London’s bid organisers did not account for VAT costs on infrastructure projects
Accountancy Age, 06 Nov 2006
London’s preparations for the 2012 London Olympics have been dealt a body blow after the UK Treasury told organisers they failed to take into account at least £1bn in VAT costs for construction of infrastructure projects in their bid for the games.
London’s bid organisers failed to include the VAT costs for the £2.38bn construction of Olympics facilities in their submission for the 2012 games to the International Olympics Committee in November 2004.
The Olympic Delivery Authority has asked for the VAT costs to be waved but the Treasury is refusing to back down and has warning the ODA and culture ministers that such a move risks falling foul of European Union rules on state aid.
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