CioT says Finance Bill needs scrutiny
The Chartered Institute of Taxation says it is concerned by the lack of 'parliamentary scrutiny' the government has allowed for many of its 'significant tax changes' set out in the Finance Bill.
New CIoT president Penny Hamilton took the lead from her predecessor John Whiting, who last week, in Accountancy Age, attacked the government for not allowing parliamentary debate on proposed £3,000 fine on mandatory e-filing, as set out in Clause 131 and 132.
Hamilton said: ‘There are a number of tax changes that will not be open to proper scrutiny’ and said things like e-filing needed to be ‘fully discussed in parliament’.
The CIoT also expressed concern over a new powers in a clause which attacks tax havens, which do not comply with the OECD’s drive to improve transparency in offshore financial centres.
‘We believe strongly that full and proper consultation in a meaningful timescale is essential so as to ensure that taxes are raised and collected without undue administrative burden on the taxpayer,’ Hamilton added.