Sentence examples for vat shortfall from inspiring English sources
Meanwhile, some NHS sources say the VAT shortfall is not fully made up by the Government.
The IMF says a shortfall in VAT receipts suggests some firms are not complying.
Stephen Emmanuel, chairman of the iCare Group, said the firm faced a shortfall in subsidy as well as 20% VAT, which had also previously been covered by the local authority.
Mr Taylor and Mr Jorda argue that the Chancellor's policies – which include cutting public investment and raising VAT to 20 per cent – are responsible for at least half of the shortfall, equal to around 3 per cent of GDP.
Treasury minister David Gauke said VAT was "one of the few levers available" to the government to address the shortfall in the public finances.
The package includes VAT reforms (2), other tax policy measures (3), pension reforms (4), public administration reforms (5), reforms addressing shortfalls in tax collection enforcement (6), and other parametric measures as specified below.
The Office for National Statistics reported yesterday that the shortfall between tax revenues and spending was £10.3bn last month, against £10.1bn in October last year, when the economy was in the depths of the recession and VAT had been cut to 15 per cent.
Instead of the £178bn shortfall projected in the pre-budget report, Alistair Darling said the deficit for 2009-10 would be £167bn, helped by lower-than-expected unemployment and stronger-than-expected VAT receipts as the economy emerges from recession.
Vat an effective leasssssh".
