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Question


Given that VAT comes into play when goods are purchased, wouldn't industries such as the car industry (God bless them) suffer in comparison to sectors such as finance or insurance which don't depend on the purchasing of goods or parts?


Answer


First of all the service sector does actually depend on certain goods such as computers and secondly they depend on other services such as consultancy and these services would also be taxed. Consequently manufactoring industries would not be at a disadvantage compared to the service sector.

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