Jan
4
04/01/2011
Survey data released by the accountancy group KPMG shows that well over half of retailers plan to use the coming VAT increase to mask additional price increases. The survey included KPMG speaking to 200 senior managers in various industries and found that 60% of consumer product manufacturers and retailers, and 40% of firms across industries, intend to raise prices above next month’s VAT rise, which will increase the tax from 17.5% to 20%. A spokesman for the British Retail Consortium called this report “nonsense.”
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