RegulationAccounting StandardsCIoT calls for tax law overhaul

CIoT calls for tax law overhaul

Taxation institute wants a revamp of tax law policy, warning many facets of the process need improvement

Tax chiefs at the CIoT have called for a panel of Lords and MPs to be
established so wrangles in tax legislation can be avoided.

The institute, which has
released a paper on the issue
, wants to start a wide-ranging debate to
reform the way in which tax law is made, warning many facets of the process need
improvement.

CIoT President Vincent Oratore said current methods for shaping tax laws were
“deeply flawed.”

“A key part could be played by a new Joint Committee on Taxation, bringing
together MPs and peers to form a new body to provide improved scrutiny of tax
legislation,” the CIoT said.

“Such a committee, backed up by a strong professional staff, could play an
important role in reducing the amount of badly constructed laws. These can give
some taxpayers unintended opportunities to avoid tax while others face
unintended losses.”

Further reading:

CIoT sets up branch
inside HMRC

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