As part of its 2001 pre-Budget submission, the BCC today said it wants the government to drive tax simplification and introduce an annual audit of the regulation affecting business.
Tax experts have been telling government for some time that the tax system needs urgent attention but the BCC insists that its complex nature, along with the ‘cumulative impact of regulation’, are stifling business competitiveness and job creation.
Dr Ian Peters, BCC deputy director general, said: ‘Too much tinkering with the tax system by successive government has distorted behaviour and increased compliance costs fir business.
‘Administrative burdens and other regulations use up the most valuable resource of owners and managers time.
‘The top priority for the chancellor must be a simpler tax system that promoted productivity and growth.’
In the report, the BCC suggested a number of ways in which the government could ease the burden of tax administration on business.
These include appointing a minister for tax and regulation; formulating guidelines to prevent the tax system developing in a piecemeal fashion; and establishing a task force to make the tax system simpler.
The BCC also recommended that the Treasury establishes a timetable for the full merger of PAYE and National Insurance systems with interim objectives.
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