Toasting Tax Reforms
There are large number of tax reforms due to come into effect in 2017. They are contained in two major Tax Bills which were recently reported back to Parliament by the Finance & Expenditure Committee.
The Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Bill (“ The Closely Held Companies Bill”) and Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill (“the Business Tax Bill”) contain various measures aimed at tax simplification, improving compliance and resolving historical areas of contention.
Many of these reforms are surprisingly taxpayer friendly which makes a nice change. So in recognition of the festive season we have chosen to toast a selection of these reforms with a single malt whisky match.
Common sense suggests tax reforms and drinking whisky are best done in moderation.
Best wishes to all for 2017
BDO’s Eye on Tax