Firms frustrated by tax laws

Business owners are so frustrated by tax laws they would pay to have them simplified, according to a new research.

Well over half (57 per cent) of business owners surveyed by the Forum of Private Business said they would be willing to pay more tax in exchange for a simplified system – providing the system led to greater rewards. Meanwhile, 50 per cent said they would be prepared to pay more under a simplified system if that system cut down on tax avoidance among their competitors. Tax avoidance is typically carried out by bigger businesses with the resources to exploit geographic loopholes. Nearly half (45 per cent) of business owners on the Forum’s Tax and Budget member panel said they would tolerate a higher tax bill under a simplified system if it led to less red tape.