Fine Art Developments: a VAT update

Article Abstract:

Fine Arts Developments PLC's attempts to recover a value added tax (VAT) overpayment of 1.4 million pounds sterling underscores the problems inherent with recovering overpaid VAT from the Customs and Excise Department. The House of Lords ruled that taxpayers can reduce past overpayments of VAT from their current liabilities. Customs and Excise are concerned that taxpayers will recover overpaid VAT and will not pass the refund on to their customers. The Customs and Excise Department needs to realize that retail organizations, such as Fine Art Developments PLC, use a pricing system whereby wholesalers have already paid retailers' VAT, so refunds are due solely to wholesalers.

United Kingdom, Taxation, Accounting and auditing, Accounting, Art, United Kingdom. Board of Customs and Excise, Fine Art Developments PLC

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VAT: fruits of success for Customs

Article Abstract:

The principles in support of the Apple and Pear Development Council vs. Customs and Excise decision are described. Special emphasis is placed on discussing the implications for the value-added tax status for other similar bodies.

Judicial process, European Union. Court of Justice of the European Communities

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