Written Question·Treasury·UIN 51908
Imports: VAT
Tabled: 13 May 2025
Answered: 20 May 2025
Question
Ben Lake
Plaid Cymru — Ceredigion Preseli
To ask the Chancellor of the Exchequer, what estimate she has made of the potential financial savings to the Exchequer of (a) withdrawing the postponed VAT accounting process and (b) bringing forward payment of VAT on imports using the same facilities as
Answer
James MurrayPostponed VAT accounting is an established and valued part of the UK’s VAT regime, which provides significant simplification and cashflow benefits to UK businesses who import goods from overseas. Unlike customs duty, VAT paid upon importation of goods is ...
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