Government must provide tax certainty, says ICAS
ICAS wants certainty across the whyole tax system, not just for business
The principle of a tax system with integrity must be maintained, according to
ICAS.
In response to the Treasury’s consultation document on a tax framework for
business, the Scottish institute said that the tenets of stability and
simplicity must be heeded across the whole of the tax system, and not just a
part.
ICAS supports the thrust of the draft framework in committing the government
to consulting ahead of proposed tax changes, publishing draft legislation for
more complex changes in sufficient time to allow input from interested parties,
assessing the proposed changes against the key principles and publishing updated
notes explaining the new provisions at each stage in the parliamentary process.
Derek Allen, director of tax at ICAS, said it was “crucial” that governments
followed these principles across the whole system.
“This becomes particularly important as we approach a general election at a
time of grave economic uncertainty, since instability and uncertainty in
exposure to taxes will alter the behaviour of businesses and individuals in
unpredictable ways.”
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