I see that Dave Hartnett of HMRC is enamoured of China, specifically the Chinese method of taxing small businesses.
The Telegraph reports that Hartnett has told David Gauke, the Exchequer Secretary to the Treasury, and the independent Office for Tax Simplification (OTS) that China's new "turnover tax" has "appeared to have a very positive effect on tax compliance".
Gauke (a lawyer with little financial expertise) has now asked the OTS to examine new ways of taxing Britain's 1.8m sole trading businesses that are earning less than £20K per annum.http://www.blogger.com/img/blank.gif
It seems that Hartnett is of the view that small firms are responsible for a "sizeable element" of the UK's "tax gap". I wonder if he would care to provide figures to back that claim up?
Tax does have to be taxing.
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