import VAT on EU trade without any unilateral or negotiated mitigations in place.
- A description of the options to mitigate these costs in the absence of a negotiated outcome; an assessment of the risks to revenue collection; and an assessment of whether they would also have to be applied to non-EU imports.
- A description of what negotiated options are being considered.
- A timeline illustrating when and how HMRC intends to notify firms that will be affected by changes to the VAT regime of...
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