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08 Jun 2010
Tax chiefs at the CIoT have called for a panel of Lords and MPs to be established so wrangles in tax legislation can be avoided.
The institute, which has released a paper on the issue, wants to start a wide-ranging debate to reform the way in which tax law is made, warning many facets of the process need improvement.
CIoT President Vincent Oratore said current methods for shaping tax laws were "deeply flawed."
"A key part could be played by a new Joint Committee on Taxation, bringing together MPs and peers to form a new body to provide improved scrutiny of tax legislation," the CIoT said.
"Such a committee, backed up by a strong professional staff, could play an important role in reducing the amount of badly constructed laws. These can give some taxpayers unintended opportunities to avoid tax while others face unintended losses."
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Visitor comments Add your comment
hear hear !
Would also be helpful if small company advisers were involved in this process. As frequent changes in tax law for small companies are not a great opportunity to charge extra fees but a cost and a pain to adviser and client alike. Some simple matters have become very uncertain and the result is advice is not taken.
Posted by: Spike, 08 Jun 2010 | 00:00