A new ACCA position paper entitled Tax After the Financial Crisis has just been issued which looks at a range of key issues relating to tax and asks questions such as 'did tax cause the crisis?'
The paper calls on policy makers to consider a number or recommendations, including:
The UK's tax system needs to become less complex and more stable in order to enable business planning. It should also be benchmarked against a larger number of economies than just the G7.
Governments should employ the 'think small first' principle when considering tax legislation.
There should be consistent consultation with business on taxation issues.
Corporate tax legislation should be largely removed from the Finance Bill to provide more possibilities for thorough examination of important clauses.
ACCA endorses the idea of sunset clauses whereby tax legislation is periodically overhauled and consolidated to bring it up to date and make it easier to follow. Outdated laws should be removed.
Governments and tax authorities should devise clear metrics to gauge whether the tax system is being appropriately and sufficiently reviewed.
Your views, as ever, are most welcome.
The paper calls on policy makers to consider a number or recommendations, including:
The UK's tax system needs to become less complex and more stable in order to enable business planning. It should also be benchmarked against a larger number of economies than just the G7.
Governments should employ the 'think small first' principle when considering tax legislation.
There should be consistent consultation with business on taxation issues.
Corporate tax legislation should be largely removed from the Finance Bill to provide more possibilities for thorough examination of important clauses.
ACCA endorses the idea of sunset clauses whereby tax legislation is periodically overhauled and consolidated to bring it up to date and make it easier to follow. Outdated laws should be removed.
Governments and tax authorities should devise clear metrics to gauge whether the tax system is being appropriately and sufficiently reviewed.
Your views, as ever, are most welcome.
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