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Second Issue- September,2010

Government news

HMRC Backs Down In Insurance VAT Fight
EU says no change in broadband bills
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Vodafone to issue mass refunds after billing blunder
ETOA calls for tax and visa changes to boost UK inbound tourism
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EU Vat Developments

Government petition response ignores VAT reduction call
Action must be taken as confidence in carbon trading is at ‘low ebb’
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Country Updates

The shape of Bulgarian things to come .

As the IMF say in their most recent staff report on the country, the aftermath of the recent severe economic crisis leaves us with the question as to whether potential output growth in Bulgaria in the years to come is going to be markedly lower than it was during the boom years. As the IMF point out, the current recession was preceded by an investment boom in construction, real estate and the associated financial sectors.


Crackdown on carbon credit scam

Carbon credit trading is to be subject to reverse value-added tax (VAT) charges in a bid to prevent fraud.

From November, a zero VAT rate put in place as an interim measure to combat scams is being replaced by a new system whereby the customer, rather than the supplier, has to account to HM Revenue & Customs (HMRC) for VAT.

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Pricing study claims online retailers offer better value than tax free

Tax Free Shopping at Airports

EUROPE. Shopping comparison website Kelkoo has claimed that tax free goods at European airports are on average -6.2% cheaper than those in local high street stores, based on a selected basket of goods. Crucially, the study focuses on tax free shopping (free of VAT) for travellers whose journeys start and end within the EU, rather than duty free shopping (free of VAT and excise duty).

According to Kelkoo's latest study, produced by the Centre for Retail Research, consumers at European airports spent over £2.5 billion last year, making savings of -6.2% (£168 million) compared to standard high street prices on the equivalent items. However, by shopping online for the same goods, consumers could have saved a further -6.1% (£156 million) – a total saving of -12% (£324 million) over high street stores, Kelkoo claimed. read full