Research conducted by the International Monetary Fund (IMF) has found that
flat tax does not increases revenues and is likely to scrapped in places where
it has already been introduced.
A number of economists have said that abolishing variable tax bands in favour
of a single rate will allow people to keep more of their money and incentivise
A number of countries in Eastern Europe have introduced the tax, and shadow
chancellor George Osborne has also toyed with the idea
The Observer reports that the IMF, however, warned that it was
likely that more countries would scrap the tax than adopt it, after a study of
eight economies that have used the model since the mid-nineties found that flat
tax did not increase revenues as it was meant to.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory