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Joseph H. Born
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Those who had saved after-income-tax income could place such savings in special after-tax accounts at the switchover from income tax to VAT. Purchases made (by, say debit card) from such accounts would be exempt from VAT. Although I suppose the exemption could be implemented at the point of sale, it would probably prove most efficient for the government to give a refund based on the account records.
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Aug 30, 2011