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Background: Value-added tax in HK

01-04-2011 13:44 BJT

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Without a doubt, the steeper VAT will directly impact retailers and consumers alike. But opponents of the hike say it could go further than that, and it could curb spending, which would be detrimental for the country's economic recovery. But at the end of the day, say others, the VAT has long been a major source of revenue for the British government.

The tax has been in place since 1973, and is collected when customers purchase goods or services in certain industries. Currently, there are three kinds of tax rates in the country: standard, reduced and the zero rate. This time, it's the standard rate that's been raised, while the others are unaffected.

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Editor:Xiong Qu |Source: CNTV.CN

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