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Flat tax rate could be a mixed blessing |   |
As somesmall business owners in the UK complete their tax returns this month, they will be envious to hear that their German and Spanish counterparts could soon be free of the irksome task, according to a very interesting article in The Times today.
"Spain and Germany are debating the benefits of a “flat tax” — already adopted in many former communist states — under which all personal income and corporate taxes are rolled into one base tax. All exemptions, apart from a large personal allowance, are also abolished.
A flat tax system, while simpler to administer and easier to understand, could be a mixed blessing for the UK. It would cut the cost for small businesses of complying with the Treasury’s tax regime, but entrepreneurs could pay more tax depending on the rate at which it is set."
You can read the entire article here.
Posted September 1, 2005
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