RegulationAccounting StandardsTax systems must be open and transparent, says ACCA

Tax systems must be open and transparent, says ACCA

Global accountancy body outlines 12 ways to tax the 21st century

Open, accountable and transparent tax systems must be the way ahead,
according to the Association of Chartered Certified Accountants (ACCA).

The call follows the release of a new policy paper called Tax principles:
from Adam Smith to Barack Obama, which highlights 12 steps needed in achieving
an efficient tax system.

Chas Roy-Chowdhury, head of taxation at ACCA, said key to ACCA’s policy paper
is the need for global tax administrations to ensure their tax systems are
accountable and easily explained.

‘Legislation also needs to be clear – no more stealth taxes, no more
unexplained tax hikes. Regimes need to be user friendly for business and
individuals alike,’ he said.

The 12 steps outlined include the distinction between tax avoidance and
evasion, tax simplification and stability, tax competitiveness and green taxes.

Roy-Chowdhury said ‘taxation is a dynamic economic and social tool and must
inevitably change in nature as national economies and business sectors develop.’

Further Reading:

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