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Vat

All articles tagged with #vat

politics4 hours ago•3 min saved

Burnham kicks off with VAT cut on electricity to ease bills

Britain’s new prime minister Andy Burnham announced his first policy move: remove VAT from domestic electricity bills from October 1, cutting about £45 off the average annual bill of £1,862, funded by scrapping a $2.4 billion digital ID program. The measure is intended to deliver quick cost‑of‑living relief, but some Labour allies question the funding and fiscal viability, as markets and international bodies watch how further support will be financed.

via NBC News|

#burnham #digital-id #energy-bills

world2 days ago•13 min saved

Cash Returns as Russia's Wartime Economy Slows

Russians are pulling more cash from circulation as mobile internet shutdowns disrupt card payments and a slowing economy squeezes finances. The government has raised VAT to 22% and tightened thresholds for SMEs, pushing some firms to operate in the shadows and making tax collection harder while banks still attract deposits with high interest; a surge in cash use—including transfers to under-the-table wages—reflects a desire for a financial buffer amid uncertainty and wartime pressures.

via Yahoo Finance|

#cash #economy #russia

world2 days ago•9 min saved

Russia leans on cash as digital payments falter and wartime taxes bite

Russians are turning to cash as mobile internet shutdowns disrupt card payments amid wartime economic pressure, adding 1.56 trillion roubles to cash in circulation since January—the biggest rise for a year outside Covid—while tax collection tightens and VAT rises squeeze firms; many businesses push customers to pay in cash to stay under VAT thresholds, and some wages are paid “in envelopes,” complicating state revenue and funding for the war despite a slowing economy and higher oil prices.

via BBC|

#cash #economy #russia