OTS publishes strategy consultation document on tax simplification
The Office of Tax Simplification (OTS) has published a strategy consultation document which hopes to spark discussion of potential tax simplification reforms for the future.
The news comes after the OTS was appointed statutory body on a permanent basis by the 2016 Finance Bill.
The body, which was established in 2010 as an independent arm of the Treasury, has laid out a series of strategies geared at tackling tax simplification.
However, the OTS is also hoping to seek engagement and responses from any interested parties.
The OTS claims that its consultation document intends to:
- Consider how to make tax simpler
- Set out how new trends and changes in business and employment will impact on tax
- Consider how the sharing economy will impact on tax
- Review areas integral to these trends and identify difficult issues where an informed discussion is required
- Take the issues and options out for wide discussion and evidence gathering
- Encourage simplification to be built into tax policy making and implementation early on in the process
- Engage closely with HMRC on its important digital agenda
The OTS is forecast to hold a stakeholder event on the subject on 18 July 2016 but, to date, is yet to confirm any further details.
The full consultation document can be accessed via the following link: Simplifying Tax for the Future
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