CanuckCT

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CanuckCT 12 years, 11 months ago

It's never a good time for a new tax. If the economy were booming people would say, "now is not the time to bring in a new tax, it will hurt the economy", in bad times, people would say, "now is not the time to bring in a new tax, it will hurt the economy". Introduce it, determine the best parts of VAT systems around the world - don't just look at the UK - study the VAT systems in Canada, NZ, Singapore, China, S Africa and Australia and come up with the best possible model. It won't be perfect, but it can be very good. Consider taxing financial institutions versus making banking services exempt. If you insist on exempting basic necessities / groceries, ensure that the basket of these items is very narrow and well defined - learn from the experience of places like Canada, Australia and other recent VAT adopters.

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