PIONEERING SMARTPHONE TAX APP AND REPORT SHOWS TRUE COST OF PURCHASES
The TaxPayers’ Alliance (TPA) has launched a major tax transparency campaign, releasing a tax app and research showing the true cost of everyday items.
The Tax Buster app for smartphones allows shoppers to find out how much they really pay when buying everyday items.
With a few details about any purchase Tax Buster can calculate how much money from an item went on VAT and duties. It will also tell a shopper how much they had to earn before taxes to make the money to buy the product.
20 cigarettes that cost £6.49 would have been £1.24 without indirect taxes. Paying the £6.49 required £11.35 in earnings before income and corporate taxes are taken into account.
Filling the car up with £60 of petrol would have only cost £23.86 without indirect taxes. Paying the £60 required £104.84 in earnings before income and corporate taxes are taken into account.
The app aims to bring greater clarity and help illustrate the need for more transparent taxes. The Government has been pushing for more spending transparency, so the TaxPayers’ Alliance is now pushing for greater tax transparency to match this.
The app is being released with a report detailing the taxes on everyday items like wine, tobacco and fuel. Taxpayers will be able to see, at the touch of a button, the extent to which taxes increase the amount they need to earn to afford the items they purchase.
Matthew Sinclair, Director, said:
“It is high time shoppers realised how much tax they are really paying. From VAT and excise duties pushing up prices, to income taxes taking a huge share of every penny they earn, to taxes on business that are passed on in wages, taxpayers are paying more than ever for politicians’ vain attempts to finance their wasteful spending. The tax buster app will act as a stark reminder of how punishing taxes make it so much harder for families to make ends meet.”