Chancellor urged to be bold on tax reform
The Spring Statement may be overshadowed by Brexit, but tax specialists at national audit, tax, advisory and risk firm, Crowe, are calling on the Chancellor to be bold when it comes to tax reform.
Rob Gunn, Tax Partner in the Midlands office of Crowe in Oldbury, said: “Some might argue that, with the ever lingering Brexit cloud, the Chancellor might be wise to do very little.
“But the world keeps turning and while the Digital Services Tax was an example of getting ahead of the game, the Organisation for Economic Co-operation and Development through its base erosion and profit shifting initiative are bringing forward their own ideas.
“This, and Brexit, shows how the world is changing. The Chancellor could take this opportunity to finally bring tax into the 21st century – if not this week, then as we develop our new relationship with the world.”
The alternative, Mr Gunn said, would be to keep muddling along with little actual change.
“There is general agreement that reform of the UK tax system is long overdue, but it is a nettle that successive Chancellors have been reluctant to grasp.”
Rob added: “A new tax philosophy and code for a new era would be a positive means of telling the world that the UK is open for business and will reward entrepreneurs and investors, while providing a fair taxation system that reflects the ever-changing economic structure.”