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News Link • TAXES: Federal

Executives expect U.S. consumption tax

• Reuters
Corporate executives expect a value-added tax to be considered by the U.S. Congress in the next five years, according to a survey by tax and accounting firm KPMG released on Thursday.

The poll conducted by KPMG of 600 executives at a cross section of U.S. domestic and multinational companies found that 57 percent expect Congress to consider legislation within five years, and one-third said they would need at least a year to update their systems to comply.

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