Chamber Welcomes Moves To Streamline Tax Regime

Derbyshire and Nottinghamshire Chamber of Commerce has welcomed the creation of a new body aimed at simplifying the UK's baffling tax system.

The Office for Tax Simplification (OTS) will be tasked with streamlining the country's onerous tax regime by scrutinising all current tax reliefs, allowances and exemptions. It will first look at small businesses and the administrative burdens they face when trying to comply with tax rules.

Chancellor George Osborne has asked PricewaterhouseCoopers tax partner John Whiting and former Tory Treasury minister Michael Jack to cut through the swathes of red tape holding back business. Although the OTS will report publicly on all its ideas, even if they contradict government's position, it will still be for the Chancellor and Treasury to set final tax policy

George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber, said: "The creation of an Office for Tax Simplification is a welcome move, provided that government listens to and acts on its recommendations. However, in this age of austerity, this new body needs to prove that it is both effective and provides good value for money.  

"Members constantly tell us that the tax system in this country is confusing, over-burdensome and in desperate need of reform, so we look forward to working with the OTS to facilitate its engagement with businesses in here in Derbyshire and Nottinghamshire.

"If the government wants business to drive the economic recovery and growth we need, then it must create a stable trading environment in which firms can operate without being strangled by administrative red tape and bureaucracy."


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