Retrospective legislation: Retroactive, retrospective - or just retrograde

Article by Maric Glaser, CIOT Technical Officer for VAT & Indirect Taxes. This article appeared in the December 2008 issue of Tax Adviser. It is axiomatic that, if you enter into a transaction without knowing what tax you will pay or how it will be determined, there is an element of uncertainty. Both retrospection and retroaction cause uncertainty by altering the expected tax consequences of a past act. The issue must be whether and in what circumstances the uncertainty thus caused can be the lesser of two evils.

December 2008 by Maric Glaser

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