Commons Treasury Committee Calls For Simpler Business Taxes

by Robert Lee, Tax-News.com, London

17 October 2007

The UK's Commons Treasury Committee has this week warned of a shift in world economic power from West to East, with the rise of China, India and other emerging nations, and has urged reform of the UK tax system in order to allow the country to compete.

Commenting on increasing globalisation in recent years, the Committee reportedly observed that:

"The adverse effects of globalisation on individuals in the United Kingdom may in many cases be more tangible and immediate than the wider benefits for society and the economy as a whole."

It added: ""Simplicity is likely to be crucial to the effectiveness of a corporate tax system in an increasingly globalised economy. We consider that the Government should provide a more thorough and systematic analysis of these matters and of the effectiveness of its measures to create a simpler and better administered tax system."

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