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Tender Details
- Country: United Kingdom
- Summary: Request for Information Vat Split Payments
- GBT Ref No: 55294136
- Deadline: 30 Jul 2021
- Competition: ICB
- Financier: Self Financed
- Purchaser Ownership: -
- Tender Value: Refer Document
- Notice Type: Tender
- Document Ref. No.: Doc707332827
- Purchaser's Detail :
- Description :
- Title : Request for Information VAT Split Payments
Location Of Contract : United Kingdom
Industry : Financial information systems - 48812000 Banking services - 66110000 Financial consultancy, financial transaction processing and clearing-house services - 66170000
Description : HM Revenue & Customs (HMRC) invites suppliers, including those from the financial industry and FinTechs, to share information on the possibility of extracting VAT from payments (Split Payment), to address VAT non-compliance by non-UK based goods and service sellers.This is a first use case for Split Payment, and a successful Proof of Concept demonstration has the potential to unlock the path toward its use for digitally automated tax modernisation. Automation that might stem from future enhanced client services by payment intermediaries - integrating with business systems and software to support a smoother, easier experience for compliant taxpayers.Seeking to shape a mechanism through which the UK consumption of overseas supplied goods or services irresistibly attracts VAT is part of HMRC's commitment to uphold fairness in the tax system. This aligns with HMRC's strategic objective to 'maintain taxpayers' consent through fair treatment and protect society from harm'.Our interest is in how a split payment technique could be shaped to extract VAT from UK buyers' payments to non-compliant overseas se... - Documents :
Purchaser : H M REVENUE & CUSTOMS
5th Floor, Ralli Quays 3 Stanley Street Salford M60 9LA England
Contact Person : James Power
Email :sapariba.hmrcsupport@hmrc.gsi.gov.uk
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