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.’
Taxman lines up early exit from doomed Concentrix tax credits deal, as HMRC faces intense scrutiny from MPs
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Engineering and technology executives have voiced concerns over the government’s industrial strategy and the need to fill the R&D funding and long-term investment gap in a post-Brexit Britain
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code