The Federation of Small Businesses (FSB), the UK’s largest business organisation, on Thursday welcomed proposals by the Tax Reform Commission to simplify business taxes.
The commission, chaired by Lord Forsyth, was set up to advise the Conservative Party. It has proposed reductions in business tax rates and simplifications to the tax system as a whole, which the FSB feels would be beneficial for the UK’s 4.3 million small businesses.
John Walker, FSB Policy Chairman, announced that:
“The FSB will support proposals to simplify taxes for small businesses in the UK no matter which political party they come from."
He continued:
“Small businesses have far less time and far fewer resources than their big business counterparts to handle complicated tax calculations. If proposals such as these were implemented, small businesses would be freed up to generate more wealth and employment for the UK economy, to which they already contribute over fifty percent of GDP.”
The Tax Reform Commission published its recommendations and findings on Thursday.
Speaking at the launch of the Report at KPMG's headquarters in London, Lord Forsyth announced that:
“The clear message from the evidence that we received is that Britain needs a fairer, lower, less complex and more competitive tax system. That is what our proposals seek to achieve. The current system is beginning to harm the UK economy, by undermining competitiveness and deterring investment. Without reform this will only get worse."
"Tax matters. It is not just a matter of high tax burdens making us poorer. The structure and design of a tax system matters too. Tax systems which are simple, stable and transparent encourage investment, employment, tax compliance and a higher quality of life. They are better for everyone."
“Our menu of proposals are realistic and set a direction of travel. While the speed of the journey is a matter for political judgment, and will be influenced by economic and fiscal conditions, the destination is clear – a simpler, lower, flatter, fairer, and more stable tax system. Reform will not be easy, it requires dedication and hard work, but the long term competitiveness of our economy and our public services depend on it.”
Shadow Chancellor, George Osborne MP, responded:
“I warmly welcome this report. I am hugely grateful for the tremendous work that Michael Forsyth and all of the Commissioners have done over the past year. It is the most impressive and comprehensive analysis of what's wrong with our tax system ever carried out by an opposition party.”
The full text of the Tax Reform Commission's report can be found in the Tax News Resources section.
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