| Home > Tax Announcements > Professional Bodies > CIOT comments on economic downturn |
CIOT comments on economic downturn |
 |
 |
|
The rush to deal with the economic downturn could have unintended consequences warns The Chartered Institute of Taxation (CIOT). The CIOT recognises that policy-makers wish to help businesses and individuals through the economic downturn. But the CIOT believes it is vital that any tax proposals are carefully thought through. Andrew Hubbard, CIOT Deputy President, says: “Although there may be a need for short term fiscal measures, the Government needs to ensure that any changes make sense in the medium to long term. History shows too many cases where short-term measures introduced to deal with particular problems have ended up creating more problems than they have solved. Getting the balance right will be far from easy but it is essential that any new measures are properly thought through." If the Government decides to adopt a fiscal stimulus strategy, which appears increasingly likely, then the CIOT believes it would be best to adopt one that is not prone to causing problems in the future. One course of action open to the Government would be to temporarily reduce the rate of VAT as permitted under EU law. Andrew Hubbard adds: “A reduction of VAT would help those on low incomes as well as small and large businesses. It is relatively easy to implement and can be time limited.” Link Chartered Institute of Taxation
Only registered users can write comments!
Powered by !JoomlaComment 3.26
3.26 Copyright (C) 2008 Compojoom.com / Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."
|
|||||||
|
About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
|||||||
|
Article Added Thursday, 13 November 2008 |
|||||||
