Multinationals rank UK first in ‘VAT-friendliness’
The latest KMPG survey of multinationals in 22 countries ranks UK first in VAT-friendliness
A worldwide survey by
KMPG International
of 500 of finance professionals from the world’s biggest organizations in 22
countries ranks UK first in ‘VAT-friendliness league’.
A net 10% of respondents said VAT in the UK it was easy against Italy, cited
as the most difficult, the remainder staying relatively neutral on other
countries.
VAT errors are now considered a greater risk than corporate tax errors and
75% of global businesses expect governments to rely more on indirect taxation in
the next five years.
In addition, 82% of global businesses prepared to give an estimate said their
total annual VAT throughput was between US$200m and US$1bn three-quarters of
major global businesses believe governments will increasingly rely on indirect
taxes such as VAT or general sales taxes in the future.