A focus on topical tax issues - November 2015
Business transformation: First real glimpse of what’s in store for tax system modernisation
After a very quiet 2014, 2015 must go down in the tax history books as the year of consultation. From debt remission, employee share schemes, non-resident withholding tax, land withholding tax, GST on cross-border goods and services, close companies, and tax bills, there has been a non-stop flow of papers to read and comment on (and that’s ignoring all the work of the OECD on Base Erosion & Profit Shifting).
Inland Revenue’s business transformation project is ramping up following two consultation papers released in March this year. After much theoretical musing about the tax system, a further three documents have just been released by the Government. These documents provide the first concrete details on proposals to be progressed under Business Transformation and represent another step along what is a long journey of consultation and implementation of changes.