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| FPB calls for removal of tax loophole |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Friday, 04 March 2011 00:00 |
 An organisation has urged the government to remove a VAT loophole in order to help the UK's small and medium-sized enterprises (SMEs) in the wake of the recession.According to the Forum of Private Businesses (FPB), the closure of the Low Value Consignment Relief (LVCR) clause would negatively affect larger organisations as opposed to their smaller counterparts. The LVCR currently allows companies to pay no VAT on goods worth up to £18, meaning that many big firms can move offshore in order to take advantage of the loophole. However, in contrast to the opinions of companies such as Sainsbury's and Tesco, which were revealed in an article in the Daily Telegraph, the FPB has dismissed the notion that the LVCR benefits consumers by keeping costs lower and said its removal is "long overdue". Jane Bennett, head of campaigns at the FPB, commented: "The government simply must act in the upcoming Budget to close this unfair, anti-competitive VAT avoidance loophole." Posted by Mary King 
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