First Chicago Lodges U.K. Appeal On VAT Treatment For FX Trading
REGULATIONS
First National Bank of Chicago has lodged an appeal with the U.K. Customs and Excise (C&E) department about Britain's treatment of value-added tax (VAT) on foreign exchange transactions. The bank apparently decided to go ahead with its appeal after negotiations between the C&E and industry groups broke down last month.
The U.K., like other European countries, imposes VAT on most transactions, but permits companies registered as suppliers for VAT purposes to recover the 17.5 per cent VAT they have
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