ICAEW announces VAT research prize winners

ICAEW has announced the winners of its inaugural VAT research prize on reform of the UK VAT system. 

Cheryl Ong, Sze Teen Wong, and Anna Poh, based in Singapore, wrote the winning proposal ‘Reforming the UK VAT System: A Comparative Analysis and Reform Design’. The proposal will be written up as a research paper and presented at ICAEW’s VAT Conference in June 2025.

The winning paper will seek to provide a comprehensive analysis of the administrative and compliance challenges posed by the current multi-rate structure in the UK, as well as a comparative study of modern VAT regimes in Singapore and New Zealand. 

The insights in the paper, highlight how these countries address VAT regressivity through targeted social transfers – by charging VAT at a single rate, and compensating specific groups by giving them increased benefits – and how quick wins can be used to mitigate distortions created by exempting financial services.

The winners, who have received a £5,000 cash prize, will present their final research paper at ICAEW’s VAT Conference, which will be held at Chartered Accountants’ Hall in London on 18 June 2025.

Ed Saltmarsh, ICAEW technical manager, VAT and Customs, said: “The winning entry’s innovative and practical ideas greatly impressed our research advisory board, and we believe their work will significantly contribute to the ongoing discussions on reforming the UK’s VAT system.”