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Disclose the VAT
Conservative MP Mark Hoban presented to the House of Commons the Indirect Taxes (Disclosure) Bill under the Ten Minute Rule on 26 June. The Bill would require retailers to include on receipts the amount of VAT and excise duties included for goods and services purchased, much as United States retailers are obliged to show the sales tax on purchasers' receipts.
Disclose the VAT
Conservative MP Mark Hoban presented to the House of Commons the Indirect Taxes (Disclosure) Bill under the Ten Minute Rule on 26 June. The Bill would require retailers to include on receipts the amount of VAT and excise duties included for goods and services purchased, much as United States retailers are obliged to show the sales tax on purchasers' receipts.
Mr Hoban's aim is to make the indirect taxes individuals pay in the United Kingdom on their everyday purchases as clear to them as the direct taxes they pay on their various forms of income. He said that the yield from VAT and excise duties for 2001-02 was: VAT £61.1 billion; fuel duties £21.9 billion; tobacco £7.8 billion; spirits £1.9 billion; wine £2 billion; and beer and cider £3 billion, a total of £97.8 billion, compared with income tax of £110.2 billion.
The Bill is due to receive its second reading on 19 July.
