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VAT notice

2nd August 1974, Page 14
2nd August 1974
Page 14
Page 14, 2nd August 1974 — VAT notice
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THE rate of Value-added Tax has been reduced from 10 per cent to 8 per cent from July 29, but the imput tax recoverable for goods or services received before that date will remain at 10 per cent, the Chancellor of the Exchequer announced on July 22.

The Customs and Excise Department is issuing a new public notice (no. 718) which is being sent to , each registered trader. It will include a ready reckoner and will point out that the VAT fraction has become two twenty-sevenths in place of the one eleventh used hitherto.

There has been no change in the coverage of the tax.