Govt department set up to monitor tax
Chancellor George Osborne has announced the creation of a new government department today (July 20th).
The Office of Tax Simplification (OTS) consists of a board of tax experts who will identify complex areas in the tax system for businesses and individuals and see how this can be reduced.
They will then publish their findings ahead of the next Budget.
In a statement, the government stated that it is committed to reducing the complexity in the tax system, which has now seen its tax code double to 11,000 pages in ten years.
Mr Osborne commented: "A decade of meddling and intervening has made the tax affairs of millions of families and businesses across the UK extremely complicated. We need to sort out this mess."
Andrew Hubbard, immediate past president of the Chartered Institute of Taxation, said: "Too often we have seen sticking plaster applied to problems when what is needed is a thoroughgoing review.
"The tax regime for small firms has been bumpy and confusing for too long. I hope the OTS will be able to even out the playing field."
Posted by Christopher Evans
Published on: July 20, 2010
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