Cheques and the default surcharge
Article Abstract:
Under the provisions of the UK Finance Act of 1985, a default surcharge is to be levied against traders for failure to remit the value-added tax to the Customs and Excise. In the area of checks mailed in time and in good faith to be received by the Commissioners, the consequences of banking practices have been ruled by the Tribunal as providing traders with a reasonable excuse. Uncollected checks in cases were bank could have collected the amount but refused due to good faith errors in the numbers and amount and the erroneous dishonoring of checks for nonexistent overdraft where ruled by the Tribunal not to incur default due to errors of the bank or the consequences of banking processes and no surcharge could be imposed. Appeals in VAT cases are usually unfruitful, but can be successful if an outside agency has been at fault and has not followed the law or standard operating procedures.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1989
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Customs' ghost at the Euro-feast
Article Abstract:
The European Community's (EC) import-export system is undergoing significant changes due to the creation of the Single Market. One of the primary changes to take effect is the abolition of general customs control at internal frontiers under Article 8A of the Treaty of Rome. The purpose of this new regulation is to allow the unhindered movement of products, services, labor and capital within the EC. Since there will no longer be any importation and exportation, the EC value-added tax system will have to be modified. Companies engaged in international trade will also be required to comply with new information requirements to minimize fraud related to the international movement of goods. A new statistical system is set to be introduced in 1992 that is expected to help assess the effectivity of the single market and manage the EC's economy.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
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