TaxAdministrationFinance bill adds to tax complexity, says ACCA

Finance bill adds to tax complexity, says ACCA

ACCA says the 2007/08 finance bill adds to tax complexity and urges simplification

The Association of
Chartered Certified Accountants
says the sheer volume and intricacies of the
2007/08 Finance Bill, published last Thursday, adds to tax complexity.

Chas Roy-Chowdhury, ACCA head of taxation, said the Treasury’s explanatory
notes for the finance bill alone ran into 1,148 pages, but the actual Bill was
113 sections long and about 440 pages in total, according to
Tax-News.com.

‘Every year, the bill becomes more complex and the volume of tax policy
increase,’ he said. ‘The devil is truly in the detail when it comes to trawling
through this bill and the fundamental elements of a good tax system – fairness
and clarity – are often too hard to track down simply because of the bill’s
bulk.’

Roy-Chowdhury stressed simplification was ‘desperately needed’ and an
independent tax policy committee, modelled on the Bank of England’s Monetary
Policy Committee, would help to remove complexity. ‘Such a body would make for
an efficient UK tax system – one which is stable, certain, simple and fair,’ he
said.

Further reading:

Regulatory changes alarm pension industry

ACCA puts ethics into global accounting

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