Government unveils new tax policy approach
The government has published proposals that set out the ways in which tax policy making will change following the latest consultation process.
According to newly published Treasury documents the proposals will add clarity and predictability to developing, legislating and implementing tax policy.
The government’s aim is to reduce the volume and frequency of changes to the tax code and provide greater predictability and transparency in plans for tax reform.
As part of this new approach, it will provide advance notice for key events in tax policy development. The chancellor has already announced that the Budget will be held on 23 March 2011 and the government has also confirmed that the Finance Bill 2011 will be published on 31 March 2011.
Following the June Budget proposals, the government has now set out the following five ‘concrete’ improvements: