LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Britain pledges to ease business fears over Brexit import tax

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Jan 09, 2018
12:20 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The British government pledged on Monday to ease the potential harm to more than 100,000 companies that may have to pay sales tax upfront on goods imported from the European Union for the first time after Brexit.

The changes included in a new taxation bill, one of many Brexit laws passing through parliament, have alarmed company bosses, who said the move would create cashflow problems and increase the cost of doing business.

"It is an issue, (for) which the government and the Treasury has sympathy," Mel Stride, a junior Treasury minister, said during a debate in parliament. "It is something that we will be closely looking at."

Business groups have warned that consumers are likely to suffer higher prices and companies may have to take out costly bank or insurance backed guarantees if they are forced to pay the tax upfront.

Any British company that imports goods ready for sale from the EU can currently register with the government to bring them in without paying so-called Value-Added Tax (VAT) upfront. They register the tax and it is only added to the price of the product whenever it is sold to the final customer.

Unless the government negotiates a deal where Britain can remain part of the EU-VAT area, companies may have to pay the tax when importing goods.

Nicky Morgan, chair of the Treasury committee, said during the debate her committee is planning to investigate the issue.

For some businesses "finding upfront cash in order to pay for that would be a real problem," she said.

The Treasury said in a statement it recognised the cashflow benefits for companies under existing arrangements.

"The government will take this into account when considering potential changes following EU exit and will look at options to mitigate any cash flow impacts," the statement said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

EPFO interest rate today: Retirement fund body likely to make announcement on EPF deposits' interest rate for FY 21

Redmi Note 10, Redmi Note 10 Pro and Redmi Note 10 Pro Max launch today: Check timings, how to watch event live streaming, expected price and more

CBSE Board Exam 2021: Class 10 class 12 students don't miss this latest update: Check dates, grading system here

7th Pay Commission latest news: REVEALED! Salary may be affected by New Wage Code - know details

LPG price rising, but gas cylinder booking becomes easier; customers can order refill from three dealers at the same time soon

Xiaomi Redmi Note 10, Redmi Note 10 Pro, Redmi Note 10 Pro Max launched in India | Check Price, Specs, Massive Camera and more

Post office account holder? Important news on cash deposit, withdrawal - check new charges on savings, current and other accounts

OnePlus Nord 2: Check expected launch time, specs and other details now!

Market Guru in talk with RJ Salil Acharya of Radio City: People can invest in infrastructure-related stocks like L&T and Adani ports

Meet Alia Bhatt's ''magical boys'' from sets of ''Brahmastra''

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved