EU Takes UK To Court Over Commodity Trade VAT

Law360 (January 24, 2019, 2:37 PM EST) -- The European Commission said Thursday it would refer the U.K. to the European Union’s Court of Justice, saying it failed to apply value-added tax correctly to commodities bought and sold at the London Metal Exchange and other trading venues.

The commission, responsible for ensuring that the bloc’s member nations stick to the law, also gave the country a final warning that rules on share disposal and bad loans put it at risk of legal action before the bloc’s highest court.

The zero rate of sales tax applied to trades in commodities “generates major distortions of competition, to the detriment of other...

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