SAPM on Revenue further added that now persons associated with businesses would only have to file one Sales Tax Return instead of many returns. He further said that this step would help bring simplification in the tax system and procedure.
At a time when Brexit is focusing minds on the future of financial services, this is an area of regulatory policy that provides an opportunity for UK financial services to gain competitive advantage on the global stage.
"The speed at which vulnerabilities are remediated should be commensurate with the potential impact that a disruption would cause, and will be an area of supervisory focus," the BoE said.
PRA spokesperson told the media here Wednesday that this FY, the authority managed to collect eight percent more revenues when compared with Rs 42.7 billion tax revenue of the corresponding months last fiscal year (2019-20).