Fine Art Developments: a VAT update
Article Abstract:
Fine Arts Developments PLC's attempts to recover a value added tax (VAT) overpayment of 1.4 million pounds sterling underscores the problems inherent with recovering overpaid VAT from the Customs and Excise Department. The House of Lords ruled that taxpayers can reduce past overpayments of VAT from their current liabilities. Customs and Excise are concerned that taxpayers will recover overpaid VAT and will not pass the refund on to their customers. The Customs and Excise Department needs to realize that retail organizations, such as Fine Art Developments PLC, use a pricing system whereby wholesalers have already paid retailers' VAT, so refunds are due solely to wholesalers.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1989
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VAT: fruits of success for Customs
Article Abstract:
The principles in support of the Apple and Pear Development Council vs. Customs and Excise decision are described. Special emphasis is placed on discussing the implications for the value-added tax status for other similar bodies.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1988
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