RegulationAccounting StandardsUK’s tax system seen as less fair than other regimes

UK’s tax system seen as less fair than other regimes

An ACCA international study finds finance professionals regard UK’s tax system as less fair than other tax regimes

Finance professionals regard UK’s tax system as less fair and less
transparent than other tax regimes around the world, a newly released
international study by the
Association of Chartered
Certified Accountants
(ACCA) reveals.

The report, Perspectives on Fair Tax, surveyed ACCA members in Australia,
Canada, Hong Kong, Singapore, the UK and USA, asking for opinions on tax
fairness, complexity, transparency, and how well tax authorities communicate
with their citizens, Tax-News.com reports.

The study found members in Singapore and Hong Kong viewed their tax system
positively, believing it to be fair and simple, while UK, Australian and
Canadian members said their regimes were ‘less fair’ and ‘somewhat complex’.

Professor Francis Chittenden, ACCA Professor of Small Business Finance at
Manchester Business School, who co-authoried the report with colleague Hilary
Foster, noted governments needed to reduce the volume of laws, directives and
regulations which contributed most to complexity.

Further reading:

Read
the Tax-news.com story

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