Green taxes are 'too complex'
Leading UK businesses find green taxes too complex to understand and not lucrative enough, survey reveals
Leading UK businesses find green taxes too complex to understand and not lucrative enough, survey reveals
The current package of green tax incentives available to business is too
complex to understand and not lucrative enough to warrant the effort, a survey
of 150 of the UK’s leading businesses has found.
To read our green special click
here
According to the poll, 98% of businesses said it was important to take
measures to reduce the environmental impact of industry, but over half of these
companies said they were not confident about making long-term investment
decisions based on the current environmental tax and regulatory structure.
The survey conducted by PwC found that business felt many taxes such as fuel
duty and air passenger duty had been dressed up as green taxes and would not
affect conduct, while measures to incentivise green behaviour needed to be
improved.
Almost half of the respondents said current government policy and economic
instruments failed to encourage business to alter behaviour.
‘There was a positive response to the use of incentives to change behaviour,
but people were less upbeat on the current incentives,’ said John Manning, UK
head of environmental taxes and regulation at PwC.
‘They are complex, onerous and it is not clear that they warrant the effort.’
Targeted green taxes, such as landfill tax and the climate change levy were
welcomed, however, as business supported specific taxes focused on protecting
the environment.
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article