PAC future plans
Following its report on tax relief the PAC has continued its plans to look at how HMRC and The Treasury have addressed its concerns on tax relief, in particular, what they have done to:
- Define and establish clear accountabilities, and deliver on commitments to develop and introduce a framework for effective assessment, management and reporting of tax reliefs.
- Provide proportionate feedback and analysis to Parliament, on the costs of principal tax reliefs each year, including significant changes in costs.
- Define which reliefs are tax expenditures, and improve the management, evaluation and reporting on the performance of tax expenditures.
- Report regularly on the development of new tax avoidance products and the action being taken to mitigate impact.
- Develop stronger checks and balances, to guard against the increasing complexity which is created by adding continually more reliefs.
- Dedicate sufficient resources to implement the policy to simplify the tax system.
- Analyse and report clearly why cost increases have occurred.
Date: 14th July, 2014
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
We have a new opportunity in our Milton Keynes office for an Audit Apprentice click on the link to apply… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole