The Act introduced the comprehensive framework for the regulation and administration of Value Added Tax (VAT) and other indirect taxes, including excise duties. It established mechanisms to prevent VAT evasion and introduced measures for compliance and enforcement. Significant provisions involved redefining rules surrounding customs duties and the powers of HM Customs and Excise. The Act was crucial in streamlining tax collection processes and safeguarding revenue for public expenditure, reflecting the government's ongoing efforts to maintain the integrity of the taxation system and adapt to economic changes.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
TAKE A FREE TRIALThe Act introduced the comprehensive framework for the regulation and administration of Value Added Tax (VAT) and other indirect taxes, including excise duties. It established mechanisms to prevent VAT evasion and introduced measures for compliance and enforcement. Significant provisions involved redefining rules surrounding customs duties and the powers of HM Customs and Excise. The Act was crucial in streamlining tax collection processes and safeguarding revenue for public expenditure, reflecting the government's ongoing efforts to maintain the integrity of the taxation system and adapt to economic changes.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
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