Britain’s finance minister Sunak plans emergency cut in value-added tax: Report

FILE PHOTO: Chancellor of the Exchequer Rishi Sunak leaves Downing Street, following the outbreak of the coronavirus disease (COVID-19), London, Britain, May 4, 2020.

LONDON: British Chancellor of the Exchequer Rishi Sunak is ready to cut the value-added tax (VAT) as part of the government’s latest efforts to tackle economic fallout from the coronavirus outbreak, the Sunday Times newspaper reported.

Sunak has ordered officials to prepare options for reducing the sales tax, including a cut in the headline rate, and zero rating more products for a fixed period, the newspaper reported.

The finance minister may announce lowering the VAT and business rates in a speech in early July, the report added, citing officials.

Britain temporarily cut its value-added tax in 2008 during the global financial crisis, and Germany will do the same from Jul 1 for six months.

Sunak earlier suggested he was open to the idea but would first need to see how quickly consumers resumed spending.

Z24 News

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

COVID-19: Spain reopens border with France

Sun Jun 21 , 2020
LA JONQUERA, Spain: Traffic flowed again across Spain’s border with France on Sunday (Jun 21) as the last of the strict Spanish coronavirus restrictions introduced in March were eased. Prime Minister Pedro Sanchez announced earlier this month that Madrid would remove border checks with most of its EU member partner […]

Share

Social menu is not set. You need to create menu and assign it to Social Menu on Menu Settings.