Whenever tax is mentioned, we automatically assume the income tax we pay on our wages or savings income. But income tax rises just over a quarter of the total tax take. The bulk of government revenue is raised by taxes but hidden from the public view such as VAT , corporation tax on company profits or national insurance.
The structure of the tax system has not been altered for many decades but our economy has changed which results to an increasingly competitive global economy, ageing population, the impact of digital related technologies, a service-sectored orientated economy, rising inequality in incomes, a greater need in flexibility of employment and environmental challenges.
It is vital that a tax system is developed that will help manage and address these challenges rather than one rooted in the past.
Please comment in the...
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.