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Taxation Project - Dissertation Example

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Taxation Project

Due to changes in economic conditions, countries have been forced to review their VAT system so as to ensure economic stability and economic development sustainability. The United Kingdom is one of the countries that have well established VAT system. In the recent past, the UK government has increased its VAT rates as a way of generating more revenues to meet the ever increasing expenditures. Notably, this economic policy has had far-reaching effects on businesses and end consumers. This research paper examines the effects of increasing VAT rates in the country. TABLE OF CONTENTS Chapter 1: INTRODUCTION………………………………………………………………5 Background of VAT system in UK……………………………………5 Research Objectives and Aims…………………………………………6 Chapter 2: LITERATURE REVIEW……………………………………………………….8 Introduction…………………………………………………………………….8 Fluctuations of VAT in UK…………………………………………………….9 Effects of Increase in VAT rates in UK…………………………………………………11 An increase in Consumer Price Index UK……………………………………..12 Tax Evasion……………………………………………………………………..12 Increase in compliance cost…………………………………………………….14 Increase in cost of Living among the general population………………………15 Lower levels of growth in the retail sector……………………………….….…16 Other Effects………………………………………………………………...…16 Summary of Previous Research………………………………………………………..17 Chapter 3: METHODOLOGY………………………………………………………...……18 Primary Research………………………………………………………………18 Secondary Research………………………………………………….……..….18 Research Approach………………………………………………….…..……..19 Questionnaire used for the Research Study……………………………..……..20 Critique of Methodology………………………………………………………20 Chapter 4: ANALYSIS AND FINDINGS…………………………………………………..21 Chapter 5: CONCLUSIONS AND RECOMMENDATIONS……………………………..24 REFERENCES…………………………………………………………………………….….27 APPENDIXES…………………………………………………………………………………29 Chapter 1: INTRODUCTION Background to Value Added Tax (VAT) in the UK According to Adam and Browne (2009), value added tax (VAT) and income tax contribute more than two-thirds of total tax revenue in the United States, the UK, Canada and in other countries around the world. The value added tax is a proportional tax paid in sales. It has been utilised as a mechanism for taxing goods and services consumed within a country’s economy. This is a consumption tax which is distinct from other consumption taxes which include sales and income taxes. VAT has become an important source of revenue in most countries. In the United Kingdom, the national government has been subjected to a great deal of pressure to increase its revenue to be used to facilitate balancing of the budget. In order to meet these demands, the state has resorted to VAT as the primary means of raising substantial revenues. Like in most countries around the world, UK government collects VAT at every stage of economic value addition process ...Show more

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A Dissertation on Effects of Increase in VAT Rates in United Kingdom Thinu Gnaneshwaran Student number Project Supervisor: Josie Adams Abstract Most countries around the world have adopted VAT system as a primary means of raising revenue. It is a mechanism for taxing goods and services…
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