When will New Labour face up to the truth about taxes?

Article Abstract:

There are still many uncertainties associated with the UK government's tax policy. The Labour party was wise to neutralize tax as an issue in the run-up to the May 1997 general election by making a commitment to not increase income tax for the whole parliament. However, it is clear that the government will now have to raise money in other ways. Furthermore, voters now want to see clear improvements from the money being invested in areas such as education and health. It is vital that the debate on taxes now moves on, thus ensuring that the government does not merely reduce taxes and thus cut spending on vital public services.

Fiscal Policy, Column

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The Chancellor masters the art of plucking geese

Article Abstract:

The UK's new Corporate Tax Self-Assessment (CTSA) system, which comes into effect on Jul 1, 1999, will have significant implications for all companies. Advance corporation tax will be replaced with a new quarterly payment system for companies with taxable profits of more than 1.5 million pounds sterling. This seems generous, but it is important to remember that the limit is spread equally among all members of a group. CTSA will also have implications for transfer pricing and controlled foreign companies.

Corporate Tax Administration, Corporate taxes, Tax administration and procedure, Tax administration

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Packer sees off the Revenue men

Article Abstract:

The tax authorities in Australia have been unsuccessful with the legal action to recover large sums of money they believe are due to them from media magnate Kerry Packer. A Federal judge has rejected claims that could have gained as much as A$250 million for public funds, and Packer has been left to pay only A$25,000 for his companies. Publicity surrounding Packer's case has heightened general opposition to taxation in Australia.

Tax Evasion & Penalties, Cases, Tax evasion, Tax penalties, Packer, Kerry

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